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(1) See Jones, F. (1998), ‘Rebasing the National Accounts’, Economic Trends, no. 535, pp. 57-62.
(2) For an account of the importance attached to structural economic models by the Federal Reserve Board in the United States, see the speech by Governor L. Mayer available on www.bog.frb.fed.us/boarddocs/speeches/19980603.htm.
(3) This is close to the exchange rate implied by interest rate differentials. Market data imply it is expected to be reached in 2003, while we assume it is reached in 2001.