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Francisco de A. Nadal De Simone is with the Economics Department of the Reserve Bank of New Zealand as an adviser. He has previously worked in the Economic Analysis and Research Unit of the former General Agreement on Tariffs and Trade (GATT), Geneva, and as a Senior Lecturer at the Department of Economics and Statistics in the National University of Singapore. His current areas of research interests include monetary theory and policy, exchange rate determination and fiscal policy and interest rates.