James Yetman is currently a Senior Economist at the Bank for International Settlements. He completed his undergraduate studies in Economics at the University of Canterbury followed by a Masters from the University of British Columbia and a Ph.D from Queen's University at Kingston, which he completed in 1998. He then worked in the Research Department of the Bank of Canada for three years, on a variety of research projects related to Monetary Policy credibility, learning, testing policy objectives, and the impact of sticky prices on the macroeconomy. He joined the School of Economics and Finance of The University of Hong Kong in August, 2001. Current research questions include investigating why exchange rate pass-through varies so much across different countries, why an economy may wish to enter a currency union, and when a price level target for monetary policy may be preferable to an inflation target.