Philippines; Preparations for Inflation Targeting
| Autor: | Piyabha Kongsamut |
|---|---|
| Rok vydání: | 2001 |
| Předmět: |
Macroeconomics
Time-Series Models Prices Business Fluctuations and Cycles: Forecasting and Simulation Targeting [Monetary policy Philippines inflation targeting inflation modeling inflation inflation target central bank Multiple or Simultaneous Equation Models] Exchange rate Effective exchange rate Informal sector Inflation targeting Currency Monetary policy Economics General Earth and Planetary Sciences Price level Deflation General Environmental Science |
| Popis: | The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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