This paper examines the role of money in market and centrally planned economies. It then proposes a program and sequence of institutional, macroeconomic and monetary reform aimed at achieving a stable transition. An egalitarian redistribution of the state's custodial assets to its citizens is...

This paper attempts to provide an empirical determination of the Philippine central bank's (BSP) recent monetary policy stance, before and after its adoption of the inflation targeting framework, as revealed by its interest rate setting behavior. Employing Clarida, Gali, and Gertler's (1998,...

The paper studies the ways an economy working under a currency board could adjust when capital inflows stop suddenly. Six alternative solutions to restore the economic equilibrium are available when the sudden stop comes: a recession could push the prices of non-tradable goods down, a...