Because of the forward-looking nature of inflation targeting, successful implementation of the framework entails good forecasting ability for the monetary authorities. Toward this end, the BSP has exerted considerable efforts at developing its econometric models. In order to provide monetary...

This paper presents the National Economic and Development Authority’s (NEDA) quarterly macroeconomic model (QMM) of the Philippines and discusses the results of historical and policy simulations using the model. With its strict adherence to modern macroeconomic general equilibrium analysis,...