The Rice Liberalization Act (RA 11203), signed last February 2019, reverses decades-long placing quantitative restrictions on rice importation administered by the National Food Authority. The Act goes further by dismantling interventionist policy in the rice industry by divesting the Authority...

The impact of shocks in dynamic environments depends on how forward-looking agents anticipate the path of future fundamentals that shape their decisions. We incorporate flexible beliefs about future fundamentals in a general class of dynamic spatial models, allowing beliefs to be evolving,...