This paper uses annual Philippine data (1953—1980) to test two monetarist models, namely, the Harberger equation and the Barro two-equation system. The estimation results point to specification errors in both models. This can be interpreted as partial evidence that the monetarist’s...

This study employed the 1979 Input-Output Table, the 1975 Family Income and Expenditures Survey, and the National Income Accounts of 1979 to study the effect of income redistribution on the composition of output demand. It was hoped that a significant amount of redistribution from the rich to...

This paper discusses the impact of the global financial meltdown on the Philippines. To cushion future capital flow, exchange rate volatilities and export collapse, new growth strategies for the Philippines should include on the financial and capital account fronts: a) controls on short-term...

This paper uses a three-gap analysis to discuss obstacles to economic growth of a highly country like the Philippines and how these affect inflation. The analysis show the rather evident fact that as the foreign exchange constraint continues unabated, the only hope for the economic growth would...

The Philippines' shift in monetary policy from 'monetary targeting' in the 1980s and 1990s to 'inflation targeting' (IT) in 2002 has so far brought in a more 'benign' monetary policy that is more sensitive to output objectives. This result is mainly due to low inflation rates in the Philippines...