National Food Authority's (NFA) twin mandate of price stabilization and food security has cost the government billions of pesos in losses over the past few decades. As such, there is a need to reexamine the NFA to determine whether the benefits gained from its continued operation justifies the...

The paper develops a simple three-sector model of a developing country with nominal wage rigidity, in which one sector is thought of as the primary sector and the other two are sectors in which the country can diversify. The paper then analyzes the relationship between the market structure of...

This paper provides an explanation for an important institutional feature of staggered time-dependent adjustment rules assumed in a number of macroeconomic models (Fischer, 1977; taylor, 1980; Blanchard, 1986).

The paper focuses on distributional consequences of macroeconomic adjustment. The preferences of economic agents over the level of the real exchange rate derived from standard models are monotonic, with agents favoring either an infinitely appreciated or depreciated rate. To generate less...

For strategic purposes of setting price and productivity targets, organisations need to make projection of long-term cost as well as short-term cost estimation. For long-term cost estimation, organisations do rely on the experience curve among other methodologies. However, for short-term cost...