Preliminary Considerations of an Inflation Targeting Framework for the Philippines /
Monetary policy in the Philippines has had multiple objectives. Moreover, shifts in money demand and the money multiplier have made base money a less reliable anchor for monetary policy. Hence, on present policies, a steady reduction in inflation is not assured, and changes to the monetary policy fr...
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| Format: | Book |
| Language: | English |
| Published: |
Washington, D.C. :
International Monetary Fund,
1998
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| Series: | IMF Working Papers ;
Working Paper No. 98/39 IMF eLibrary |
| Subjects: | |
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| Summary: | Monetary policy in the Philippines has had multiple objectives. Moreover, shifts in money demand and the money multiplier have made base money a less reliable anchor for monetary policy. Hence, on present policies, a steady reduction in inflation is not assured, and changes to the monetary policy framework should be considered. This paper reviews the benefits as well as the constraints of an inflation targeting framework and the necessary preconditions--both in terms of the institutional infrastructure and the appropriate inflation target--for its successful implementation, including the ability to forecast inflation reasonably well over policy-relevant time horizons |
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| Physical Description: | 1 online resource (30 pages) |
| ISBN: | 1451845804: |
| ISSN: | 1018-5941 |
| Access: | Restricted for use by site license |