Since 2014
The BSP’s monetary policy reaction function from 1992 to 2003
Philippine Review of Economics
View Archive Info| Field | Value | |
| Title |
The BSP’s monetary policy reaction function from 1992 to 2003
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| Creator |
Salas, John Michael Ian S.; University of the Philippines School of Economics
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| Subject |
inflation targeting; Taylor rule; monetary policy reaction function; stabilization; interest-rate setting
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| Description |
This paper attempts to empirically determine the Philippine central bank’s recent monetary policy stance before and after it adopted the inflation-targeting framework, as revealed by its interest-rate setting behavior. Employing Clarida, Galí, and Gertler’s [1998, 2000] forward-looking model, it finds that the Bangko Sentral ng Pilipinas (BSP) has indeed been stabilizing inflation by and large through its key policy rate, although it appears to be accommodative with respect to the output gap. In addition, currency stability and expansionary money supply (M1) growth are other concerns of the BSP, although significantly so only in earlier periods. JEL classification: E52, E58
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| Publisher |
Philippine Review of Economics
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| Contributor |
—
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| Date |
2006-12-06
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Peer-reviewed Article |
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| Format |
application/pdf
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| Identifier |
http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/247
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| Source |
Philippine Review of Economics; Vol 43, No 2 (2006)
1655-1516 |
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| Language |
eng
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| Relation |
http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/247/609
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| Rights |
Copyright (c) 2017 Philippine Review of Economics
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