Philippines Preparations for Inflation Targeting

The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy...

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Bibliographic Details
Main Author: Kongsamut, Piyabha
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2001
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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653 |a Monetary Policy 
653 |a Dynamic Treatment Effect Models 
653 |a Time-Series Models 
653 |a Prices, Business Fluctuations, and Cycles: Forecasting and Simulation 
653 |a Foreign Exchange 
653 |a Inflation targeting 
653 |a Consumer price indexes 
653 |a Nominal effective exchange rate 
653 |a Currency 
653 |a State Space Models 
653 |a Monetary policy 
653 |a Diffusion Processes 
653 |a Exchange rates 
653 |a Price indexes 
653 |a Prices 
653 |a Deflation 
653 |a Monetary economics 
653 |a Inflation 
653 |a Money and Monetary Policy 
653 |a Dynamic Quantile Regressions 
653 |a Macroeconomics 
653 |a Foreign exchange 
653 |a Price Level 
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520 |a The Philippines is planning to shift toward adoption of an inflation targeting framework in 2001. This paper reviews key policy issues in this context, describes various operational and technical preparations, and presents an empirical analysis of the factors driving inflation. Among the key policy requirements, while central bank independence appears assured, the exchange rate has been allowed to fluctuate largely freely, and the authorities are embarking on a medium-term plan for fiscal consolidation. Empirical results suggest that the effective exchange rate (rather than a bilateral rate) and wages are important long-run influences on inflation