Philippines: Selected Issues Paper
March 1, 2011
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This paper estimates potential growth in the Philippines using different methodologies, and discusses growth prospects for the medium term. Several approaches can be used to estimate potential growth. It also describes a forecasting and monetary policy analysis system (FPAS) model. Using the estimated parameters and distributions for the stochastic shocks, solutions are derived for the variability in inflation and the output gap under alternative monetary policy reaction functions. Further work could extend the FPAS model for the Philippines in a number of directions.
Subject: Fiscal consolidation, Fiscal policy, Fiscal stance, Inflation, National accounts, Prices, Private investment, Production, Total factor productivity
Keywords: affect growth, Asia and Pacific, CR, employment growth, expenditure shock, Fiscal consolidation, Fiscal stance, FPAS model, Global, Inflation, inflation expectation, inflation targeting framework, ISCR, labor market, literature review, Private investment, production function approach, reform scenario, revenue, revenue effort, shock crowd, Total factor productivity, unemployment rate
Pages:
39
Volume:
2011
DOI:
Issue:
058
Series:
Country Report No. 2011/058
Stock No:
1PHLEA2011001
ISBN:
9781455219971
ISSN:
1934-7685
