Monetary Policy and Economic Activity in a Low-Income Country: An Empirical Investigation

Dante Canlas
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Dante Canlas: School of Economics, University of the Philippines Diliman

No 198510, UP School of Economics Discussion Papers from University of the Philippines School of Economics

Abstract: The paper is an empirical investigation of the output effects of some aspects of monetary policy in a low-income setting. It is argued that the existing political institutions render the fiscal authority dominant over the monetary authority. Using some parsimonious representation of output growth, there is evidence supporting the proposition that unanticipated monetary policy matters. Holding private credit constant, currency in circulation has negative output effects. The econometric evidence is rationalized by invoking choice-theoretic based models of monetary economies that deliver propositions consistent with the evidence.

Date: 1985-08
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Published as UPSE Discussion Paper No. 1985-10, August 1985

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