Philippines: Selected Issues Paper

International Monetary Fund

No 2011/058, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; revenue; production function approach; affect growth; labor market; inflation expectation; revenue effort; expenditure shock; shock crowd; unemployment rate; employment growth; Total factor productivity; Fiscal consolidation; Fiscal stance; Inflation; Private investment; Global; Asia and Pacific; literature review; FPAS model; inflation targeting framework; reform scenario (search for similar items in EconPapers)
Pages: 39
Date: 2011-03-01
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Citations: View citations in EconPapers (2)

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