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

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  • Dante B. Canlas

    (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 representations 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 conometric evidence is rationalized by invoking choice-theoretic based models of monetary economies that deliver propositions consistent with the evidence.

Suggested Citation

  • Dante B. Canlas, 1986. "Monetary Policy and Economic Activity in a Low-Income Country: An Empirical Investigation," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 23(1&2), pages 83-99, March & J.
    • Handle: RePEc:phs:prejrn:v:23:y:1986:i:1&2:p:83-99
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    File URL: http://pre.econ.upd.edu.ph/index.php/pre/article/download/311/369
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    Cited by:

    1. Dante B. Canlas, 2012. "Business Fluctuations and Monetary Policy Rules in the Philippines: with Lessons from the 1984-1985 Contraction," UP School of Economics Discussion Papers 201210, University of the Philippines School of Economics.

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