Preliminary Considerations of an Inflation Targeting Framework for the Philippines
AbstractMonetary policy in the Philippines has had multiple objectives. Moreover, shifts in money demand and the money multiplier have made base money a less reliable anchor for monetary policy. Hence, on present policies, a steady reduction in inflation is not assured, and changes to the monetary policy framework should be considered. This paper reviews the benefits as well as the constraints of an inflation targeting framework and the necessary preconditions--both in terms of the institutional infrastructure and the appropriate inflation target--for its successful implementation, including the ability to forecast inflation reasonably well over policy-relevant time horizons.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 98/39.
Date of creation: 01 Mar 1998
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CEPR Discussion Papers
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