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Is inflation targeting preferred by Filipinos?

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  • Beja Jr, Edsel

Abstract

Analysis of World Values Survey 2000 data for the Philippines finds that lower income Filipinos are more likely than the upper income ones to support inflation targeting. The same can be said of older, healthier, and employed Filipinos but not of the educated and financially satisfied ones. Given the profile of people who preferred inflation targeting, the shift from monetary targeting to inflation targeting is deemed a pro-poor policy shift. Further analyses find that, in 2000, at least 53.1% of Filipino households preferred inflation targeting; in other words, the preference of Filipino society in 2000 was in line with the preference of the Bangko Sentral ng Pilipinas for inflation targeting.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24382.

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Date of creation: 12 Aug 2010
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Handle: RePEc:pra:mprapa:24382

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Keywords: Inflation targeting; central bank policy; Philippines; Filipino preference;

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  1. David G. Blanchflower & Andrew J. Oswald, 2000. "Well-Being Over Time in Britain and the USA," NBER Working Papers 7487, National Bureau of Economic Research, Inc.
  2. Robert J. MacCulloch & Rafael Di Tella & Andrew J. Oswald, 2001. "Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness," American Economic Review, American Economic Association, American Economic Association, vol. 91(1), pages 335-341, March.
  3. Kahneman, Daniel & Wakker, Peter P & Sarin, Rakesh, 1997. "Back to Bentham? Explorations of Experienced Utility," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(2), pages 375-405, May.
  4. Joseph Lim, 2008. "Central banking in the Philippines: from inflation targeting to financing development," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 22(2), pages 271-285.
  5. Kahneman, Daniel & Thaler, Richard H, 1991. "Economic Analysis and the Psychology of Utility: Applications to Compensation Policy," American Economic Review, American Economic Association, American Economic Association, vol. 81(2), pages 341-46, May.
  6. Beja, Edsel Jr., 2007. "Win or Lose, it’s the policy we choose: Comparative economic performance of the inflation targeters," MPRA Paper 4833, University Library of Munich, Germany, revised 12 Sep 2007.
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