Can P* Be a Basis for Core Inflation in the Philippines
While previous studies utilizing P* indicates that the model is better applicable with large countries, the paper argues that the Philippine case should include a foreign gap price. Further work should also focus on estimating more appropriate values of Q* and V*.
|Date of creation:||1996|
|Date of revision:|
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- Clemens J. M. Kool & John A. Tatom, 1994. "The P-star model in five small economies," Review, Federal Reserve Bank of St. Louis, issue May, pages 11-29.
- Jeffrey J. Hallman & Richard D. Porter & David H. Small, 1989. "M2 per unit of potential GNP as an anchor for the price level," Staff Studies 157, Board of Governors of the Federal Reserve System (U.S.).
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