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Win or Lose, it’s the policy we choose: Comparative economic performance of the inflation targeters

Beja, Edsel Jr. (2007): Win or Lose, it’s the policy we choose: Comparative economic performance of the inflation targeters.

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Abstract

The inflation-growth relationship for the inflation targeters is estimated for the period 2001-2006. The results show that inflation is negatively correlated with economic growth, while the indicators for aggregate demand and aggregate supply are positively correlated with economic growth. The findings suggest that a combination of economic policies is more fruitful than a singular focus on inflation targeting. This conclusion is applicable to the case of the Philippines, where inflation is often driven by aggregate supply-linked factors rather than demand-linked factors.

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