The Optimization Model of the Phillips Curve using Shapiro-Stiglitz Model and the Kydland-Prescott Model for Fiscal and Monetary Policy Analysis
DOI:
https://doi.org/10.56532/mjbem.v5i1.234Keywords:
Monetary Policy, Fiscal Policy, Phillips Curve, Optimization Model, Macroeconomic PolicyAbstract
Modern economic policy in many countries prioritizes short-run growth objectives. While such policies may generate immediate economic gains, they can also create long-run sustainability concerns through their effects on inflation and unemployment dynamics. Monetary economics proposes long-run equilibrium mechanisms that may mitigate these macroeconomic fluctuations. This study develops an analytical framework that integrates the Shapiro–Stiglitz efficiency wage model of unemployment with the Kydland–Prescott model of inflation setting and applies a Lagrangian optimization framework to estimate the optimal rate of economic growth subject to inflation targets set by the central bank of the Philippines. To examine the structural relationships implied by the theoretical framework, a Two-Stage Least Squares (2SLS) regression is employed, with results suggesting a significant disconnect between the policy objectives of the central government and those of the central bank. The predictive performance of the model is further evaluated using a quadratic ordinary least squares (OLS) regression comparing forecasted and observed output growth rates. The estimated model produces a higher coefficient of determination and statistically significant coefficients relative to regressions using Philippine GDP growth data, suggesting that the GDP optimization model may provide a useful analytical tool for informing macroeconomic policy design.
References
Abel, A., Bernanke, B., & Croushore, D. (2011), Macroeconomics 6th Ed., New York: Pearson Education Inc.
Abou Elseoud, M. (2014). The effect of interest rate, inflation rate and GDP on national savings rate 1. University of Bahrain. Retrieved from url: https://www.researchgate.net/publication/314263256
Adelman, I. (1961), Theories of Economic Growth and Development, California, USA: Standford University Press
Afonso, A., & Sousa, A. (2024). Monetary and fiscal interplay: Does it work both ways?. Economic Systems, 101188.
Agrawal, O., & Bansal, P. (2018). Impact of Monetary Policy on GDP of India. PRAGATI Journal of Indian Economy, 5(2). doi: https://doi.org/10.17492/pragati.v5i2.14373
Al-kasasbeh, O., Haron, F., & Abad, O. (2018). Fiscal Policy and Its Relationship with Economic Growth: A review study. Saudi Journal of Business and Management Studies. doi: https://doi.org/10.21276/sjbms.2018.3.12.5
Albuquerque, B., & Green, G. (2022). Financial concerns and the marginal propensity to consume in COVID times: Evidence from UK survey data. IMF Working Papers, 2022(047). doi: https://doi.org/10.5089/9798400203466.001
Ali, S., Irum, S., & Ari, A. (2008). Whether Fiscal Stance or Monetary Policy is Effective for Economic Growth in Case of South Asian Countries?. The Pakistan Development Review, 47(4), 791-799.
Alves, R., & Palma, A. (2023). The effectiveness of fiscal policy in Brazil through the MIDAS Lens. Journal of Policy Modeling, 46(1), 113-128. doi: https://doi.org/10.1016/j.jpolmod.2023.10.004
Ajayi, S. (1974). An Econometric Case of the Relative Importance of Monetary and Fiscal Policy in Nigeria. The Bangladesh Economic Review, 2(2), 559-576.
Andersen, L., & Jordan, J. (1968), “Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization”, Federal Reserve Bank of St. Louis Review 50, 11:23
Apeti, A., Combes, J., & Minea, A. (2024). Inflation targeting and fiscal policy volatility: Evidence from developing countries. Journal of International Money and Finance, 141, 102996. doi: https://doi.org/10.1016/j.jimonfin.2023.102996
Arai, Y., & Hoshi, T. (2004). Monetary Policy in the Great Recession. RIETI Discussion Paper Series 04-E-024.
Arnold, J., Brys, B., Heady, C., Johansson, A., Schwellnus, C., & Vartia, L. (2011). Tax policy for economic recovery and growth. The Economic Journal, 121(February), F59–F80. doi: https://doi.org/10.1111/j.1468-0297.2011.02417.x
Asada, T., Zimka, R., Demetrian, M., & Zimkova, E. (2023). A Mathematical Analysis of a MMT Type Coordinated Fiscal and Monetary Stabilization Policy in a Dynamic Keynesian Model. Journal of Economic Behavior & Organization, 215, 442-454. doi: https://doi.org/10.1016/j.jebo.2023.09.024
Ascari, G., Beck-Friis, P., Florio, A., & Gobbi, A. (2023). Fiscal foresight and the effects of government spending: It’s all in the monetary-fiscal mix. Journal of Monetary Economics, 134, 1-15. doi: https://doi.org/10.1016/j.jmoneco.2022.11.008
Asteriou, D., & Hall, S. (2007), Applied Econometrics: A Modern Approach; New York: Palgrave MacMillan
Ayub, S., & Shah, F. (2015). Impact of Monetary Policy on Gross Domestic Product (GDP). Asian Journal of Business and management. doi: https://doi.org/10.24203/AJBM.V3I6.3334
Baiardi, D., Profeta, P., Puglisi, R., & Scabrosetti, S. (2019). Tax policy and economic growth: does it really matter?. International Tax and Public Finance, 26(1), 282–316. doi: https://doi.org/10.1007/s10797-018-9494-3
Balasoiu, N., Chifu, I., & Oancea, M. (2023). Impact of Direct Taxation on Economic Growth: Empirical Evidence Based on Panel Data Regression Analysis at the Level of Eu Countries. Sustainability, 15(9), 7146. doi: https://doi.org/10.3390/su15097146
Ball, L. M. (2014). The case for a long-run inflation target of four percent. IMF Working Paper No. 14/92. International Monetary Fund. doi: https://doi.org/10.5089/9781498336104.001
Barua, S., & Sarkar, M. (2023). Public debt and economic growth: Contemporary evidence from a developing economy. Emerald Insight. doi: https://doi.org/10.1108/JEFAS-05-2022-0049
Barro, R. J. (2013). Macroeconomics. New York, NY: Wiley.
Batten, D., & Hafer, R. (1983). The relative impact of monetary and fiscal actions on economic activity: a cross-country comparison. Review, Federal Reserve Bank of St. Louis, 65, 5-12.
Bergh, A., & Henrekson, M. (2011). Government size and growth: A survey and interpretation of the evidence. Journal of Economic Surveys, 25(5), 872-897. doi: https://doi.org/10.1111/j.1467-6419.2011.00697.x
Bischi, G., Giombini, G., & Travaglini, G. (2022). Monetary and fiscal policy in a nonlinear model of public debt. Economic Analysis and Policy, 76, 397-409. doi: https://doi.org/10.1016/j.eap.2022.08.020
Blanchard, O. (2011). Macroeconomics Updated Edition 5th Ed., Singapore: Pearson Education Pte. Ltd.
Blanchard, O., & Leigh, D. (2013). Growth Forecast Errors and Fiscal Multipliers. IMF Working Papers, 2013(1). doi: https://doi.org/10.5089/9781475578112.001
Bogelvang, B. (2005). Econometrics: Theory & Applications with Eviews, England: Pearson Education Limited
Borwein, J.M., Zhu, Q.J. (2016) A Variational Approach to Lagrange Multipliers. Journal of Optimization Theory and Applications, 171, 727–756. doi: https://doi.org/10.1007/s10957-015-0756-2
Bullard, J., & DiCecio, R. (2019). Optimal Monetary Policy for the Masses. Federal Reserve Bank of St. Louis.
Buyukbasaran, T., Cebi, C., & Yilmaz, E. (2020). Interaction of monetary and fiscal policies in Turkey. Money Authority Review, 20(4), 193-203.
Bharadwaj, A., & Dvorkin, M. (2020). The Case of the Reappearing Phillips Curve: A Discussion of Recent Findings. Federal Reserve Bank of St. Louis Review, 102(3), 313-337. doi: https://doi.org/10.20955/r.102.313-37
Cafisco, G. (2017). GDP Growth, Private Debt and Monetary Policy. CESifo Working Paper Series 6500, CESifo.
Calderón, C., & Servén, L. (2014). The effects of infrastructure on growth and income distribution. World Bank Policy Research Working Paper No. 7034. doi: https://doi.org/10.1596/1813-9450-7034
Canh, N. P. (2018). The effectiveness of fiscal policy: contributions from institutions and external debts. Journal of Asian Business and Economic Studies. doi: https://doi.org/10.1108/JABES-05-2018-0009
Caramp, N., & Silva, D. (2023). Fiscal policy and the monetary transmission mechanism. Review of Economic Dynamics, 51, 716-746. doi: https://doi.org/10.1016/j.red.2023.08.001
Carter Hill, R., Griffiths, W., & Lim, G. (2008). Principles of Econometrics 3rd Ed., Hoboken, N.J.: John Wiley & Sons
Cao, Q. (2024). Optimal fiscal and monetary policy with collateral constraints. Journal of Economic Dynamics and Control, 161, 104825.
Chen, P., & Miao, X. (2024). Understanding the role of China’s factors in international commodity price fluctuations: A perspective of monetary-fiscal policy interaction. Economic Analysis and Policy, 81, 1464-1483.
Chomicz-Grabowska, A. M., & Orlowski, L. T. (2020). Financial market risk and macroeconomic stability variables: dynamic interactions and feedback effects. Journal of Economics and Finance, 44, 655-669. doi: https://doi.org/10.1007/s12197-020-09505-9
Cochrane, J. (2022). A fiscal theory of monetary policy with partially-repaid long-term debt. Review of Economic Dynamics, 45, 1-21. doi: https://doi.org/10.1016/j.red.2021.06.001
Costa Jr., C., Garcia-Cintado, A., & Marques Jr., K. (2022). A modern approach to monetary and fiscal policy. International Review of Economics Education, 39, 100232.
Daoudi, M. (2023). Fiscal policy, human capital, and economic growth in Algeria. Les Cahiers Du CREAD, 45(2), 102-122. doi: https://doi.org/10.13140/RG.2.2.23948.74801
Day, R., & Yang, C. (2010). Economic Growth and the Effects of Fiscal Policy. Metroeconomica, 62(1), 218-234.
De Grauwe, P., & Foresti, P. (2023). Interactions of fiscal and monetary policies under waves of optimism and pessimism. Journal of Economic Behavior & Organization, 212, 466-481. doi: https://doi.org/10.1016/j.jebo.2023.05.024
De Mendonca, H., & Tiberto, B. (2024). Are prudent and fiscal policy drivers of FDI inflows?. Latin Amercian Journal of Central Banking, 5(1), 100120.
Dhital, S., Gomis-Porqueras, P., & Haslag, J. (2021). Monetary and fiscal policy interactions in a frictional model of fiat money, nominal public debt and banking. European Economic Review, 139, 103861.
Dhital, S., Jiang, S., & Reese, J. (2023). Effectrs of monetary and government spending policy on economic inequality. Journal of Macroeconomics, 77, 103547.
Di Matteo, L. (2013). Measuring government in the 21st century: An international overview of the size and efficiency of public spending. Fraser Institute. url: https://www.fraserinstitute.org
Djellout, M., & Naïm, A. (2014). Fiscal policy and human capital development: Revisiting the long-term growth impacts. PLOS ONE. doi: https://doi.org/10.1371/journal.pone.0102312
Dornbusch, R., Fisher, S. & Startz, R. (2014). Macroeconomics 12th Ed., New York: McGraw-Hill
Duong, T. H. (2022). Inflation targeting and economic performance over the crisis: evidence from emerging market economies. Asian Journal of Economics and Banking. doi: https://doi.org/10.1108/AJEB-05-2021-0054
Easterly, W., & Rebelo, S. (1993). Fiscal policy and economic growth: An empirical investigation. Journal of Monetary Economics, 32(3), 417-458. doi: https://doi.org/10.1016/0304-3932(93)90025-B
Ejorcadas, J. R., Raquedan, J., Vigonte, F., & Abante, M. V. (2023). The Role of Monetary Policy in Promoting Stability in the Philippine Setting. World Citi Colleges. Retrieved from url: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4454638
Elliot, J. (1975). The Influence of Monetary and Fiscal Actions on Total Spending: The St. Louis Total Spending Equation Revisited. Journal of Money, Credit, and Banking, 7, 81-192.
Engen, E., & Skinner, J. (1992). Fiscal Policy and Economic Growth. NBER Working, 4223, National Bureau of Economic Research, Cambridge. doi: https://doi.org/10.3386/w4223
Fay, M., Lee, H., Mastruzzi, M., Han, S., & Cho, M. (2019). Hitting the trillion mark: A look at how much countries are spending on infrastructure. World Bank. doi: https://doi.org/10.1596/978-1-4648-1440-8
Feldstein, M., & Stock, J. (1993). The Use of Monetary Aggregate to Target Nominal GDP. Monetary Policy, 7-69.
Fraga, A., Goldfajn, I., & Minella, A. (2003). Inflation targeting in emerging market economies. In M. Gertler & K. Rogoff (Eds.), NBER Macroeconomics Annual 2003 (Vol. 18, pp. 365–416). MIT Press. doi: https://doi.org/10.1086/ma.18.3585250
Friedman, M., & Meiselman, D. (1963). The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States. Stabilization Policies, 1887-1957. Englewood: Prentice Hall.
Froyen, R., & Low, L. (2001). Macroeconomics: An Asian Perspective, Singapore: Pearson Education Asia Pte Ltdl
Fu, D., Taylor, L., & Yucel, M. (2003). Fiscal Policy and Growth. Research Department Working Paper 0301, Federal Reseve Bank of Dallas.
Furceri, D., & Jalles, J. T. (2019). The impact of fiscal policy on economic activity: A critical review. Empirical Economics, 56(3), 819-853. doi: https://doi.org/10.1007/s00181-018-1545-5
Gatti, R., Islam, A. M., Maue, C., & Zaveri, E. (2024). Dry spells, productivity, and firm performance: The role of labor and infrastructure. World Bank. doi: https://doi.org/10.1596/10986-32493
Gerobin, J. (2007). The impact of inflation targeting on the output stability of the Philippines. UST Graduate School, Manila.
Gemmell, N., Kneller, R., & Sanz, I. (2014). The growth effects of tax rates in the OECD. Canadian Journal of Economics, 47(4), 1217–1255. doi: https://doi.org/10.1111/caje.12079
Golpe, A., Sanchez-Fuentes, A., & Videz, J. (2023). Fiscal sustainability, monetary policy and economic growth in the Euro Area: In search of the ultimate causal path. Economic Analysis and Policy, 78, 1026-1045.
Grieve, R. H. (2017). Price flexibility and full employment: Barking up the wrong (neoclassical) tree. World Review of Political Economy, 8(4), 480–502. doi: https://doi.org/10.13169/worlrevipoliecon.8.4.0480
Gründler, K., & Potrafke, N. (2019). Corruption and economic growth: New empirical evidence. European Journal of Political Economy, 60, 101810. doi: https://doi.org/10.1016/j.ejpoleco.2019.08.001
Gujarati, D. (2011). Econometrics by Example, New York: Palgrave MacMillan
Gumata, N., & Ndou, E. (2017). The Efficiency Wage Hypothesis, Labour Productivity and the Minimum Wage. In Palgrave Macmillan, Cham. doi: https://doi.org/10.1007/978-3-319-66520-7_8
Gnangnon, S. K. (2019). Tax Reform and Trade Openness in Developing Countries. Journal of Economic Integration, 34(3), 498-519. doi: https://doi.org/10.11130/jei.2019.34.3.498
Halkos, G., & Paizanos, E. (2015). Fiscal and Economic Performance: A review of the theoretical and empirical literature. MPRA Paper, University Library of Munich, Germany.
Hameed, I. (2010). Impact of Monetary Policy on GDP. SSRN Electronic Journal. doi: https://doi.org/10.2139/ssrn.1857413
Handa, J. (2000). Monetary Economics, London: Routledge
Hansen, A. (1952). A Guide to Keynes, New Delhi: McGraw Hill Publishing Co. Ltd.
Hilton, S. K. (2021). Public debt and economic growth: contemporary evidence from a developing economy. Asian Journal of Economics and Banking. doi: https://doi.org/10.1108/AJEB-11-2020-0096
Holtz-Easkin, D., Lovely, M., & Tosun, M. (2004). Generational conflict, fiscal policy, and economic growth. Journal of Macroeconomics, 26(1), 1-23.
Idrisov, G., & Sinelnikov-Murylev, S. (2013). Budget Policy and Economic Growth. doi: https://doi.org/10.2139/ssrn.2367933
International Monetary Fund. (2011). Investing in growth. Finance & Development, 48(1), 30-33. url: https://www.imf.org/en/Publications/fandd/Issues/2011/03/Investing-in-Growth
Katz, Lawrence F., Efficiency Wage Theories: a Partial Evaluation (April 1986; Revised September 2022). NBER Working Paper No. w1906, Available at SSRN: url: https://ssrn.com/abstract=248591
Khin, A., Thambiah, S., Chai, W., & Balkrishnan, G. (2014). Monetary Policy and Gross Domestic Product in Malaysia: An Econometric Investigation. Middle East Journal of Scientific Research, 19(4), 602-609.
Kudrin, A., & Knobel, A. (2017). Fiscal policy as a source of economic growth. Voprosy Ekonomiki, 10, 5-26.
Kugler, P., Jordan, T., Lenz, C., & Savioz, M. (2005). GDP data revisions and forward-looking monetary policy in Switzerland. The North American Journal of Economics and Finance, 13(3), 351-372.
Klein, P. (2018). Time Consistency of Monetary and Fiscal Policy. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. doi: https://doi.org/10.1057/978-1-349-95189-5_2479
Kydland, F., & Prescott, E. (1990). Business Cycles: Real Facts and a Monetary Myth. Quarterly Review (Spring). 3-18. Federal Reserve Bank of Minneapolis.
Leeper, E. (1991). Equilibria Under “Active” and “Passive” Monetary and Fiscal Policies. Journal of Monetary Economics, 27, 129-147.
Liu, D., Sun, W., & Chang, L. (2021). Monetary-fiscal policy regime and macroeconomic dynamics in China. Economic Modelling, 95, 121-135.
Lozano-Espitia, I., & Arias-Rodriguez, F. (2022). The Relationship between Fiscal and Monetary Policies in Colombia: An Empirical Exploration of the Credit Channel. Latin American Journal of Central Banking, 3(4), 100072.
Lucas, R. (2008). On the Mechanics of Economic Development, Journal of Monetary Economics, 22(1988) 3-42. North Holland
Mallick, D. (2019). Policy Regimes and the Shape of the Phillips Curve in Australia. Journal of Policy Modelling. doi: https://doi.org/10.1016/j.jpolmod.2019.03.009
Mankiw, G. (2000). Macroeconomics 4th Ed., New York: Worth Publishers
Marioli, F., Fatas, A., & Vasishtha, G. (2024). Fiscal policy volatility and growth in emerging markets and developing economies. International Review of Economics & Finance, 92, 758-777.
Matres, J. de O., & Le, T. V. (2021). The Impact of Money Supply on the Economy: A Panel Study on Selected Countries. Journal of Economic Science Research, 4(4). doi: https://doi.org/10.30564/jesr.v4i4.3782
McCallum, B. (1989). Monetary Economics: Theory & Policy, Singapore: Macmillan Publishing Company
Mehar, M. A. (2023). Role of monetary policy in economic growth and development: from theory to empirical evidence. Asian Journal of Economics and Banking. doi: https://doi.org/10.1108/AJEB-12-2021-0148
Min, F., Wen, F., & Wang, X. (2022). Measuring the effects of monetary policy shocks on domestic investment in China. International Review of Economics & Finance, 77, 395-412.
Mirza, N., Naqvi, B., Rizvi, S., & Umar, M. (2023). Fiscal or monetary? Efficacy of regulatory regimes and energy trilemma of the inflation reduction act (IRA). International Review of Financial Analysis, 90.
Mishkin, F. S. (2000). Inflation targeting in emerging market countries. American Economic Review, 90(2), 105–109. doi: https://doi.org/10.1257/aer.90.2.105
Mishkin, F. (2003). The Economics of Money, Banking, & Financial Markets 6th Ed. Update, New York: Addison-Wesley/Pearson Education International
Mishkin, F. S. (2007). Monetary policy strategy. MIT Press.
Mohammadpour, B., Behravan, N., & Espahbodi, S. (2012). Study of Association between Monetary Policy and GDP: An Econometric Perspective in Malaysia. Australian Journal of Basic and Applied Sciences, 6(8), 307-315.
Mohseni, R., & Cao, J. (2020). Monetary policy and financial economic growth. The Journal of Economic Asymmetries, 22, e00169.
Morant, R. A. M., & Jacobs, D. C. (2018). Frontiers of efficiency wages: Unconventional wisdom? Journal of Management History, Article publication date: 4 June 2018. ISSN: 1751-1348.
Muinelo-Gallo, L., & Roca-Sagales, O. (2011). Economic Growth and Inequality: the Role of Fiscal Policies. Australian Economic Papers, 50(2-3), 74-97.
Muinelo-Gallo, L. & Roca-Sagales, O. (2013). Joint determinants of fiscal policy, income inequality and economic growth. Economic Modelling, 30, 814-824.
Navarrete, A. (2012). On the independence of Central Banks and the Rate of Inflation: The Case for the Philippines. UST Graduate School, Manila.
OECD. (2023). Economic policy reforms: Going for growth. OECD iLibrary. doi: https://doi.org/10.1787/eco_surveys-bra-2023-en
Ohanyan, N., Grigoryan, A. Measuring monetary policy: rules versus discretion. Empir Econ 61, 35–60 (2021). doi: https://doi.org/10.1007/s00181-020-01867-7
Paparas, D., Richter, C., & Paparas, A. (2015). Fiscal Policy and Economic Growth, Empirical Evidence in European Union. Turkish Economic Review, 2(4). doi: https://doi.org/10.1453/ter.v2i4.543
Parkin, M. (1973). The short-run and long-run trade-offs between inflation and unemployment in Australia. Australian Economic Papers, 12(21), 127-144.
Pasichnyi, M. (2017). Empirical Study of the Fiscal Policy Impact on Economic Growth. Problems and Perspectives in Management 15(3-2), 316-322. doi: https://doi.org/10.21511/ppm.15(3-2).2017.01
Pedace, R. (2013). Econometrics for Dummies, Hoboken, N.J.: John Wiley & Sons
Pesaran, M., Shin, Y. & Smith, R. (1999). “Bounds Testing Approaches to the Analysis of Long Run Relationships”,
Phillips, A. W. (1959). The Relation between Unemployment and the Rate of Change of Money Wages in the United Kingdom, 1861-1957. Economica, 25(100), 283-299.
Preising, F., & Greiner, A. (2023). Monetary-fiscal policy relations in the euro area: The impact on the primary balance. Journal of Economic Behavior & Organization, 216, 1-9. doi: https://doi.org/10.1016/j.jebo.2023.09.026
Reynolds, A. (2001). The Fiscal-Monetary Policy Mix. Cato Journal, 21(2).
Romer, C. D., & Romer, D. H. (2010). The macroeconomic effects of tax changes: Estimates based on a new measure of fiscal shocks. American Economic Review, 100(3), 763-801. doi: https://doi.org/10.1257/aer.100.3.763
Romer, D. (1996), Advanced Macroeconomics, Singapore: McGraw Hill Book Co.
Romer, D. (2001). Advanced Macroeconomics 2nd Ed. McGraw-Hill Book Co.
Ryan-Collins, J., Werner, R., & Castle, J. (2016). A half-century diversion of monetary policy? An empirical horse-race to identify the UK variable most likely to deliver the desired nominal GDP growth rate. Journal of International Financial Markets, Institutions and Money, 43, 158-176.
Srithilat, K., & Sun, G. (2017). The Impact of Monetary Policy on Economic Development: Evidence from Lao PDR. Global Journal of Human-Social Science: E Economics, 17(2).
Stiglitz, J. (2000), Economics of the Public Sector 3rd ed., New York: W.W. Norton & Co.
Shapiro, C., & Stiglitz, J. (1984). Equilibrium Unemployment as Worker Discipline Device. The American Economic Review, 74(3), 433-444.
Tan, C.-T., Mohamed, A., Habibullah, M. S., & Chin, L. (2020). The Impacts of Monetary and Fiscal Policies on Economic Growth in Malaysia, Singapore and Thailand. South Asian Journal of Macroeconomics and Public Finance, 9(1), 114-130. doi: https://doi.org/10.1177/2277978720906066
Tatlonghari, V. (2002). The effectiveness of Fiscal and Monetary Policies in the Philippine Economy: An Econometric Analysis. UST Miguel de Benavides Library.
Tatlonghari, V. (2009) The relative strengths of fiscal and monetary policy actions in the Philippine economy. Ad Vertatem, 8(2), 347-368. UST Miguel de Benavides Library.
Teles, V., & Moussolini, C. (2014). Public debt and the limits of fiscal policy to increase economic growth, European Economic Review, 66, 1-15.
Tule, M., Onipede, S., & Ebuh, G. (2020). Monetary and fiscal policy mix in a small open economy: Evidence from Nigeria. Scientific African, 8, e00346.
Tcherneva, P. R. (2012). The Role of Fiscal Policy: Lessons from Stabilization Efforts in the United States During the Great Recession. International Journal of Political Economy, 41(2), 5-26. url: https://www.jstor.org/stable/41739526
Vasicek, O., Uhrova, N., Janickova, L. D., Wroblowsky, T., & Navratil, B. (2023). Central Bank Independence: Where Do We Stand? Economies, 11(4), 109. doi: https://doi.org/10.3390/economies11040109
Villanueva, A. (2021). Fiscal policy and Philippine economic growth: a cointegration and causality analysis. UST Graduate School, Manila.
Wilde, V. (2017), Long-Run Involuntary Unemployment in a Dynamic Efficiency Wage Model with Technical Progress and Heterogeneity. Available at SSRN: url: https://ssrn.com/abstract=3011015 or doi: https://doi.org/10.2139/ssrn.3011015
Woodford, M. (2011). Simple Analytics of the Government Expenditure Multiplier. American Economic Journal: Macroeconomics, 3(1), 1-35. doi: https://doi.org/10.1257/mac.3.1.1
Woodford, M., & Xie, Y. (2022). Fiscal and monetary stabilization policy at the zero lower bound: Consequences of limited foresight. Journal of Monetary Economics, 125, 18-35. doi: https://doi.org/10.1016/j.jmoneco.2021.11.003
Wu, H., Xu, Z., & Yan, P. (2022). Financial repression, SOE reform and fiscal-monetary policy coordination. China Economic Quarterly International, 2(2), 151-163.
Wu, J. S. K., & Ho, C. P. (2017). The Shapiro-Stiglitz Model with Non-constant Marginal Utility. Open Economics, Received January 12, 2017; accepted July 12, 2017. doi: https://doi.org/10.1515/openec-2017-0003
Younsi, M., Nafla, A. Financial Stability, Monetary Policy, and Economic Growth: Panel Data Evidence from Developed and Developing Countries. J Knowl Econ 10, 238–260 (2019). doi: https://doi.org/10.1007/s13132-017-0453-5
Zekkari, K. (2024). Asset bubble and growth: Elastic labor supply with fiscal policy. Journal of Mathematical Economics, 110, 102930.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Peter Jeff Camaro, Al Faithrich Navarrete
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
