Template-Type: ReDIF-Article 1.0 Author-Name: Maria Socorro Gochoco Author-Workplace-Name:School of Economics, University of the Philippines Diliman Title: Testing for Structural Changes: A Cointegration Approach Abstract: This study investigates whether exogenous shocks and/or economic reform programs such as the financial liberalization program of the early '80s resulted in changes in the dynamic equilibrium relationships among money, output, prices, and in some cases, interest rates. Cointegrating vectors for these variables were estimated over a full-sample period using quarterly data from 1981.1 to 1992.4 as well as a sub-sample period from 1986.1-1992.4. Various hypotheses regarding the neutrality of money on prices or output, the proportionality of the effect of money on prices or output, and the stationarity of velocity were tested using restrictions on the cointegrating vectors. If a regime change did occur after the exogenous schocks and/or the implementation of the financial liberalization program, the sub-period results would differ from the sub-sample results. The results obtained show that when M1 is issued, the results obtained for the post-shocks period are quite different from those for the entire sample period. Only the hypothesis regarding the absence of any effect from money to prices is rejected using a sub-period sample, whereas all the different hypotheses are rejected for the full-sample period regardless of the type of monetary aggregate used or whether the interest rate is included or not. Journal: Philippine Review of Economics Pages: 1-14 Volume: 31 Issue: 1 Year: 1994 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/126/468 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 Author-Name: Anthony H. Quan Author-Workplace-Name: Associate Professor of Economics and Finance, University of Guam Title: The Impact of Minimum Wage Changes on Employment and Guam s Labor Force Abstract: This study analyzes the impact of minimum wage legislation on Guam for the period 1975 to 1982. Estimates were made using time-series data to determine the impact on the minimum wage on Guam's labor force. Conclusions are drawn as to the policy implication for Guam of continuing increases in the minimum wage without regard to the differences in average wages of Guam and those of the United States. Journal: Philippine Review of Economics Pages: 15-31 Volume: 31 Issue: 1 Year: 1994 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/127/469 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:1:p:15-31 Template-Type: ReDIF-Article 1.0 Author-Name: Rizalito L. Gregorio Author-Workplace-Name: Assistant Professor, College of Business Administration, University of the Philippines Diliman Title: The Relationship Between Philippine Interest Rates and Stock Price Movements Abstract: For fund managers who are allowed asset-allocation choices between stocks and bonds, the relationship between these two assets is a matter of great concern. Since the interest rate is sometimes used as a key decision variable—and in a few cases as the sole decision variable—in the decision to shift between bonds and equities, the present study uses a bivariate approach in its analysis. Using the Box-Jenkins technique, the study found no significant relationship between 91-day interest rates and the Composite and Sectoral indices of the Makati Stock Exchange using data from January 1987 up to August 1993. Journal: Philippine Review of Economics Pages: 32-52 Volume: 31 Issue: 1 Year: 1994 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/128/470 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:1:p:32-52 Template-Type: ReDIF-Article 1.0 Author-Name: Elvira A. Zamora Author-Workplace-Name: PHINMA Associate Professor of Production and Operations Management, College of Business Administration, University of the Philippines Diliman Title: Major Concerns in Philippine Manufacturing and the Role of Production and Operations Management Techniques and Approaches Abstract: The importance of the productions/operations management (P/OM) function is apparent in the face of increasing competition particularly in the global market. There are indications that local manufacturing companies are addressing this concern through the use of appropriate techniques which are intended to improve operations. This paper presents the results of a survey which looked into the major problems of local manufacturing companies and the extent to which they make use of known P/OM approaches. Journal: Philippine Review of Economics Pages: 53-70 Volume: 31 Issue: 1 Year: 1994 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/129/471 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:1:p:53-70