Template-Type: ReDIF-Article 1.0 Author-Name: Raul V. Fabella Author-Workplace-Name: Professor of Economics, School of Economics, University of the Philippines Diliman Title: Rent Intensity and Economic Mediocrity Abstract: Using the share society as a metaphor for the economic system, we construct a microfoundation for the stylized observations about rent-seeking and economic performance. We introduce the concept of rent intensity and show that at symmetric Cournot-Nash equilibrium it falls as value-adding productivity rises, rises with rent-seeking reward and with number of participants. Finally, average output falls with population growth where rent-seeking overwhelms increasing return to scale. Journal: Philippine Review of Economics Pages: 73-85 Volume: 31 Issue: 2 Year: 1994 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/130/453 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:73-85 Template-Type: ReDIF-Article 1.0 Author-Name: Dante B. Canlas Author-Workplace-Name: Professor of Economics, School of Economics, University of the Philippines Diliman Title: Money and Exchange-Rate Adjustments in an LDC Context Abstract: The paper presents theoretical models designed to examine, first, the links between a monetary expansion and the collapse of a fixed exchange rate, and second, the behavior of the real exchange rate following a devaluation. Under a free float, a monetary expansion leads to an appreciation in the long-run. If the monetary authority intervenes to prevent the depreciation, then foreign reserves decline to restore asset-market equilibrium. Journal: Philippine Review of Economics Pages: 86-103 Volume: 31 Issue: 2 Year: 1994 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/131/460 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:86-103 Template-Type: ReDIF-Article 1.0 Author-Name: Vicente B. Valdepenas Jr. Author-Workplace-Name: The SEACEN Centre Title: Market-Oriented Central Banking Abstract: For effective monetary management in competitive economies, market-oriented central banking relies on financial markets rather than discretionary controls in adjusting overall liquidity to stabilize prices. Behind this reliance on money markets, however, is a stable long-run relationship between money and output as well as the interest rate. In an illustrative estimation of the demand for money in the Philippines covering the period 1950-1991, using the framework of an error-correction model, such a stable relationship is found after testing the relevant time series for trend and mean stationarity. It is inferred from this that monetary programming on the basis of open market operations becomes a meaningful endeavor. Journal: Philippine Review of Economics Pages: 104-136 Volume: 31 Issue: 2 Year: 1994 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/132/465 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:104-136 Template-Type: ReDIF-Article 1.0 Author-Name: Arsenio M. Balisacan Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: Demand for Food in the Philippines: Responses to Price and Income Changes Abstract: A member of the class of demand systems proposed by Blundell et al. (1993) is employed to improve the structure of food consumption responses in the Philippines. In general it is found that the income elasticity of demand for cereal is about 0.1 and that this elasticity does not drop rapidly with the level of income as is often suggested in the literature. This response is consistent with expectations concerning conversion ratios of cereal consumption to calorie-intake and gains in body weight. Moreover, while food price responses vary from one income group to another, or between rural and urban areas, the variation is not as large as has commonly been presumed. Journal: Philippine Review of Economics Pages: 137-163 Volume: 31 Issue: 2 Year: 1994 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/133/466 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:137-163 Template-Type: ReDIF-Article 1.0 Author-Name: Casimiro V. Miranda Jr. Author-Workplace-Name: School of Economics, University of the Philippines Diliman Title: A Review and Appraisal of Technical Manpower Forecasting Techniques Abstract: Various articles on technical manpower forecasting techniques are reviewed for the purpose of critically evaluating their contributions and the usefulness of the forecasting technique itself. Some factors are suggested to be taken into account to improve the forecasting methods especially in the course of economic development when the composition of technical manpower requirement changes with structural change. Journal: Philippine Review of Economics Pages: 164-192 Volume: 31 Issue: 2 Year: 1994 Month: December File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/134/467 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:164-192 Template-Type: ReDIF-Article 1.0 Author-Name: Gelia T. Castillo Author-Workplace-Name: University of the Philippines Los Baņos Title: Dr. Jose Encarnacion: A Non-Economic Assessment Abstract: No Abstract Journal: Philippine Review of Economics Pages: 193-195 Volume: 31 Issue: 2 Year: 1994 Month: December Handle: RePEc:phs:prejrn:v:31:y:1994:i:2:p:193-195