In that case and « in contrast with the baseline NKPC model, the divine coincidence no longer holds, since stabilizing the output gap (y - y2) is no longer desirable. This is because what matters for welfare is the distance of output not from its second-best level, but from its first-best level.
The critical contribution of our partners as exemplified through your compliance with the BSP’s various surveys, provision of information, and participation in our diverse programs, advocacies and initiatives, assisted the BSP in fulfilling its mandates. To reinforce the importance of data gathering and increasing our interface with the public, we are pleased to announce the formal launching of the user-friendly BSP e-Survey Portal.