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Monetary Policy

Monetary policy and commodity terms of trade shocks in emerging market economies

Seedwell Hove, Albert Touna Mama and Fulbert Tchana Tchana
Commodity terms of trade shocks have continued to drive macroeconomic ‡uctuations in most emerging market economies. The volatility and persistence of these shocks have posed great challenges for monetary policy. This study employs a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model...
Aug 2012
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The High-Frequency Response of the Rand-Dollar rate to Inflation Surprises

Greg Farrell, Shakill Hassan and Nicola Viegi
We examine the high-frequency response of the rand-dollar nominal rate within ten-minute intervals around (five minutes before, five minutes after) official inflation announcements, and show that the rand appreciates (respectively, depreciates) on impact when inflation is higher (respectively,...
Mar 2012
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Inflation Expectations of the Inattentive General Public

Inflation Expectations of the Inattentive General Public
The majority of academic research on central bank communication has analysed a central bank’s audience as a single group. Analyses, especially empirical research have focused almost exclusively on a central bank’s interaction with the financial markets, facilitated by the availability of high-...
Mar 2012
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Will the SARB always succeed in fighting inflation with contractionary policy?

Guangling (Dave) Liu
The conventional view is that a monetary policy shock has both supply-side and demand-side effects, at least in the short run. Barth and Ramey (2001) show that the supply-side effect of a monetary policy shock may be greater than the demand-side effect. We argue that it is crucial for monetary...
Mar 2012
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Terms of Trade Shocks and Inflation Targeting in Emerging Market Economies

Seedwell Hove, Albert Touna Mama and Fulbert Tchana Tchana
Emerging market economies (EMEs) have persistently experienced different waves of commodity terms of trade disturbances, generating macroeconomic instabilities. The adoption of in‡flation targeting (IT) by many emerging market economies has raised the questions about its relative suitability in...
Mar 2012
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Talking to the inattentive public: How the media translates the Reserve Bank’s communications

Monique Reid and Stan Du Plessis
Central bank communication is widely recognised as crucial to the implementation of monetary policy. This communication should enhance a central bank’s management of the inflation expectations of the financial markets as well as the general public — the latter being a part of the central bank’s...
Nov 2011
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Do Monetary, Fiscal and Financial Institutions Really Matter for Inflation Targeting in Emerging Market Economies?

Seedwell Hove, Albert Touna Mama and Fulbert Tchana Tchana
Most emerging market economies (EMEs) which have implemented inflation targeting (IT) have continued to experience large, frequent and sometimes persistent inflation target misses. At the same time these countries had reformed their institutional structures when implementing IT. In this paper we...
Sep 2011
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Bank concentration and the interest rate pass-through in Sub-Saharan African countries

T. Mangwengwende, Z. Chinzara, and H. Nel
This study investigates the link between bank concentration and interest rate pass-through (IRPT) in four sub-Saharan countries. It also analyses whether there is asymmetry in IRPT and whether such asymmetry is related to changes in bank concentration. By applying a number of econometric methods...
Aug 2011
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