Monetary policy

The optimal monetary and macroprudential policies for the South African economy

Guangling Liu and Thabang Molisey

We investigate the optimal design and e ectiveness of monetary and macroprudential policies in promoting macroeconomic (price) and financial stability for the South African economy. We develop a New Keynesian dynamic stochastic general equilibrium model featuring a housing market, a banking sector...

Feb 2020

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Monetary policy in a model with commodity and financial market

Vo Phuong Mai Le and Ruthira Naraidoo

This paper builds a small open economy model for a net commodity exporter to consider financial frictions and monetary policies in order to investigate the main determinants of business cycles. Since we make a distinction to the access of financial markets between the commodity and non-commodity...

May 2019

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The impact of Monetary Policy Announcements and Political Events on the Exchange Rate: The Case of South Africa

Trust R. Mpofu and Amos C. Peters

Since 2000 the South African rand has been among the most volatile emerging market currencies, occasionally experiencing sharp depreciations. These sharp fluctuations in the value of the currency cannot be adequately explained by models of flow-supply and flow-demand of currency or by movements in...

Aug 2017

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Effects of South African Monetary Policy Implementation on the CMA: A Panel Vector Autoregression Approach

Monaheng Seleteng (PhD)

The paper investigates the effects of South African monetary policy implementation on selected macroeconomic variables in the rest of the Common Monetary Area (CMA) looking specifically at the response of a shock to South African key interest rate (repo rate) on macroeconomic variables such as the...

Oct 2016

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The impact of monetary policy on household consumption in South Africa. Evidence from Vector Autoregressive Techniques

Emmanuel Owusu-Sekyere

This paper investigates the “cost of credit effect” of monetary policy on household consumption of final goods and services in South Africa, testing the hypotheses of the Keynesian interest rate channel of monetary policy transmission. We focus on three periods; post transition from apartheid,...

Apr 2016

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Estimating a Phillips Curve for South Africa: A Bounded Random Walk Approach

Alain Kabundi, Eric Schaling and Modeste Some

In this paper we estimate a Phillips curve for South Africa using a bounded random walk model. Central bank credibility, the slope of the Phillips curve, the natural rate of unemployment and the central banks ination target band are time-varying. We find that the slope of the Phillips curve has...

Dec 2015

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Optimal Monetary Policy with Learning by Doing

Chris Redl

I study the implications of learning by doing in production for optimal monetary policy using a basic New Keynesian model. Learning-by-doing is modeled as a stock of skills that accumulates based on past employment. The presence of this learning-by-doing externality breaks the ’divine coincidence’...

Jan 2015

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Financial Stress Indicator Variables and Monetary Policy in South Africa

Leroi Raputsoane

This paper analyses the relationship between financial stress indicator variables and monetary policy in South Africa with emphasis on how robust these variables are related to the monetary policy interest rate. The financial stress indicator variables comprise a set of variables from the main...

Jul 2014

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The reliability of South African real-time output gap estimates

Jessica Kramer and Greg Farrell

Estimates of the output gap are an important component of policy-makers’ toolkits. Both the theory underlying monetary policy analysis and the empirical models employed by central banks suggest that the output gap is a key variable explaining inflation. In this view, the estimate of the output gap...

Apr 2014

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Monetary Policy and Heterogeneous Inflation Expectations in South Africa

Alain Kabundi, Eric Schaling and Modeste Some

This paper examines the relationship between ination and ination expectations of analysts, business, and trade unions in South Africa during the inflation targeting (IT) regime. We consider inflation expectations based on the Bureau of Economic Research (BER) quarterly survey observed from 2000Q1...

Feb 2014

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The optimal monetary and macroprudential policies for the South African economy

Monetary policy in a model with commodity and financial market

The impact of Monetary Policy Announcements and Political Events on the Exchange Rate: The Case of South Africa

Effects of South African Monetary Policy Implementation on the CMA: A Panel Vector Autoregression Approach

The impact of monetary policy on household consumption in South Africa. Evidence from Vector Autoregressive Techniques

Estimating a Phillips Curve for South Africa: A Bounded Random Walk Approach

Optimal Monetary Policy with Learning by Doing

Financial Stress Indicator Variables and Monetary Policy in South Africa

The reliability of South African real-time output gap estimates

Monetary Policy and Heterogeneous Inflation Expectations in South Africa

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Monetary policy

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