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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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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 bank’s in‡ation target band are time-varying. We …find that the slope of the Phillips curve has...
Dec 2015
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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 in‡ation and in‡ation 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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