E52 | Economic Research Southern Africa

JEL code: E52

Monetary Policy

The impact of monetary policy on household consumption in South Africa. Evidence from V...

This paper investigates the “cost of credit effect” of monetary pol...

Emmanuel Owusu-Sekyere

Working Paper

Nowcasting Real GDP growth in South Africa

This paper uses nowcasting to forecast real GDP growth in South Afr...

Elmarie Nel, Franz Ruch, Alain Kabundi

Policy Brief

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

In this paper we estimate a Phillips curve for South Africa using a...

Modeste Some, Eric Schaling, Alain Kabundi

Working Paper

Labour Market and Monetary Policy in South Africa

Unemployment is the defining characteristic of the South African ec...

Vincent Dadam, Nicola Viegi

Working Paper

Inflation, growth and employment in South Africa: Trends and trade-offs

It is often publicly contended that overly strict application of in...

Cobus Vermeulen

Working Paper

The role of banks in money creation

The phrase “banks create money” forms part of popular discourse, bu...

Nicholas Spearman

Policy Brief

Optimal Monetary Policy with Learning by Doing

I study the implications of learning by doing in production for opt...

Chris Redl

Working Paper

Variance Bounds as Thresholds for ‘Excessive’ Currency Volatility: Inflation Targeting ...

At what level does a currencys volatility become excessive, in a...

Shakill Hassan, Shaista Amod

Working Paper

Financial Networks – State of the Art and Open Challenges

The 2008 crisis caught most policymakers, including supervisors and...

Co-Pierre Georg

Policy Brief

Credit spread variability in U.S. business cycles: The Great Moderation versus the Grea...

This paper establishes the prevailing financial factors that influe...

Hylton Hollander, Guangling Liu

Working Paper

Financial Stress Indicator Variables and Monetary Policy in South Africa

This paper analyses the relationship between financial stress indic...

Leroi Raputsoane

Working Paper

Financial Stress Indicator Variables and Monetary Policy in South Africa

This paper analyses the relationship between financial stress indic...

Leroi Raputsoane

Working Paper

Monetary Policy and Heterogeneous Inflation Expectations in South Africa

This paper examines the relationship between ination and ination ...

Alain Kabundi, Modeste Some, Eric Schaling

Working Paper

A Post-Crisis Reading of the 'Role of Monetary Policy'

In 1967 Milton Friedman delivered “The Role of Monetary Policy’ as ...

Stan Du Plessis

Working Paper

Relative price variability: Which components of the consumer price index contribute tow...

This paper follows work by Choi, Kim and O’Sullivan (2011), but dev...

Siobhan Redford, Eliphas Ndou

Working Paper

Nominal GDP Targeting and the Monetary Policy Framework

A nominal income target may provide credibility to a commitment to ...

Shakill Hassan, Christopher Loewald

Working Paper

A Sticky Information Phillips Curve for South Africa

Mankiw and Reis (2002) propose the Sticky Information Phillips Curv...

Monique Reid, Gideon Du Rand

Working Paper

Monetary Policy and Balance Sheets

This paper evaluates the strength of the balance sheet channel in t...

Natalia Tamirisa, Deniz Igan, Alain Kabundi, Francisco N. de Simone

Working Paper

Monetary Policy Response to Foreign Aid in an Estimated DSGE Model of Malawi

This paper estimates a Bayesian Dynamic Stochastic General Equilibr...

Manoel Bittencourt, Chance Mwabutwa, Nicola Viegi

Working Paper

Interaction of Formal and Informal Financial Markets in Quasi-Emerging Market Economies

The primary objective of this paper is to investigate the interacti...

Nicola Viegi, Harold P. E. Ngawala

Working Paper

Monetary policy and inflation in South Africa: A VECM augmented with foreign variables

We develop a structural cointegrated vector autoregressive (VAR) mo...

Annari de Waal, Reneé van Eyden

Working Paper

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

Commodity terms of trade shocks have continued to drive macroeconom...

Albert Touna-Mama, Seedwell Hove, Fulbert Tchana Tchana

Working Paper

The High-Frequency Response of the Rand-Dollar rate to Inflation Surprises

We examine the high-frequency response of the rand-dollar nominal r...

Nicola Viegi, Greg Farrell, Shakill Hassan

Working Paper

Inflation Expectations of the Inattentive General Public

The majority of academic research on central bank communication has...

Monique Reid

Working Paper

Will the SARB always succeed in fighting inflation with contractionary policy?

The conventional view is that a monetary policy shock has both supp...

Guangling Liu

Working Paper

Terms of Trade Shocks and Inflation Targeting in Emerging Market Economies

Emerging market economies (EMEs) have persistently experienced diff...

Albert Touna-Mama, Seedwell Hove, Fulbert Tchana Tchana

Working Paper

Talking to the inattentive public: How the media translates the Reserve Bank’s communic...

Central bank communication is widely recognised as crucial to the i...

Stan Du Plessis, Monique Reid

Working Paper

Do Monetary, Fiscal and Financial Institutions Really Matter for Inflation Targeting in...

Most emerging market economies (EMEs) which have implemented inflat...

Albert Touna-Mama, Seedwell Hove, Fulbert Tchana Tchana

Working Paper

Bank concentration and the interest rate pass-through in Sub-Saharan African countries

This study investigates the link between bank concentration and int...

Tadiwa Mangwengwende, Zivanemoyo Chinzara, Heinrich Nel

Working Paper

Dynamic Effects of Monetary Policy Shocks in Malawi

This paper sets out to investigate the process through which moneta...

Harold P. E. Ngawala, Nicola Viegi

Working Paper

Forecasting Monetary Policy Rules in South Africa

This paper is the first one to: (i) provide in-sample estimates of ...

Ivan Paya, Ruthira Naraidoo

Working Paper

Endogenous Money or Sticky Wages: A Bayesian Approach

This paper attempts to answer question similar to that asked by Ire...

Guangling Liu

Working Paper

Should Central Banks of Small Open Economies Respond to Exchange Rate Fluctuations: The...

We estimate a New Keynesian small open economy DSGE model for South...

Geoffrey Woglom, Sami Alpanda, Kevin Kotze

Working Paper

A Comparison of Inflation Expectations and Inflation Credibility in South Africa: Resul...

This paper reports a comparison of South African household inflatio...

Vishnu Padayachee, Jannie Rossouw, Adél Bosch

Policy Brief

Why Speed Doesn’t Kill: Learning to Believe in Disinflation

Central bankers generally prefer to reduce inflation gradually. We ...

Marco Hoeberichts, Eric Schaling

Working Paper

Loud and Clear? Can we hear when the SARB speaks?

Inflation targeting is a forward-looking framework for monetary pol...

Stan Du Plessis, Monique Reid

Working Paper