E58 | Economic Research Southern Africa

JEL code: E58

Central Banks and Their Policies

Ganesh Viswanath-Natraj - FX Interventions, Signalling and Intermediation Constraints

Abstract We study the impact of unanticipated foreign exchange (FX)...

Workshop Paper

Cesa-Bianchi - Capital Flows and Exchange Rates

Abstract In response to an unanticipated monetary policy tightening...

Ambrogio Cesa-Bianchi

Workshop Paper

The bond market impact of the South African Reserve Bank bond purchase programme

We use a unique dataset comprising over a million trades and quotes...

Roy Havemann, Rossouw van Jaarsveld, Henk Janse van Vuuren, Daan Steenkamp

Working Paper

Part 1: Monetary policy and Covid-19 in South Africa

The discussion is based on Sailing into the Wind: evaluating the (n...

Matthew Simmonds, Nicola Viegi, Mamokete Lijane, Konstantin Makrelov, Gina Schoeman

Dialogue

Dr Chris Loewald on Lockdown Learnings: monetary policy leeway during a pandemic

Shortly after the October MPR, ERSA’s host sat down with Dr Chris L...

Margaux Giannaros, Christopher Loewald

Podcast

Does household net financial wealth explain the asymmetric reaction of household consum...

Ndou et al (2019) showed that, in absolute terms, the decline in ho...

Eliphas Ndou

Working Paper

Part 3: The role of fiscal policy in the post-Corona economic recovery

South Africa has a comparably large government sector, and the choi...

Christopher Loewald, Matthew Simmonds, Xavier Debrun, Mamokete Lijane, Gilad Isaacs, Federico Sturzenegger, Andrew Donaldson

Dialogue

Policy Bulletin 04: Electricity reforms: Experience and approach

South Africa has been experiencing electricity shortages since 2008...

Christopher Loewald, Konstantin Makrelov, Andreas Wörgötter

Policy Bulletin

Dr David Fowkes on QE and central bank balance sheet policies: Does South Africa have ‘...

Shortly after the Governor of the SARB gave his speech about the fu...

Margaux Giannaros, David Fowkes

Podcast

Chris Loewald on the Monetary Policy response to the Coronavirus pandemic in South Afri...

Amidst the Coronavirus Pandemic and an economic downgrade, we speak...

Margaux Giannaros, Christopher Loewald

Podcast

The monetary policy of the South African Reserve Bank: stance, communication and credib...

This paper analyses the evolution of the monetary policy stance, co...

Alberto Coco, Nicola Viegi

Working Paper

Monetary policy in a model with commodity and financial market research brief

Uncovering the key drivers of business cycles of commodity exportin...

Vo Phuong Mai Le, Ruthira Naraidoo

Policy Brief

Monetary policy in a model with commodity and financial market

This paper builds a small open economy model for a net commodity ex...

Vo Phuong Mai Le, Ruthira Naraidoo

Working Paper

Is Basel III counter-cyclical: The case of South Africa?

This paper develops a dynamic general equilibrium model with bankin...

Thabang Molisey, Guangling Liu

Working Paper

Policy regime changes and central bank prefernces

This paper establishes whether central bank preferences are related...

Samuel Addo

Working Paper

An institutional comparison of private shareholding in the central banks of South Afric...

This paper considers institutional aspects of private shareholding ...

Jannie Rossouw

Policy Brief

Macroprudential policy and foreign interest rate shocks: A comparison of different inst...

This paper presents a generic small open economy real business cycl...

Guangling Liu, Chris Garbers

Working Paper

Changes in the Liquidity Effect Over Time: Evidence from Four Monetary Policy Regimes

Monetary policy, post Bretton Woods, saw the emergence of the short...

Dawid J. van Lill

Policy Brief

The impact of Monetary Policy Announcements and Political Events on the Exchange Rate: ...

Since 2000 the South African rand has been among the most volatile ...

Amos C. Peters, Trust R. Mpofu

Working Paper

Welfare analysis of bank capital requirements with endogenous default

This paper presents a tractable framework with endogenous default a...

Fernando Garcia-Barragan, Guangling Liu

Working Paper

The welfare cost of macro-prudential policy in a two-country DSGE model

This paper builds a two-country DSGE model with financial frictions...

Hilary Patroba

Working Paper

Do monetary policy announcements affect foreign exchange returns and volatility? Some ...

This paper examines the temporal effect of domestic monetary policy...

Jannie Rossouw, Greg Farrell, Cyril May

Working Paper

Capital controls and foreign currency denomination

This paper studies the effectiveness of capital controls with forei...

Guangling Liu, Fernando Garcia-Barragan

Working Paper

Has the Exchange Rate Pass-Through changed in South Africa?

This paper uses the two-stage exchange rate pass-through (ERPT) fra...

Asi Mbelu, Alain Kabundi

Working Paper

Effects of South African Monetary Policy Implementation on the CMA: A Panel Vector Auto...

The paper investigates the effects of South African monetary policy...

Monaheng Seleteng

Working Paper

Qualitative Guidance and Predictability of Monetary Policy in South Africa

With the adoption of the in ation targeting (IT) regime in 2000, th...

Ntuthuko Tsokodibane, Alain Kabundi

Working Paper

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

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

Communication has become critically important for modern monetary p...

Stan Du Plessis, Monique Reid

Policy Brief

The role of banks in money creation

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

Nicholas Spearman

Policy Brief

Counter-Cyclical Capital Buffers and Interest-Rate Policy as Complements – The Experien...

Counter-cyclical capital buffers are increasingly popular new ̶...

Roy Havemann

Working Paper

Private Shareholding and Public Interest: An Analysis of an Eclectic Group of Central B...

Although the title seems to be a contradictio in terminis, this pap...

Jannie Rossouw

Working Paper

The Welfare Cost of Sovereign Default and Liquidity Injections

This paper develops a dynamic general equilibrium model with endoge...

Guangling Liu

Working Paper

The Welfare Cost of Sovereign Default and Liquidity Injections

This paper develops a dynamic general equilibrium model with endoge...

Guangling Liu

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