JEL code: E58

Central Banks and Their Policies

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...
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...
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...
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 Dave 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 Dave 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 Dave 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 Dave 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 Dave Liu
Working Paper
The Welfare Cost of Sovereign Default and Liquidity Injections
This paper develops a dynamic general equilibrium model with endoge...
Guangling Dave Liu
Working Paper
Monetary Policy and Heterogeneous Inflation Expectations in South Africa
This paper examines the relationship between in‡ation and in‡ation ...
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
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
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

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