Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Estimating The Implicit Inflation Target Of The South African Reserve Bank
Download Estimating The Implicit Inflation Target Of The South African Reserve Bank full books in PDF, epub, and Kindle. Read online Estimating The Implicit Inflation Target Of The South African Reserve Bank ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Estimating the Implicit Inflation Target of the South African Reserve Bank by : Nir Klein
Download or read book Estimating the Implicit Inflation Target of the South African Reserve Bank written by Nir Klein and published by International Monetary Fund. This book was released on 2012-07-01 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in practice, the SARB seems to have aimed for the upper segment of the band (41.2 .6 percent) for most of the period, despite the substantial variation of the output gap. Second, the estimation results show that the implicit inflation target varied over time, and in recent years it has shifted toward the upper limit of the inflation target range. This perhaps suggests that since the outbreak of the financial crisis in 2008, the SARB's tolerance for higher inflation has somewhat increased to better support economic activity.
Book Synopsis Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa by : Mr.Ken Miyajima
Download or read book Inflation Expectations Anchoring Across Different Types of Agents: the Case of South Africa written by Mr.Ken Miyajima and published by International Monetary Fund. This book was released on 2018-08-02 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation forecasts are modelled as monotonically diverging from an estimated long-run anchor point, or “implicit anchor”, towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts by analysts, businesses and trade unions for South Africa, we find that inflation expectations have become increasingly strongly anchored. That is, the degree to which the estimated implicit anchor pins down inflation expectations at longer horizons has generally increased. Estimated inflation anchors of analysts lie within the 3–6 percent inflation target range of the central bank. However, the implicit anchors of businesses and trade unions, who are directly involved in the setting of wages and prices that drive the inflation process, have remained above the top end of the official target range. Possible explanations for these phenomena are discussed.
Book Synopsis Changing the Inflation Target in Emerging Markets by : Ekaterina Pirozhkova
Download or read book Changing the Inflation Target in Emerging Markets written by Ekaterina Pirozhkova and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the effects of change by the South African Reserve Bank (SARB) in its preferred definition of inflation target in July 2017 from a range to a point target. We estimate the implications of this shift by means of a Bayesian vector autoregression-based counterfactual exercise. Our results show that the inflation target change allowed to reduce prices and inflation expectations without negative effects on real output and employment. This was achieved via the reduction in the South African - US long-term interest rate spread (i.e. by a reduction in risk) and by a subsequent positive effect on asset prices.
Book Synopsis The Relative Merits and Implications of Inflation Targeting for South Africa by : Gunnar Jonsson
Download or read book The Relative Merits and Implications of Inflation Targeting for South Africa written by Gunnar Jonsson and published by International Monetary Fund. This book was released on 1999-08 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of industrial countries have adopted a framework for monetary policy that has become known as Inflation Targeting in the 1990s.2 In most cases, inflation targeting was introduced after unsuccessful attempts to target some monetary aggregate (e.g., Canada) or the nominal exchange rate (e.g., United Kingdom and Sweden). Its increasing popularity also has been nourished by a growing consensus among policy-makers, economists, and the public in general that there is no long-term trade-off between inflation and output, and that price stability fosters economic growth. For similar reasons, several emerging market economies have recently adopted, or indicated that they intend to adopt, inflation targeting as their monetary policy framework.3
Book Synopsis Monetary Policy in South Africa, 2007-21 by : Patrick Honohan
Download or read book Monetary Policy in South Africa, 2007-21 written by Patrick Honohan and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews South Africa's monetary policy since 2007 and makes recommendations towards improving the inflation-targeting framework currently in place. Following a surge in inflation into double digits in 2007/08, the South African Reserve Bank managed to guide inflation in line with the 3-6 per cent target band. Estimates of South Africa's potential output underwent successive downward revisions. The resulting output gap misperceptions contributed to the tendency of inflation to be closer to the upper edge of the band in the 2010s. Our assessment is that the current definition of the target is not ambitious enough and reduces the benefits that inflation targeting could otherwise provide. An eventual point target of 3 per cent would better promote growth and protect the value of the currency, as mandated by the Republic's Constitution.
Book Synopsis A Bayesian-Estimated Model of InflationTargeting in South Africa by : Thomas Harjes
Download or read book A Bayesian-Estimated Model of InflationTargeting in South Africa written by Thomas Harjes and published by International Monetary Fund. This book was released on 2008 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a small dynamic macroeconomic model for the South African economy with Bayesian methods. The model is tailored to assessing the impact of domestic as well as external shocks on inflation within an inflation targeting framework, by incorporating forward-looking behavior of private agents and of the monetary authority. The model is able to display important empirical features of the monetary transmission mechanism that have been found in other studies. It helps to integrate the short-term inflation outlook into a consistent medium-term framework and to design the policy response for various shocks that affect inflation.
Book Synopsis Estimating Underlying Inflation Using a Structural Time-series Approach by : G. Farrell
Download or read book Estimating Underlying Inflation Using a Structural Time-series Approach written by G. Farrell and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Deep Learning Approach to Estimation of the Phillips Curve in South Africa by : Gideon Du Rand
Download or read book A Deep Learning Approach to Estimation of the Phillips Curve in South Africa written by Gideon Du Rand and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, we provide a comprehensive estimation of the contemporary Phillips curve relationship in the South African economy using a novel deep learning technique. Our approach incorporates multiple measures of economic slack/tightness and inflation expectations, contributing to the debate on the relevance of the Phillips curve in South Africa, where previous findings have been inconclusive. Our analysis reveals that long-run inflation expectations are the primary driver of inflation, with these expectations anchored around 5% historically but declining since the financial crisis. This trend suggests that the South African Reserve Bank's (SARB) monetary policy implementation has become increasingly credible in addressing high inflation and price instability. We also find that short-run expectations and real economic activity play a substantial role in explaining deviations from the long-run trend, supporting the existence of a quantifiable Phillips curve relationship in the South African economy. The deep learning methodology employed in this paper offers several advantages for policymakers. It accommodates the complex interplay of various factors influencing inflation, providing a more accurate representation of the Phillips curve relationship. The model's interpretable nature allows policymakers to discern the key drivers of inflation, facilitating more targeted and effective monetary policy interventions. Our findings can help inform strategies to combat persistently high inflation rates in South Africa, supporting the SARB's ongoing efforts to achieve price stability and sustainable economic growth.
Book Synopsis The Dynamic Behaviour of Implicit Inflation Targets for 'Inflation Targeting Lite' Economies by : Vipul Bhatt
Download or read book The Dynamic Behaviour of Implicit Inflation Targets for 'Inflation Targeting Lite' Economies written by Vipul Bhatt and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we estimate the evolution of the implicit inflation target underlying the monetary policy of 18 'inflation targeting lite' economies (i.e., emerging countries that target inflation implicitly) using a time-varying parameter specification of the Taylor rule. We find significant heterogeneity in the evolution of the estimated implicit inflation target across countries in our sample. We find that institutional factors characterising an economy, such as central bank independence, extent of financial development and fiscal soundness, are strongly associated with the level of the implicit inflation target.
Book Synopsis South Africa: 2012 Article IV Consultation - Staff Report Informational Annex Debt Sustainability Analysis Staff Statement Public Information Notice by : International Monetary Fund
Download or read book South Africa: 2012 Article IV Consultation - Staff Report Informational Annex Debt Sustainability Analysis Staff Statement Public Information Notice written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-08-23 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Book Synopsis The Oxford Companion to the Economics of South Africa by : Haroon Bhorat
Download or read book The Oxford Companion to the Economics of South Africa written by Haroon Bhorat and published by OUP Oxford. This book was released on 2014-11-27 with total page 573 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1994 South Africa saw the end of apartheid. The new era of political freedom was seen as the foundation for economic prosperity and inclusion. The last two decades have seen mixed results. Economic growth has been volatile. While inequalities in public services have been reduced, income inequality has increased, and poverty has remained stagnant. As the twentieth anniversary of the transition to democracy approaches in 2014, the economic policy debates in South Africa are in full flow. They combine a stocktake of the various programs of the last two decades with a forward looking discussion of strategy in the face of an ever open but volatile global economy. Underlying the discourse are basic and often unresolved differences on an appropriate strategy for an economy like South Africa, with a strong natural resource base but with deeply entrenched inherited inequalities, especially across race. This volume contributes to the policy and analytical debate by pulling together perspectives on a range of issues: micro, macro, sectoral, country wide and global, from leading economists working on South Africa. Other than the requirement that it be analytical and not polemical, the contributors were given freedom to put forward their particular perspective on their topic. The economists invited are from within South Africa and from outside; from academia and the policy world; from international and national level economic policy agencies. The contributors include recognized world leaders in South African economic analysis, as well as the very best of the younger crop of economists who are working on the study of South Africa, the next generation of leaders in thought and policy.
Book Synopsis Inflation Dynamics in South Africa by : Eliphas Ndou
Download or read book Inflation Dynamics in South Africa written by Eliphas Ndou and published by Springer. This book was released on 2017-02-21 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a comprehensive empirical analysis of South African inflation dynamics, using a variety of techniques including counterfactual analysis. The authors elaborate the roles in inflation of thresholds, nonlinearities and asymmetries introduced by economic conditions such as the size of exchange rate changes and volatility, GDP growth, inflation, output gap, credit growth, sovereign spreads and fiscal policy, providing new policy evidence on the impact of these. Ndou and Gumata apply techniques to determine the prevalence of updating inflation expectations, and reconsider the propagation effects of a number of inflation risk factors. Asking to what extent the evidence points to a need to enforce price stability and the anchoring of inflation expectation, the book fills existing gaps in South African Policy, and maintains a clear argument that price stability is consistent with the 3 to 6 per cent inflation target range, and that threshold application should form an important aspect of policy analysis in periods of macroeconomic uncertainty. As such, the book serves as an excellent reference text for academic and policy discussions alike.
Book Synopsis The Oxford Handbook of the South African Economy by : Arkebe Oqubay
Download or read book The Oxford Handbook of the South African Economy written by Arkebe Oqubay and published by Oxford University Press. This book was released on 2022-01-20 with total page 1153 pages. Available in PDF, EPUB and Kindle. Book excerpt: While sharing some characteristics with other middle-income countries, South Africa is a country with a unique economic history and distinctive economic features. It is a regional economic powerhouse that plays a significant role, not only in southern Africa and in the continent, but also as a member of BRICS. However, there has been a lack of structural transformation and weak economic growth, and South Africa faces the profound triple challenges of poverty, inequality, and unemployment. Any meaningful debate about economic policies to address these challenges needs to be informed by a deep understanding of historical developments, robust empirical evidence, and rigorous analysis of South Africa's complex economic landscape. This volume seeks to provide a wide-ranging set of original, detailed, and state-of-the-art analytical perspectives that contribute to scientific knowledge as well as to well-informed and productive discourse on the South African economy. While concentrating on the more recent economic issues facing South Africa, the handbook also provides historical and political context. It offers an in-depth examination of strategic issues in the country's key economic sectors, and brings together diverse analytical perspectives.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475510861 Total Pages :17 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-09-27 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.
Book Synopsis Regional Economic Outlook, April 2017, Sub-Saharan Africa by : Céline Allard
Download or read book Regional Economic Outlook, April 2017, Sub-Saharan Africa written by Céline Allard and published by International Monetary Fund. This book was released on 2017-05-09 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.
Book Synopsis The Scope for Inflation Targeting in Developing Countries by : Mr.Paul R. Masson
Download or read book The Scope for Inflation Targeting in Developing Countries written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1997-10-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation targeting (IT) serves as monetary policy framework in several advanced economies, where it has enhanced policy transparency and accountability. The paper considers its wider applicability to developing countries. The prerequisites for a successful IT framework are identified as an ability to carry out an independent monetary policy (free of fiscal dominance or commitment to another nominal anchor, like the exchange rate) and a quantitative framework linking policy instruments to inflation. These prerequisites are largely absent among developing countries, though several of them could with some further institutional changes and an overriding commitment to low inflation make use of an IT framework.
Book Synopsis Inflation Targeting and Financial Stability by : Pierre-Richard Agénor
Download or read book Inflation Targeting and Financial Stability written by Pierre-Richard Agénor and published by . This book was released on 2013 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
