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Monetary Policy Action and Inflation in South Africa: An Empirical Analysis

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  • Lumengo Bonga-Bonga
  • Alain Kabundi

    ()
    (University of Johannesburg)

Abstract

This paper examines the impact of the monetary policy instrument, the repo rate, mainly on output gap and inflation rate in South Africa, over the period 1998– 2008. Use is made of a simple structural vector autoregressive (SVAR) framework in assessing the impulse response functions (IRFs) of output gap and inflation rate to monetary policy shocks. The VAR includes output gap, rather than output, to control for the price puzzle. The results of the IRFs show that monetary policy instrument, the repo rate, did not impact on inflation in South Africa over the sample period covered by the paper.

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Bibliographic Info

Article provided by Africagrowth Institute in its journal African Finance Journal.

Volume (Year): 13 (2011)
Issue (Month): 2 ()
Pages: 25-37

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Handle: RePEc:afj:journl:v:13:y:2011:i:2:p:25-37

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Cited by:
  1. Andrew Phiri, 2013. "An inquisition into bivariate threshold effects in the inflation-growth correlation: Evaluating South Africa’s macroeconomic objectives," Business and Economic Horizons (BEH), Prague Development Center, vol. 9(3), pages 1-11, October.
  2. Andrew Phiri, 2012. "Threshold effects and inflation persistence in South Africa," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 4(3), pages 247-269, August.
  3. Phiri, Andrew, 2014. "Purchasing power parity (PPP) between South Africa and her main currency exchange partners: Evidence from asymmetric unit root tests and threshold co-integration analysis," MPRA Paper 53659, University Library of Munich, Germany.

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