The Role Of Commodity Prices In Macroeconomic Policy In South Africa
Abstract
This paper examines whether commodity prices can be used as signal for informing macroeconomic policy in South Africa using the new approach for testing Granger causality developed by Toda and Yamamoto (1995 ). Evidence of causality from average gold price to interest rate, money, exchange rate and the consumer price index was observed. Again, evidence of causality was observed from metals price index to interest rate, money and exchange rate. The results suggest there is merit in using South Africa's average gold price and the metals price index of the International Monetary Fund as informational variables in setting monetary policy. Copyright (c) 2007 The Authors; Journal compilation (c) Economic Society of South Africa 2007.Download Info
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Article provided by Economic Society of South Africa in its journal South African Journal of Economics.
Volume (Year): 75 (2007)
Issue (Month): 2 (06)
Pages: 213-220
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- A.F.M. Kamrul Hassan & Ruhul A. Salim, 2011. "Is there any Link Between Commodity Price and Monetary Policy? Evidence from Australia," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(3), pages 205-216, December.
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