An employment targeting framework for central bank policy in South Africa
Abstract
This paper presents an employment targeting (ET) framework as an alternative to an inflation targeting monetary policy framework for South Africa. The framework incorporates some of the advantages normally claimed for a targeting framework - namely, enhancing transparency and accountability - while focusing the goals of monetary policy more directly on critical macroeconomic problems facing the South African economy, namely, employment, subject, of course, to an inflation constraint. Re-orienting monetary policy toward generating employment will require that monetary policy re-develop and utilize a multiplicity of monetary policy and credit tools, including tools for credit allocation and capital management. The paper presents a VAR based simulation model for South Africa that shows that more expansionary monetary policy can contribute to faster economic growth without seriously exacerbating inflation or exchange rate instability.Download Info
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic Info
Article provided by Taylor and Francis Journals in its journal International Review of Applied Economics.
Volume (Year): 22 (2008)
Issue (Month): 2 ()
Pages: 243-258
Contact details of provider:
Web page: http://taylorandfrancis.metapress.com/link.asp?target=journal&id=102219
Order Information:
Web: http://www.tandf.co.uk/journals/subscription.asp
Related research
Keywords: monetary policy; inflation; employment; Central Banks; South Africa;References
No references listed on IDEASYou can help add them by filling out this form.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- James Heintz & Léonce Ndikumana, 2010. "Is There a Case for Formal Inflation Targeting in Sub-Saharan Africa?," Working Papers wp218, Political Economy Research Institute, University of Massachusetts at Amherst.
Lists
This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.Statistics
Access and download statisticsCorrections
When requesting a correction, please mention this item's handle: RePEc:taf:irapec:v:22:y:2008:i:2:p:243-258For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.