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Monetary Policy, Disposable Income and Consumption

In: Monetary Policy and the Economy in South Africa

Author

Listed:
  • Mthuli Ncube

    (African Development Bank Group)

  • Eliphas Ndou

    (Reserve Bank of South Africa)

Abstract

Chapter 4 discussed the relevance of the indirect channel of housing wealth in explaining decreasing consumption according to four categories of housing. The findings concluded that the indirect channel is less important than the direct channel, and that effects varied according to house size. This chapter includes disposable income and four consumption categories: non-durable, durable, semi-durable and total consumption goods (the latter including effects of oil prices). Furthermore, we look at scenarios related to what would have happened to consumption levels had disposable income remained at levels observed in 2004 and 2007. This corresponds to periods when interest rate were at low and high levels respectively. The chapter uses the corresponding values of disposable income at these time periods in counterfactual analysis.

Suggested Citation

  • Mthuli Ncube & Eliphas Ndou, 2013. "Monetary Policy, Disposable Income and Consumption," Palgrave Macmillan Books, in: Monetary Policy and the Economy in South Africa, chapter 5, pages 65-82, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33415-2_5
    DOI: 10.1057/9781137334152_5
    as

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