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Working Paper
Monetary policy in South Africa, 2007–21This paper reviews South Africa’s monetary policy since 2007 and makes recommendations towards improving the inflation-targeting framework currently in place...
Monetary policy Inflation targeting Output gapWorking Paper
Debt-financed fiscal stimulus in South AfricaDebt-financed fiscal stimulus programmes directly stimulate aggregate demand through government expenditure or tax cuts, but their effectiveness is highly dependent on direct crowding out of private sector expenditure, spillover effects to the privat...
Public debt Interest rate Fiscal sustainabilityWorking Paper
Structural estimates of the South African sacrifice ratioThis paper estimates the output cost of fighting inflation—the sacrifice ratio—for the South African economy using quarterly data spanning the period 1998Q1–2019Q3...
Monetary policy Inflation targeting OutputWorking Paper
Monetary policy and wealth inequality in South Africa: Evidence from tax administrative dataThis paper examines the relationship between monetary policy and wealth inequality in South Africa. We employed a unique database of tax administrative data which allowed us to account for individual heterogeneity...
Monetary policy Wealth inequality Tax dataResearch Brief
Monetary policy and firm size in South AfricaMonetary policy affects the real economy through various channels, including the interest rate, exchange rate, credit, and asset price channels. The credit channel has recently received considerable attention...
Credit channel Firm heterogeneity Financial constraintsWorking Paper
Wage inequality under inflation-targeting in South AfricaThis paper aims at providing new evidence over the effect of conventional monetary policy shocks on wage inequality through the earnings heterogeneity channel under the inflation-targeting regime implemented in South Africa since 2000...
Earnings Earnings inequality InequalityIn the media
SA-TIED working paper featured in the Financial MailA recent working paper from the SA-TIED programme ’s body of new research has been featured in the largest business weekly in South Africa. The Financial Mail’s feature is headlined: “ Reserve Bank vindicated — the critics...
Inflation Monetary policy South AfricaWorking Paper
The size distribution of monetary policy effects among South African manufacturing firms: Firm-level evidence from administrative tax dataMonetary policy is believed to have a disproportionate effect on firms, depending on their size...
Credit channel Firm heterogeneity Financial constraintsJournal Article
Monetary policy options for managing resource revenue shocks when fiscal policy is laissez-faireThis study examines the implications of alternative monetary policy regimes to deal with resource revenue shocks when fiscal policy is laissez-faire—that is, when the government spends all resource revenue windfalls contemporaneously...
Monetary policy Dutch Disease Windfall spendingWorking Paper
The information content of the yield spread about future inflation in South AfricaThe proposition that inflation expectations can be extracted as inflation predictions from the government bond yield curve has been tested, with partially positive results, using data from the United States and European countries...
Rational expectations Inflation Monetary policyWorking Paper
Identifying monetary policy rules in South Africa with inflation expectations and unemploymentThis paper investigates whether a Taylor rule accurately describes the South African Reserve Bank’s reaction function in setting interest rates using quarterly data, covering the period since inflation targeting was formally adopted in 2000...
Employment Labour Monetary policyBook Chapter
The provision of global liquidity: the global reserve systemFrom the book: Resetting the International Monetary (Non)System
Financial institutions International International agenciesBlog
Will Norway’s model of Sovereign Wealth Fund work in Tanzania?: A reality check
Several countries in Africa – including Ghana, Kenya, Mozambique, Tanzania, and Uganda - have recently discovered large oil and gas or other mineral resources...
Economic assistance and foreign aid Fiscal policy Mineral industriesWorking Paper
Evaluating monetary policy options for managing resource revenue shocks when fiscal policy is laissez-faire: Application to NigeriaThis study considers the implications of alternative monetary policy regimes to deal with a laissez-faire fiscal policy rule, where the government completely spends resource revenue windfall contemporaneously...
Monetary policyPolicy Brief
Blog
Development Finance: The Role for Aid in Africa
Aid’s future, its history, and its impact were the topics of a policy workshop held by UNU-WIDER in co-operation with the Embassy of Denmark in Dar es Salaam on 8 June ...
Economic assistance and foreign aid Economic growth Economic policy