Monetary Policy and Inflation Modeling in a more Open Economy in South Africa.
South Africa in the 1990s became globally more integrated after years of isolation. Opening the trade and capital accounts gave impetus to a monetary policy regime change to inflation targeting from 2000, after a costly transitional period of monetary mismanagement with low policy transparency. Changes in openness can, however, disrupt the inflation forecasting on which targeting monetary policies depend. This chapter demonstrates how the central bank’s own producer price inflation equation i...Expand abstract
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- Janine Aron and John Muellbauer
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- This work has been published as achapter in New Monetary Policy Frameworks for Emerging Markets: Coping with the Challenges of Financial Globalization, Gill Hammond, Ravi Kanbur and Eswar Prasad (eds.), Bank of England/Edward Elgar (2009).
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