Monetary policy and relative price shocks in South Africa and other inflation targeters /

Monetary policy and relative price shocks in South Africa and other inflation targeters /

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Bibliographic Details
Author / Creator:Cuevas, Alfredo, author.
Imprint:Washington, D.C. : International Monetary Fund, ©2008.
Description:1 online resource (25 pages) : illustrations
Language:English
Series:IMF working paper ; WP/08/289.
Subject:
Monetary policy -- South Africa -- Econometric models.
Inflation (Finance) -- South Africa -- Econometric models.
Banks and banking, Central -- South Africa -- Econometric models.
Banks and banking, Central -- Econometric models.
Inflation (Finance) -- Econometric models.
Monetary policy -- Econometric models.
South Africa.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12499591
Hidden Bibliographic Details
Other authors / contributors:Topak, Secil, author.
International Monetary Fund. African Department.
ISBN:1283512688
9781283512688
1451992297
9781451992298
9781451994339
1451994338
1462330568
9781462330560
9786613825131
6613825131
Notes:At head of title: African Department.
"December 2008."
Includes bibliographical references (pages 24-25).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2011.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2011 HathiTrust Digital Library committed to preserve
Print version record.
Summary:When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader economic context in framing the responses to relative price shocks.
Other form:Print version: Cuevas, Alfredo. Monetary policy and relative price shocks in South Africa and other inflation targeters. Washington, D.C. : International Monetary Fund, ©2008
Standard no.:10.5089/9781451992298.001
Table of Contents:
  • I. Introduction; Figures; 1. Food and Price Shocks in Perspective; II. First and Second Round Effects of Relative Price Shocks; 2. Evidence of Second Round Effects of Shocks to Food Prices; Tables; 1. Granger Causality Tests; 3. Effects of Relative Price Shocks on Inflation Expectations; 4. Second Round Effects May Already Be in Train in South Africa; III. Historical Perspective on Monetary Policy Responses to Relative Price Shocks; 2. Estimation of Equation 1 for Selected Countries; 3. Distribution of the Coefficient on the Variable Representing Underlying Inflation.
  • 4. Distribution of the Coefficient on the Variable Representing Relative Price Shocks5. Indicators of Inflation in Sample Countries; 6. Rolling Estimates of Equation 1 for South Africa; IV. Recent Monetary Policy Decisions Around the World; 5. Re-Estimation of Equation 1 for the Period Under Inflation Targeting; 6. Selected Recent Tightening Decisions; 7. Selected Recent Easing Decisions.; 7. Implicit Lengthening of the Policy Horizon in South Africa; V. Concluding Remarks; Appendix; References.

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