Title Monetary policy and the economy in South Africa / Mthuli Ncube, African Development Bank Group, South Africa, and Eliphas Ndou, Reserve Bank of South Africa, South Africa

Published New York : Palgrave Macmillan, 2013

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Description 1 online resource Contents 1. South African Monetary Policy Regimes -- 2. Effects of Monetary Policy on Output -- 2.1. Introduction -- 2.1.1. Theory and Past Empirical Evidence -- 2.2. VAR Methodology -- 2.3. Data -- 2.3.1. How do Variables React upon Impact? -- 2.5. Empirical Results -- 2.4.1. Examining the Relationship between Estimated Policy Shocks and Recessions -- 2.5. Conclusion -- 3. Inflation Uncertainty and Output -- 3.1. Introduction -- 3.2. Theory -- 3.2.1. The Friedman Hypothesis -- 3.2.2. The Impact of Inflation Uncertainty on Inflation -- 3.2.3. Inflation Uncertainty, Real Output Growth, and Output Growth Uncertainty -- 3.3. Literature Review -- 3.4. Econometric Methodology -- 3.4.1. The Relationship between Inflation and Inflation Uncertainty -- 3.4.2. The Inflation Uncertainty and Real Output Growth -- 3.5. Data and Descriptive Statistics -- 3.6. Empirical Results -- 3.6.1. VAR Methodology -- 3.7. Conclusions -- 4. Monetary Policy Transmission, House Price and Consumption -- 4.1. Introduction -- 4.2. Consumption, Housing Prices and Interest Rates -- 4.2.1. The Effect of Monetary Policy on House Prices -- 4.2.2. The Effects of House Prices on Consumption -- 4.3. The VAR Model -- 4.4. Data -- 4.5. Results and Discussion -- 4.5.1. Forecast Error Variance Decomposition -- 4.5.2. Robustness Analysis -- 4.5.3. Discussion of Consumption Declines Results -- 2.5. Conclusion -- Appendix: Quantifying Declines in Consumption -- Unit Root Tests -- 5. Monetary Policy, Disposable Income and Consumption -- 5.1. Introduction -- 5.2. Data -- 5.3. VAR Model -- 5.4. Results 66 -- 5.5. Impact of Oil Price in the Extended Model -- 5.6. Counterfactual Analysis -- 5.7. Variance Decompositions -- 5.8. Conclusions -- 6. Mortgage Variables, Monetary Policy and Consumption -- 6.1. Introduction -- 6.2. Theory -- 6.3. What does International Evidence Conclude? -- 6.3. Data -- 6.4.1. Bayesian VAR Approach -- 6.5. Results -- 6.5.1. Contractionary Monetary Policy Shock -- 6.5.2. Mortgage Lending Rate or (Negative Credit Supply) Shock -- 6.5.3. Housing Demand Shock -- 6.5.4. Residential Investment Shock -- 6.5.5. Variance Decompositions -- 6.6. Examining Impact of US Mortgage Variables on South Africa -- 6.6.3. Variance Decomposition -- 6.7. Conclusion -- 7. Monetary Policy and Exchange Rate Shocks on South Africa Trade Balance -- 7.1. Introduction -- 7.2. Literature Review -- 7.3. VAR Methodology -- 7.3.1. Benchmark VAR Model -- 7.4. Data -- 7.5. Empirical Results -- 7.5.1. How are Policy Shocks Transmitted into Trade Balance? -- 7.6. Variance Decomposition -- 7.7. Conclusion -- 8. Exchange Rate, House Prices and Equity Shocks on Current Account -- 8.1. Introduction -- 8.2. Review of Findings in Other Countries -- 8.3. VAR Methodology -- 8.4. Data -- 8.5. Empirical Results -- 8.5.2. Forecast Error Variance Decompositions -- 8.6. Conclusion -- 9. International Transmission of US Shocks into South Africa -- 9.1. Introduction -- 9.2. A Review of Previous Empirical Analysis -- 9.3. VAR Methodology -- 9.4. Data -- 9.5. Results -- 9.6. Conclusion Summary Monetary Policy and the Economy in South Africa covers both modern theories and empirical analysis, linking monetary policy with relating house wealth, drivers of current account based on asset approach, expenditure switching and income absorption effects of monetary policy on trade balance, effects of inflation uncertainty on output growth and international spill overs. Each chapter uses data and relevant methodology to answer empirical and pertinent policy questions in South Africa. The book gives new insights into understanding these areas of economic policy and the wider emerging-markets "Monetary Policy and the Economy in South Africa covers both modern theories and empirical analysis, linking monetary policy with relating house wealth, drivers of current account based on asset approach, expenditure switching and income absorption effects of monetary policy on trade balance, effects of inflation uncertainty on output growth and international spill overs. Each chapter uses data and relevant methodology to answer empirical and pertinent policy questions in South Africa. The book gives new insights into understanding these areas of economic policy and the wider emerging-markets"-- Provided by publisher Bibliography Includes bibliographical references (pages 177-187) and index Notes Print version record Subject Monetary policy -- South Africa Monetary economics -- Republic of South Africa. International economics -- Republic of South Africa. BUSINESS & ECONOMICS -- Econometrics. BUSINESS & ECONOMICS -- Development -- Economic Development. BUSINESS & ECONOMICS -- Economics -- Comparative. BUSINESS & ECONOMICS -- Economics -- Macroeconomics. POLITICAL SCIENCE -- Economic Conditions. Economic history Monetary policy Monetary economics -- Republic of South Africa. International economics -- Republic of South Africa. Economics. SUBJECT South Africa -- Economic conditions. http://id.loc.gov/authorities/subjects/sh85125465 Subject South Africa Form Electronic book Author Ndou, Eliphas, editor ISBN 9781137334152 1137334150 1137334142 9781137334145

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