Estimating the implicit inflation target of the South African Reserve Bank /

This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in practic...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Klein, Nir (Autor)
Autor Corporativo: International Monetary Fund. African Department
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, Ã2012.
Colección:IMF working paper ; WP/12/177.
Temas:
South African Reserve Bank.
South African Reserve Bank
Inflation (Finance) > South Africa.
Inflation > Afrique du Sud.
Inflation (Finance)
South Africa
Acceso en línea:Texto completo

MARC

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100 1 |a Klein, Nir,  |e author. 
245 1 0 |a Estimating the implicit inflation target of the South African Reserve Bank /  |c prepared by Nir Klein. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c Ã2012. 
300 |a 1 online resource (16 pages) 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF working paper ;  |v WP/12/177 
500 |a Title from PDF title page (IMF Web site, viewed July 17, 2012). 
520 |a This paper applies a state-space approach to estimate the implicit inflation target of the South African Reserve Bank (SARB) since the adoption of the Inflation Targeting (IT) framework. The paper's findings are two. First, although the official inflation target range is 3.6 percent, in practice, the SARB seems to have aimed for the upper segment of the band (41.2 .6 percent) for most of the period, despite the substantial variation of the output gap. Second, the estimation results show that the implicit inflation target varied over time, and in recent years it has shifted toward the upper limit of the inflation target range. This perhaps suggests that since the outbreak of the financial crisis in 2008, the SARB's tolerance for higher inflation has somewhat increased to better support economic activity. 
504 |a Includes bibliographical references. 
500 |a "African." 
500 |a "July 2012." 
505 0 |a Cover; Contents; I. Introduction; Figures; 1. Inflation Targets in Selected Emerging Markets; II. The Empirical Model; 2. South Africa: Output Gap by Hodric-Presscot Filter; III. Estimation Results under a Constant Natural Real Rate Empirical Model; 3. Inflation and Inflation Expectations; Tables; 1. Estimated Response Function of the SARB; 4. The Estimated Implicit Inflation Target; IV. The Sensitivity of the Results to the Pre-determined Parameters; A.A Random Walk or a Stationary Process?; B.A Different (constant) Natural Real Rate; C. Alternative Signal-to-Noise Ratios. 
505 8 |a 2. Estimated Response Function with a Relaxation of the Random Walk Assumption5. The Estimated Implicit Inflation Target with Different Levels of Natural Real Rate; V. Time-Varying Natural Real Rate; 3. Estimated Response Function with Different Signal-to-Noise Ratios; 6. The Estimated Implicit Inflation Target with Alternative Signal-to-Noise Ratios; 7. The Estimated Time-Varying Natural Interest Rate; 8. The Estimated Implicit Inflation Target with Time-Varying Natural Interest Rate; VI. The Actual versus the Predicted Policy Rate. 
505 8 |a 4. Estimated response function with time-varying natural real rate9. Actual and Predicted Policy Rate; VII. Conclusions; References; Appendix: Table; 1.A Labor Descriptive Statistics, 2001-Q1-2011-Q4; Appendix: Figures; 1.A The Estimated Implicit Inflation Target; 2A. The SARB's Policy Rate. 
546 |a English. 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
610 2 0 |a South African Reserve Bank. 
610 2 7 |a South African Reserve Bank  |2 fast 
650 0 |a Inflation (Finance)  |z South Africa. 
650 6 |a Inflation  |z Afrique du Sud. 
650 7 |a Inflation (Finance)  |2 fast 
651 7 |a South Africa  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJcWtkkqd3cMmFw9GBdYT3 
710 2 |a International Monetary Fund.  |b African Department. 
758 |i has work:  |a Estimating the implicit inflation target of the South African Reserve Bank (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCGMTGJY7bbMxCTVvrQc7H3  |4 https://id.oclc.org/worldcat/ontology/hasWork 
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776 |z 1-4755-0525-6 
830 0 |a IMF working paper ;  |v WP/12/177. 
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