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Title:Estimating SARB's policy reaction rule
Authors:Ortiz, AlbertoISNI
Sturzenegger, FedericoISNI
Year:2007
Periodical:South African Journal of Economics
Volume:75
Issue:4
Pages:659-680
Language:English
Geographic term:South Africa
Subjects:central banks
monetary policy
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.2007.00146.x/pdf
Abstract:This paper uses a Dynamic Stochastic General Equilibrium (DSGE) model to estimate the South African Reserve Bank's (SARB) policy reaction rule. It finds that the SARB has a stable rule very much in line with those estimated for Canada, UK, Australia and New Zealand. Relative to other emerging economies the policy reaction function of the SARB appears to be much more stable with a consistent anti-inflation bias, a somewhat larger weight on output and a very low weight on the exchange rate. Bibliogr., notes, ref., sum. [Journal abstract]
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