A Revised Quarterly Projection Model for South Africa

Shaun de Jager, Michael Johnston and Max Steinbach

No 6839, Working Papers from South African Reserve Bank

Abstract: This paper extends earlier work by De Jager (2007) to construct a semi-structural general equilibrium model for medium-term forecasting and causal policy analysis. It incorporates a traditional New Keynesian small open economy structure with a term structure of interest rates, an uncovered interest parity condition which is augmented by the terms of trade and current account, and a world block which describes the evolution of trade-weighted foreign composites.

Date: 2015-08-12
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