Monetary policy in South Africa, 2007-21

Patrick Honohan and Athanasios Orphanides

No wp-2022-29, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper reviews South Africa's monetary policy since 2007 and makes recommendations towards improving the inflation-targeting framework currently in place. Following a surge in inflation into double digits in 2007/08, the South African Reserve Bank managed to guide inflation in line with the 3-6 per cent target band. Estimates of South Africa's potential output underwent successive downward revisions. The resulting output gap misperceptions contributed to the tendency of inflation to be closer to the upper edge of the band in the 2010s.

Keywords: Monetary policy; Inflation targeting; Output gap; South Africa (search for similar items in EconPapers)
Date: 2022
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac and nep-mon
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:unu:wpaper:wp-2022-29

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