Estimating Monetary Policy Rules for South Africa

Janine Aron () and John Muellbauer ()

Working Papers Series from Centre for the Study of African Economies, University of Oxford

Abstract: South African monetary policy has experienced major shifts, with three broad monetary policy regimes since the 1960s. This paper analyses the conduct of monetary policy, describing the historical record and institutions of monetary policy, and formally modelling extended Taylor rules for interest rate policy formation. Our principal interest is in the second regime (prior to inflation targeting), when the short-term interest rate first became the main monetary policy instrument, with reference to monetary targets and an eclectic set of economic indicators.

Keywords: MONETARY POLICY; ECONOMIC MODELS; INTEREST RATE (search for similar items in EconPapers)
JEL-codes: E42 E51 E50 (search for similar items in EconPapers)
Date: 2001
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