ESTIMATING SARB'S POLICY REACTION RULE

Alberto Ortiz () and Federico Sturzenegger

South African Journal of Economics, 2007, vol. 75, issue 4, 659-680

Abstract: This paper uses a Dynamic Stochastic General Equilibrium (DSGE) model to estimate the South African Reserve Bank's (SARB) policy reaction rule. We find 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.

Date: 2007
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https://doi.org/10.1111/j.1813-6982.2007.00146.x

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Working Paper: Estimating SARB's Policy Reaction Rule (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:sajeco:v:75:y:2007:i:4:p:659-680

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