A Bayesian-Estimated Model of Inflation Targeting in South Africa

Thomas Harjes and Luca Ricci

IMF Staff Papers, 2010, vol. 57, issue 2, 407-426

Abstract: This paper estimates a small dynamic macroeconomic model for the South African economy with Bayesian methods. The model is tailored to assessing the impact of domestic as well as external shocks on inflation within an inflation-targeting framework, by incorporating forward-looking behavior of private agents and of the monetary authority. The model is able to display important empirical features of the monetary transmission mechanism that have been found in other studies. It helps to integrate the short-term inflation outlook into a consistent medium-term framework and to design the policy response for various shocks that affect inflation.

Date: 2010
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.palgrave-journals.com/imfsp/journal/v57/n2/pdf/imfsp200918a.pdf Link to full text PDF (application/pdf)
http://www.palgrave-journals.com/imfsp/journal/v57/n2/full/imfsp200918a.html Link to full text HTML (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: A Bayesian-Estimated Model of Inflation Targeting in South Africa (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:imfstp:v:57:y:2010:i:2:p:407-426

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/41308/PS2

Access Statistics for this article

More articles in IMF Staff Papers from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla (sonal.shukla@springer.com) and Springer Nature Abstracting and Indexing (indexing@springernature.com).