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Working Paper WP1404 A mediumsized open economy DSGE model of South Africa

Stan Du Plessis (), Ben Smit and Rudi Steinbach

No 6319, Working Papers from South African Reserve Bank

Abstract: In this paper a dynamic stochastic general equilibrium (DSGE) model is specified for the South African economy. Nominal andreal frictions help to make the model estimable, and is then estimated on South African and global data using Bayesian techniques. The empirical fit of the model is validated through a forecast comparison with private sector consensus forecasts. The model is found to outperform the inflation forecasts of private sector economists.

Date: 2014-07-11
New Economics Papers: this item is included in nep-dge, nep-for and nep-mac
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