Estimating SARB's Policy Reaction Rule
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CitationOrtiz, Alberto, and Federico Sturzenegger. “Estimating SARB's Policy Reaction Rule.” CID Working Paper Series 2008.165, Harvard University, Cambridge, MA, May 2008.
AbstractThis 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.
Citable link to this pagehttps://nrs.harvard.edu/URN-3:HUL.INSTREPOS:37366172