Loud and clear? Can we hear when the SARB speaks?

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dc.contributor.authorReid M.
dc.contributor.authorDu Plessis S.
dc.date.accessioned2011-05-15T15:57:37Z
dc.date.available2011-05-15T15:57:37Z
dc.date.issued2010
dc.description.abstractInflation targeting is a forward-looking framework for monetary policy that has brought unprecedented transparency to the process of monetary policy. This paper aims to assess the degree to which the South African Reserve Bank's (SARB) Monetary Policy Committee (MPC) has, since the introduction of inflation targeting, successfully communicated to the public its policy analysis, and, in particular, the expected future policy changes. It follows international literature in constructing a numerical index that is used to reflect the information content of the SARB's communications, specifically the monetary policy statements that accompanied each of the MPC meetings since 2000. This method allows us to judge, systematically, the degree to which the MPC has communicated successfully, and the evolution of that success over the past nine years. We find evidence that the MPC has succeeded in signalling their likely future policy decision with consistency over this period. © 2010 Economic Society of South Africa.
dc.description.versionArticle
dc.identifier.citationSouth African Journal of Economics
dc.identifier.citation78
dc.identifier.citation3
dc.identifier.issn382280
dc.identifier.other10.1111/j.1813-6982.2010.01246.x
dc.identifier.urihttp://hdl.handle.net/10019.1/10508
dc.subjectcentral bank
dc.subjectinflation
dc.subjectmonetary policy
dc.subjectpolicy analysis
dc.subjectSouth Africa
dc.titleLoud and clear? Can we hear when the SARB speaks?
dc.typeArticle
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