The role of commodity prices in macroeconomic policy in South Africa

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dc.contributor.authorOcran M.K.
dc.contributor.authorBiekpe N.
dc.date.accessioned2011-05-15T15:57:40Z
dc.date.available2011-05-15T15:57:40Z
dc.date.issued2007
dc.description.abstractThis paper examines whether commodity prices can be used as signal for informing macroeconomic policy in South Africa using the new approach for testing Granger causality developed by Toda and Yamamoto (1995). Evidence of causality from average gold price to interest rate, money, exchange rate and the consumer price index was observed. Again, evidence of causality was observed from metals price index to interest rate, money and exchange rate. The results suggest there is merit in using South Africa's average gold price and the metals price index of the International Monetary Fund as informational variables in setting monetary policy. © 2007 The Authors; Journal compilation © Economic Society of South Africa 2007.
dc.description.versionArticle
dc.identifier.citationSouth African Journal of Economics
dc.identifier.citation75
dc.identifier.citation2
dc.identifier.issn382280
dc.identifier.other10.1111/j.1813-6982.2007.00120.x
dc.identifier.urihttp://hdl.handle.net/10019.1/10526
dc.subjectcommodity price
dc.subjecteconomic policy
dc.subjectexchange rate
dc.subjectGranger causality test
dc.subjectinterest rate
dc.subjectmacroeconomics
dc.subjectprice dynamics
dc.subjectAfrica
dc.subjectSouth Africa
dc.subjectSouthern Africa
dc.subjectSub-Saharan Africa
dc.titleThe role of commodity prices in macroeconomic policy in South Africa
dc.typeArticle
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