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Countercyclical Monetary Policy in South Africa

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  • S A du Plessis
  • B W Smit

Abstract

This paper represents an attempt to measure the extent to which monetary policy helped to stabilise output in South Africa since the early 1980s. The paper offers two complementary measures of countercyclical monetary policy: an econometric evaluation and a narrative account of policy decisions. These two methods are used to gauge the extent to which the monetary authorities were inclined to and able to focus on the goal of output stabilisation. The analysis uncovers the extent to which policy constraints prevented monetary authorities from pursuing an anti-cyclical policy, and contributes to an explanation of often pro-cyclical monetary policy in South Africa since the late 1970s.

Suggested Citation

  • S A du Plessis & B W Smit, 2007. "Countercyclical Monetary Policy in South Africa," Studies in Economics and Econometrics, Taylor & Francis Journals, vol. 31(1), pages 79-98, April.
    • Handle: RePEc:taf:rseexx:v:31:y:2007:i:1:p:79-98
    DOI: 10.1080/10800379.2007.12106422
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    Cited by:

    1. Stan du Plessis & Ben Smit & Federico Sturzenegger, 2007. "Identifying aggregate supply and demand shocks in South Africa," Working Papers 11/2007, Stellenbosch University, Department of Economics.
    2. Stan Du Plessis & Ben Smit & Federico Sturzenegger, 2007. "The Cyclicality Of Monetary And Fiscal Policy In South Africa Since 1994," South African Journal of Economics, Economic Society of South Africa, vol. 75(3), pages 391-411, September.

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