Monetary and Exchange Rate Policy

Monetary policy and the framework in which it operates have profound effects on economic outcomes over both the short and long term and are continually analysed. These effects depend on the exchange rate regime in place and hence form a part of the analytical studies undertaken.
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The impact of monetary and commodity fundamentals, macro news and central bank communication on the exchange rate: Evidence from South Africa

10-Apr-2009

We find strong nonlinear effects of commodity prices, perceived country and emerging market risk premium and changes in the dollar-euro exchange rate on changes in daily returns of the rand-dollar exchange rate. We also identify a one-sided nonlinear mean reversion to the long-term monetary equilibrium.

Inflation responses to recent shocks: do G7 countries behave differently?

01-Apr-2009

This paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies, notably those in the Euro Area, during the period of sharp increases in oil and other commodity prices in the first half of 2008.

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