Monetary Policy Inflation And Distributional Impact South Africa S Case

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Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case

Mr. Ken Miyajima
Monetary Policy Inflation and Distributional Impact South Africa s Case Book PDF

Author : Mr. Ken Miyajima
Publisher : International Monetary Fund
Page : 24 pages
File Size : 48,8 Mb
Release : 2021-03-19
Category : Business & Economics
ISBN : 9781513574356

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Monetary Policy, Inflation, and Distributional Impact: South Africa’s Case by Mr. Ken Miyajima Pdf

The South African Reserve Bank has continued to fulfill its constitutional mandate to protect the value of the local currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining low and stable inflation could at the same time reduce consumption inequality over a 12–18 month horizon, commonly understood as the transmission lag of monetary policy action to the real economy, and similar to the distance between survey waves used in the analysis. In response to “exogenous” monetary policy tightening, the real consumption of individuals at lower ends of the consumption distribution declines relatively modestly, or even increases. With greater reliance on government transfers, thus smaller reliance on labor income, and relatively larger food consumption, these individuals appear to benefit mainly from lower inflation. By contrast, the real consumption of individuals at higher ends of the consumption distribution is more likely to decline due to lower labor income, weaker asset price performance, and higher debt service cost.

Distributional Effects of Monetary Policy

Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Distributional Effects of Monetary Policy Book PDF

Author : Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson
Publisher : International Monetary Fund
Page : 47 pages
File Size : 40,5 Mb
Release : 2021-07-30
Category : Business & Economics
ISBN : 9781513588858

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Distributional Effects of Monetary Policy by Valentina Bonifacio,Mr. Luis Brandao-Marques,Mrs. Nina T Budina,Mr. Balazs Csonto,Chiara Fratto,Philipp Engler,Davide Furceri,Ms. Deniz O Igan,Rui Mano,Mr. Machiko Narita,Murad Omoev,Gurnain Kaur Pasricha,Ms. Helene Poirson Pdf

As central banks across the globe have responded to the COVID-19 shock by rounds of extensive monetary loosening, concerns about their inequality impact have grown. But rising inequality has multiple causes and its relationship with monetary policy is complex. This paper highlights the channels through which monetary policy easing affect income and wealth distribution, and presents some quantitative findings about their importance. Key takeaways are: (i) central banks should remain focused on macro stability while continuing to improve public communications about distributional effects of monetary policy, and (ii) supportive fiscal policies and structural reforms can improve macroeconomic and distributional outcomes.

South Africa

International Monetary Fund. African Dept.
South Africa Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 48 pages
File Size : 55,6 Mb
Release : 2023-06-06
Category : Business & Economics
ISBN : 9798400245350

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South Africa by International Monetary Fund. African Dept. Pdf

South Africa: Selected Issues

The Link Between Social Grant and Employment in South Africa

Mr. Ken Miyajima
The Link Between Social Grant and Employment in South Africa Book PDF

Author : Mr. Ken Miyajima
Publisher : International Monetary Fund
Page : 15 pages
File Size : 43,6 Mb
Release : 2023-06-13
Category : Business & Economics
ISBN : 9798400243493

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The Link Between Social Grant and Employment in South Africa by Mr. Ken Miyajima Pdf

The literature has analyzed the link between social grants, means-tested and unconditional on employment, and employment in South Africa. The country’s social grant expenditure is relatively large amid persistently high unemployment. This study uses a large panel household survey spanning a decade to find that old-age and disability grant recipients are less in employment as intended by the social program, consistent with the literature. The study adds to the literature by showing that, among “indirect recipients,” younger members typically have lower employment prospects than other indirect recipients. There could be various explanation for this finding, including that the youth are more discouraged from seeking jobs, face larger constraints in the labor market, or have less job opportunities.

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries

International Monetary Fund
Evolving Monetary Policy Frameworks in Low Income and Other Developing Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 41,7 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

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Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

The Federal Reserve System Purposes and Functions

Board of Governors of the Federal Reserve System
The Federal Reserve System Purposes and Functions Book PDF

Author : Board of Governors of the Federal Reserve System
Publisher : Unknown
Page : 0 pages
File Size : 40,9 Mb
Release : 2002
Category : Banks and Banking
ISBN : 0894991965

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The Federal Reserve System Purposes and Functions by Board of Governors of the Federal Reserve System Pdf

Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

The Effects of Monetary Policy Shocks on Inequality

Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
The Effects of Monetary Policy Shocks on Inequality Book PDF

Author : Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka
Publisher : International Monetary Fund
Page : 43 pages
File Size : 43,5 Mb
Release : 2017-01-18
Category : Business & Economics
ISBN : 9781475568356

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The Effects of Monetary Policy Shocks on Inequality by Davide Furceri,Mr.Prakash Loungani,Ms.Aleksandra Zdzienicka Pdf

This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.

Fiscal Policy Shocks and Macroeconomic Growth in South Africa

Eliphas Ndou,Nombulelo Gumata
Fiscal Policy Shocks and Macroeconomic Growth in South Africa Book PDF

Author : Eliphas Ndou,Nombulelo Gumata
Publisher : Springer Nature
Page : 271 pages
File Size : 41,9 Mb
Release : 2023-09-16
Category : Business & Economics
ISBN : 9783031377556

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Fiscal Policy Shocks and Macroeconomic Growth in South Africa by Eliphas Ndou,Nombulelo Gumata Pdf

This book explores the disconnect between fiscal policy and macroeconomic development in South Africa. It analyses the factors that have contributed to the lack of economic growth in the country over recent decades and outlines an improved fiscal policy framework that increases investment and employment. Particular attention is given to the impact of government debt and its relationship with GDP, the connection between budget deficits and interest rates, and how economic policy uncertainty affects employment dynamics and inflation. This book provides practical fiscal policy suggestions to increase economic growth in South Africa and Africa more generally. It will be relevant to researchers and policymakers interested in African economics and economic policy.

The Distributional Implications of the Impact of Fuel Price Increases on Inflation

Mr. Kangni R Kpodar,Boya Liu
The Distributional Implications of the Impact of Fuel Price Increases on Inflation Book PDF

Author : Mr. Kangni R Kpodar,Boya Liu
Publisher : International Monetary Fund
Page : 34 pages
File Size : 47,9 Mb
Release : 2021-11-12
Category : Business & Economics
ISBN : 9781616356156

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The Distributional Implications of the Impact of Fuel Price Increases on Inflation by Mr. Kangni R Kpodar,Boya Liu Pdf

This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.

Monetary Transmission Mechanism in the East African Community

Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter
Monetary Transmission Mechanism in the East African Community Book PDF

Author : Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter
Publisher : International Monetary Fund
Page : 59 pages
File Size : 55,7 Mb
Release : 2013-02-06
Category : Business & Economics
ISBN : 9781475553499

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Monetary Transmission Mechanism in the East African Community by Mr.Hamid Reza Davoodi,Mr.S. V. S. Dixit,Gabor Pinter Pdf

Do changes in monetary policy affect inflation and output in the East African Community (EAC)? We find that (i) Monetary Transmission Mechanism (MTM) tends to be generally weak when using standard statistical inferences, but somewhat strong when using non-standard inference methods; (ii) when MTM is present, the precise transmission channels and their importance differ across countries; and (iii) reserve money and the policy rate, two frequently used instruments of monetary policy, sometimes move in directions that exert offsetting expansionary and contractionary effects on inflation—posing challenges to harmonization of monetary policies across the EAC and transition to a future East African Monetary Union. The paper offers some suggestions for strengthening the MTM in the EAC.

Conditionality in Evolving Monetary Policy Regimes

International Monetary Fund
Conditionality in Evolving Monetary Policy Regimes Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,5 Mb
Release : 2014-05-03
Category : Business & Economics
ISBN : 9781498343695

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Conditionality in Evolving Monetary Policy Regimes by International Monetary Fund Pdf

With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Inflation Expectations

Peter J. N. Sinclair
Inflation Expectations Book PDF

Author : Peter J. N. Sinclair
Publisher : Routledge
Page : 402 pages
File Size : 51,5 Mb
Release : 2009-12-16
Category : Business & Economics
ISBN : 9781135179779

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Inflation Expectations by Peter J. N. Sinclair Pdf

Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.

A Strategy for IMF Engagement on Social Spending

International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
A Strategy for IMF Engagement on Social Spending Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 76 pages
File Size : 52,8 Mb
Release : 2019-06-14
Category : Business & Economics
ISBN : 9781498319621

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A Strategy for IMF Engagement on Social Spending by International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

This paper uses case studies to explore the nature and extent of past IMF engagement on social spending issues and to draw lessons for future engagement.

The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications

Baoping Shang
The Poverty and Distributional Impacts of Carbon Pricing Channels and Policy Implications Book PDF

Author : Baoping Shang
Publisher : International Monetary Fund
Page : 32 pages
File Size : 40,6 Mb
Release : 2021-06-25
Category : Business & Economics
ISBN : 9781513573397

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The Poverty and Distributional Impacts of Carbon Pricing: Channels and Policy Implications by Baoping Shang Pdf

Addressing the poverty and distributional impacts of carbon pricing reforms is critical for the success of ambitious actions in the fight against climate change. This paper uses a simple framework to systematically review the channels through which carbon pricing can potentially affect poverty and inequality. It finds that the channels differ in important ways along several dimensions. The paper also identifies several key gaps in the current literature and discusses some considerations on how policy designs could take into account the attributes of the channels in mitigating the impacts of carbon pricing reforms on households.

How Monetary Policy Works

Lavan Mahadeva,Peter J N Sinclair
How Monetary Policy Works Book PDF

Author : Lavan Mahadeva,Peter J N Sinclair
Publisher : Routledge
Page : 359 pages
File Size : 43,8 Mb
Release : 2004-08-02
Category : Business & Economics
ISBN : 9781134289837

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How Monetary Policy Works by Lavan Mahadeva,Peter J N Sinclair Pdf

For monetary policymakers worldwide, developing a practical understanding of how monetary policy transmits to the economy is a day-to-day challenge. The data such policymakers have is imperfect, the maps they use are continually redrawn. With such uncertainty, understanding this complicated issue is rarely straightforward. This book, a collaboration between some of the finest minds working on monetary theory in the world, helps to provide a foundation for understanding monetary policy in all its complex glory. Using models, case studies and new empirical evidence, the contributors to this book help readers on many levels develop their technical expertise. Students of macroeconomics, money and banking and international finance will find this to be a good addition to their reading lists. At the same time, policymakers and professionals within banking will learn valuable lessons from a thorough read of this book's pages.