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Exchange Rate, Second Round Effects and Inflation Processes: Evidence From South Africa

Exchange Rate, Second Round Effects and Inflation Processes: Evidence From South Africa

Hardcover(1st ed. 2019)

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Product Details

ISBN-13: 9783030139315
Publisher: Springer International Publishing
Publication date: 05/22/2019
Edition description: 1st ed. 2019
Pages: 396
Product dimensions: 5.83(w) x 8.27(h) x (d)

About the Author

Eliphas Ndou is an economist at the South African Reserve Bank, and lectures at the University of the Witwatersrand, South Africa. He holds a PhD in economics from this University. He has co-authored 8 books in the areas of international finance, inequality, inflation, monetary and fiscal policy, applied macroeconomics and labour economics, and macroprudential policy.

Nombulelo Gumata is an economist and holds a Master’s degree in economics from the University of Johannesburg, South Africa. She has co-authored several books in the areas of money and banking regulation, international finance and macroeconomics, macroprudential tools and financial stability, labour markets, monetary and fiscal policy.

Mthokozisi Mncedisi Tshuma, holds a PhD in Economics from the University of the Witwatersrand, South Africa. He is Senior Sector Expert in the National Planning Commission Secretariat, South Africa.



Table of Contents


Part I: The changing size of second-round effects.- 1. Introduction. 2. Policy implications of ERPT and ongoing debates.- 3. Second round effects, exchange rate depreciation, inflation and average wage settlements.- 4. Second round effects, remuneration per worker, exchange rate depreciation shock and inflation expectations.- 5. Second-round effects, private sector wage inflation and exchange rate depreciation shocks.-
6. Second round effects of oil price shocks to consumer price inflation and the unit labour costs channel.- Part II: Monetary and fiscal policy credibility and changing exchange rate pass-through.- 7. Monetary policy credibility and the time varying exchange rate pass-through to inflation.- 8. Monetary policy credibility and the exchange rate pass-through to inflation.- 9. Does the monetary policy channel impact the transmission of exchange rate depreciation shocks to inflation?.- 10. Does monetary policy credibility impact the responses of unit labour costs to exchange rate depreciation shocks?.- 11. Does monetary policy credibility play a role in transmission of oil price shocks to inflation expectations?.- 12. Does monetary policy credibility affect market-based inflation expectations?.- Part III: Trade openness, Consumer and business confidence and exchange rate pass-through.- 13. Does the consumer confidence channel affect the response of inflation to exchange rate depreciation shocks?.- 14. Does weak business confidence impact the pass-through of the exchange rate depreciation shocks to inflation?.- 15. Does exchange rate volatility impact the pass-through of the exchange rate depreciation shocks to inflation?.- 16. Does trade openness matter for the response of inflation to exchange rate depreciation shocks?.- Part IV: Fiscal policy credibility and changing exchange rate pass-through.- 17. Does fiscal policy credibility matter for the exchange rate pass-through to inflation in South Africa?.- 18. Fiscal policy credibility and time varying exchange rate pass-through to consumer price inflation.- 19. Is the impact of high monetary policy credibility on inflation and the ERPT reinforced by fiscal policy credibility?.- Part V: Regulated price, inflation process and monetary policy influence.- 20. What is the role and cost of administered prices? Evidence from monetary policy responses to positive inflation shocks.- 21. Monetary and fiscal policy interactions in inflation process: The role of fuel levies channel.- 22. Monetary and fiscal policy interactions in inflation process: The role of public transport inflation channel.- 23. The distributive effects of monetary policy: Evidence form inflation rates by deciles and rural areas.- Part VI: Asymmetric interest rate pass-through.- 24. Is there any evidence of the amount and adjustment asymmetries of lending rate reaction to the repo rate changes?.- 25 Is there evidence of rigidity in the corporate lending rate adjustment following repo rate changes?.- 26. Does the flexible mortgage rate exhibit asymmetrical response to changes in the repo rate?.- 27. What is the role of competition in the banking sector on the interest rate pass-through and loan intermediation mark-up?.- 28. Does consumption growth respond asymmetrically to positive and negative repo rate changes?.- 29. Does the household financial wealth explain the asymmetric response of consumption to monetary policy shock in South Africa?.