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Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters

Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters by Alfredo Cuevas
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When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader economic context in framing the responses to relative price shocks.
International Monetary Fund; December 2008
25 pages; ISBN 9781451994339
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Title: Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters
Author: Alfredo Cuevas; Secil Topak
 
ISBNs
1451994338
9781451871470
9781451992298
9781451994339