system development, sovereign debt vulnerabilities, and ways to sustain progress in reducing inflation by strengthening the …

Robust GDP growth, declining unemployment, low and stable inflation, and a string of fiscal and current account …

This Selected Issues paper for South Africa presents a quantitative analysis of inflation dynamics in the country. The … inflation. Exposed to exchange rate and other shocks, the model confirms that a delayed policy response to inflation shocks … leads to persistently higher inflation rates and, subsequently, to a sharp real contraction of the economy. …

inflation-unemployment process. The results provide some evidence in favor of the Lucas critique by showing that the short …-run unemployment-inflation trade-off tends to improve in countries that are successful in providing low and stable inflation. …