The paper combines the estimation of the Monetary Conditions Index (MCI) with the theoretic modelling of optimal monetary policy in South Africa. The idea that monetary policy is not only interested in optimal monetary conditions but also in external stability, provides the basis for the...

This paper tackled the monetary policy performance in South Africa under inflation targeting framework. It utilized a sample that covered the period from 1980:Q1 to 2010 Q3. The aim of this paper was to assess the monetary policy through the estimation of two specifications of the Reserve's Bank...

The problems posed by monetary policy cannot be dealt with by legislating enduring policy rules. With the passage of time, economic understanding does not systematically converge ever more closely on a "true" model of the economy, a process which is now sufficiently far along that our current...