Inflation forecasts are modelled as monotonically diverging from an estimated long-run anchor point, or 'implicit anchor', towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts by analysts, businesses and trade unions for South Africa, we find that inflation...

We assess whether the accumulation of foreign currency reserves in the Asia-Pacific region may have unintended consequences in the form of increased private sector risk-taking. To do so we carry out a country-specific daily data event study analysis of the relationship between official...

We develop a simple theoretical model and then use bank data from seven Asian economies to investigate the effects on bank lending of different liquidity management tools used by central banks. We find that hiking reserve requirements to sterilise foreign exchange purchases will retard bank...