This paper argues that the pattern of decolonisation was a logical consequence of the nature of human capital transfers from the colonisers to the elites of the former colonies, and this shaped the strategic interaction between these two groups. Where the educational practice emphasized the...

This paper considers conditions of optimality in a co-optive strategy of colonial rule. It proposes a simple model of elite formation emanating from a coloniser's quest to maximise extracted rents from its colonies. The results suggest multiple optimal solutions, depending on the specification...

We study the implications of uncertainty for inflation targeting. We apply Brainard's static framework which assumes multiplicative uncertainty in the monetary transmission. Brainard's main result is that in the presence of uncertainty, monetary authorities become naturally more cautious. But...

This paper analyses the effects of change by the South African Reserve Bank (SARB) in its preferred definition of inflation target in July 2017 from a range to a point target. We estimate the implications of this shift by means of a Bayesian vector autoregression-based counterfactual exercise....