Intro -- Contents -- Contributors -- Acknowledgments -- Introduction -- I Monetary and Exchange Rate Policy in Theory -- 1 Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate -- 2 Optimal Exchange RateRegimes: Turning Mundell-Fleming's Dictum on Its Head -- 3 Monetary Policy Rules,...

This volume assesses the current state of play for Middle East and North African countries, in the light of wider work on inflation targeting, and provides lessons from the evolution of monetary policy in Europe

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

The South African Reserve Bank has continued to fulfill its constitutional mandate to protect the value of the local currency by keeping inflation low and steady. This paper provides evidence that monetary policy tightening aimed at maintaining low and stable inflation could at the same time...

This paper aims at providing new evidence over the effect of conventional monetary policy shocks on wage inequality through the earnings heterogeneity channel under the inflationtargeting regime implemented in South Africa since 2000. The empirical contribution follows previous studies by...

This paper investigates whether a Taylor rule accurately describes the South African Reserve Bank's reaction function in setting interest rates using quarterly data, covering the period since inflation targeting was formally adopted in 2000. The classic Taylor rule is modified to determine...