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Table of Contents
Preface; Acknowledgements; Contents; List of Figures; List of Tables; 1: Introduction; 1.1 Heightened Exchange Rate Volatility and the Persistent Negative Output Gap; 1.2 The Dilemma of Partial Accommodative Stance to Shocks and Role of Unanchored Inflation Expectations; 1.3 Is There a Debate Surrounding the Potency of Monetary Policy Effects Conditional on GDP Growth Regimes with Relevance in t...; 1.4 Policy Trade-off and Disinflation; 1.5 Does Transmission of Inflation Effects on Economic Growth Become Impacted by the Fiscal Policy Conditions?; 1.5.1 Inflation and Price Dispersion
1.6 Magnitude of Exchange Rate Changes and Volatility Persistence Shock1.7 Non-linear Changes in Feedthrough into Import Price and Consumer Price Inflation; 1.8 Inflation Expectation and Its Role in Labour Market Adjustment; 1.9 Updating of Inflation Expectations; 1.10 GDP Growth Threshold and the Role of Short-term Conditions Indicators in Policy Path Responses; References; Part I: Costs of Disinflation, Inflation Volatility and Policy Trade-offs; 2: The Ball Approach to Disinflation Episodes, Output Costs and Sacrifice Ratios in South Africa; 2.1 Introduction
2.2 What Is the Nature of the Relationship Between Inflation and Growth?2.3 What Are Sacrifice Ratios and Why Do They Matter?; 2.4 Ballś Trend and Actual Output Dynamics and the Role of Inflation Persistence; 2.5 Actual Output Relative to Trend Output During Disinflation Episodes; 2.6 Costs of Disinflation and Inflation Persistence During the Disinflation Periods; 2.7 Sacrifice Ratios Based on the Zhang and Hoffstetter Assumptions; 2.8 The Role of the Exchange Rate Depreciation, Food Inflation in Excess of 6 Per Cent and Inflation Expectations in the Trans...
2.9 Conclusion and Policy ImplicationsReferences; 3: The Output and Inflation Trade-off in South Africa; 3.1 Introduction; 3.2 What Does the Taylor Curve Capture?; 3.3 The Garch Methodology; 3.4 The Inflation-Output Volatility Trade-offs; 3.4.1 Does the Inclusion of the Period of Financial Crisis Impact the Results?; 3.4.2 Evidence of Taylor Curve Shifts; 3.5 The Role of Inflation Expectations on the Policy Trade-offs; 3.5.1 Asymmetry in Inflation Expectations Shock on the Policy Trade-off; 3.5.2 Do Demand and Supply Shocks Move the Inflation and Output Volatilities?
3.5.3 Persistent and Non-Persistent Demand and Supply Shock Effects3.6 Conclusion and Policy Implications; References; 4: Persistent Exchange Rate Volatility on the Taylor Curve; 4.1 Introduction; 4.2 The Role of the Exchange Rate in the Taylor Curve; 4.3 Conditional Inflation and Exchange Rate Volatilities; 4.3.1 How Did the Various Shocks Impact the Inflation and Exchange Rate Conditional Volatilities?; 4.3.2 Do the Various Rounds of US QE Matter?; 4.4 The Taylor Curve Effect of the Exchange Rate Volatility
1.6 Magnitude of Exchange Rate Changes and Volatility Persistence Shock1.7 Non-linear Changes in Feedthrough into Import Price and Consumer Price Inflation; 1.8 Inflation Expectation and Its Role in Labour Market Adjustment; 1.9 Updating of Inflation Expectations; 1.10 GDP Growth Threshold and the Role of Short-term Conditions Indicators in Policy Path Responses; References; Part I: Costs of Disinflation, Inflation Volatility and Policy Trade-offs; 2: The Ball Approach to Disinflation Episodes, Output Costs and Sacrifice Ratios in South Africa; 2.1 Introduction
2.2 What Is the Nature of the Relationship Between Inflation and Growth?2.3 What Are Sacrifice Ratios and Why Do They Matter?; 2.4 Ballś Trend and Actual Output Dynamics and the Role of Inflation Persistence; 2.5 Actual Output Relative to Trend Output During Disinflation Episodes; 2.6 Costs of Disinflation and Inflation Persistence During the Disinflation Periods; 2.7 Sacrifice Ratios Based on the Zhang and Hoffstetter Assumptions; 2.8 The Role of the Exchange Rate Depreciation, Food Inflation in Excess of 6 Per Cent and Inflation Expectations in the Trans...
2.9 Conclusion and Policy ImplicationsReferences; 3: The Output and Inflation Trade-off in South Africa; 3.1 Introduction; 3.2 What Does the Taylor Curve Capture?; 3.3 The Garch Methodology; 3.4 The Inflation-Output Volatility Trade-offs; 3.4.1 Does the Inclusion of the Period of Financial Crisis Impact the Results?; 3.4.2 Evidence of Taylor Curve Shifts; 3.5 The Role of Inflation Expectations on the Policy Trade-offs; 3.5.1 Asymmetry in Inflation Expectations Shock on the Policy Trade-off; 3.5.2 Do Demand and Supply Shocks Move the Inflation and Output Volatilities?
3.5.3 Persistent and Non-Persistent Demand and Supply Shock Effects3.6 Conclusion and Policy Implications; References; 4: Persistent Exchange Rate Volatility on the Taylor Curve; 4.1 Introduction; 4.2 The Role of the Exchange Rate in the Taylor Curve; 4.3 Conditional Inflation and Exchange Rate Volatilities; 4.3.1 How Did the Various Shocks Impact the Inflation and Exchange Rate Conditional Volatilities?; 4.3.2 Do the Various Rounds of US QE Matter?; 4.4 The Taylor Curve Effect of the Exchange Rate Volatility