Chapter

The Development of Transparent and Effective Monetary and Exchange Rate Policy

Janine Aron and John Muellbauer

in South African Economic Policy under Democracy

Published in print March 2009 | ISBN: 9780199551460
Published online May 2009 | e-ISBN: 9780191720376 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199551460.003.0003
The Development of Transparent and Effective Monetary and Exchange Rate Policy

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This chapter examines the monetary policy legacy of the last decade. It argues that the inflation targeting framework introduced in February 2000 improved the credibility and effectiveness of macroeconomic policy. The criticism the new framework has received is largely misconceived. Moreover, the fiscal consolidation, and improved transparency and predictability of fiscal policy, have supported monetary policy.

Keywords: South Africa; monetary policy; inflation; macroeconomic policy; fiscal policy

Chapter.  15690 words.  Illustrated.

Subjects: Public Economics

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