Labour Market and Fiscal Policy Adjustments to Shocks: The Role and Implications for Price and Financial Stability in South Africa

Front Matter ....Pages i-li
Front Matter ....Pages 1-1
 Introduction  (Nombulelo Gumata, Eliphas Ndou)....Pages 3-20
 Does the Beveridge Curve Exist in the South African Case, and What Are the Implications for Monetary Policy?  (Nombulelo Gumata, Eliphas Ndou)....Pages 21-41
 Does the Unemployment Invariance Hypothesis Hold in South Africa?  (Nombulelo Gumata, Eliphas Ndou)....Pages 43-56
 Does Price Stability Benefit from a Positive Shock in the Labour Force Participation Rate?  (Nombulelo Gumata, Eliphas Ndou)....Pages 57-67
 Is There an Inflation–GDP Growth–Employment Nexus in South Africa Within the 6 per cent Inflation Threshold?  (Nombulelo Gumata, Eliphas Ndou)....Pages 69-90
Front Matter ....Pages 91-91
 Which Labour Market Structure Model Predictions Are Consistent with the Effects of a Minimum Wage on Inflation in South Africa?  (Nombulelo Gumata, Eliphas Ndou)....Pages 93-111
 The Minimum Wage, Income Inequality and the Price-Stability Mandate  (Nombulelo Gumata, Eliphas Ndou)....Pages 113-126
 The Efficiency Wage Hypothesis, Labour Productivity and the Minimum Wage  (Nombulelo Gumata, Eliphas Ndou)....Pages 127-143
 The Impact of the Minimum Wage on Capital-Labour Ratio Dynamics  (Nombulelo Gumata, Eliphas Ndou)....Pages 145-161
Front Matter ....Pages 163-163
 Labour Market Reforms and the Price Stability Mandate  (Nombulelo Gumata, Eliphas Ndou)....Pages 165-181
 Loosening in Collective Bargaining Impact on CPI and Inflation Expectations  (Nombulelo Gumata, Eliphas Ndou)....Pages 183-198
 Labour Market Reforms, Unit Labour Costs Shocks and Inflation Persistence  (Nombulelo Gumata, Eliphas Ndou)....Pages 199-212
Front Matter ....Pages 213-213
 The Labour Market Conditions Channel in the Transmission of Positive Inflation and Inflation Expectation Shocks to the Repo Rate Reaction  (Nombulelo Gumata, Eliphas Ndou)....Pages 215-232
 Real Interest Rate Shock, Labour Productivity and the 6 per cent Inflation Threshold  (Nombulelo Gumata, Eliphas Ndou)....Pages 233-243
 Capital Flow Surges and Sudden Stops Impact on the Sectorial Composition of Employment and Productivity Growth  (Nombulelo Gumata, Eliphas Ndou)....Pages 245-257
 Labour Productivity Growth and Inflation Expectations  (Nombulelo Gumata, Eliphas Ndou)....Pages 259-271
Front Matter ....Pages 273-273
 Labour Market Conditions Shocks and Credit Growth  (Nombulelo Gumata, Eliphas Ndou)....Pages 275-286
 Weak Labour Productivity, Tight Credit Conditions and Monetary Policy  (Nombulelo Gumata, Eliphas Ndou)....Pages 287-294
 Labour Productivity and Labour Market Conditions Impact on Household Debt  (Nombulelo Gumata, Eliphas Ndou)....Pages 295-303
 Labour Market Reforms, Inflation Expectations and the Banks’ Required Reserves Channel  (Nombulelo Gumata, Eliphas Ndou)....Pages 305-317
Front Matter ....Pages 319-319
 Price Stability Impact on Wage Growth in the Public and Private Sectors  (Nombulelo Gumata, Eliphas Ndou)....Pages 321-332
 Public and Private Sector Employment and the Jobs Displacement Effects  (Nombulelo Gumata, Eliphas Ndou)....Pages 333-344
 Public-Sector Wages and Implications for the Budget Balance  (Nombulelo Gumata, Eliphas Ndou)....Pages 345-357
 The Economic Policy Uncertainty Channel and Employment Dynamics  (Nombulelo Gumata, Eliphas Ndou)....Pages 359-370
Front Matter ....Pages 371-371
 The Inflation–Wage Spiral, Inflation Expectations and Monetary Policy  (Nombulelo Gumata, Eliphas Ndou)....Pages 373-385
 The 6 Per cent Inflation Threshold and the Transmission of Nominal Wage Shocks to Inflation Expectations  (Nombulelo Gumata, Eliphas Ndou)....Pages 387-394
Front Matter ....Pages 395-395
 Do Government Debt Thresholds Impact the Transmission of Tax Shock Effects to GDP Growth?  (Nombulelo Gumata, Eliphas Ndou)....Pages 397-406
 Fiscal Policy Variables Shock Impact on Inflation and GDP Growth  (Nombulelo Gumata, Eliphas Ndou)....Pages 407-419
 Income Tax Shocks and the Inflation-Output Volatility Trade-Offs  (Nombulelo Gumata, Eliphas Ndou)....Pages 421-432
 Do Positive Tax Revenue Shocks Impact Financial and Credit Conditions?  (Nombulelo Gumata, Eliphas Ndou)....Pages 433-445
 Tax Revenue Shocks Effects on The Repo Rate and Inflation  (Nombulelo Gumata, Eliphas Ndou)....Pages 447-458
Front Matter ....Pages 459-459
 Does Government Spending Transmit Inflation to GDP Growth?  (Nombulelo Gumata, Eliphas Ndou)....Pages 461-466
 Fiscal Spending Cut Effects on CPI Inflation and Monetary Policy Cycles  (Nombulelo Gumata, Eliphas Ndou)....Pages 467-479
Front Matter ....Pages 481-481
 Do Sovereign Yield Spreads Transmit Contractionary Fiscal Policy Shocks?  (Nombulelo Gumata, Eliphas Ndou)....Pages 483-489
 Fiscal Policy and Sovereign Spread Shocks: Risks and Policy Implications  (Nombulelo Gumata, Eliphas Ndou)....Pages 491-509
 How Potent Is the Output Channel of Borrowing Costs?  (Nombulelo Gumata, Eliphas Ndou)....Pages 511-522
 How Does a Positive Borrowing Costs Shock Impact Price Stability?  (Nombulelo Gumata, Eliphas Ndou)....Pages 523-533
Front Matter ....Pages 535-535
 Fiscal Policy Shocks and the Current Account  (Nombulelo Gumata, Eliphas Ndou)....Pages 537-570
 The Impact of Six Per cent Inflation on M3 and Credit on GDP  (Nombulelo Gumata, Eliphas Ndou)....Pages 571-579
 Does Inflation Neutralise the Multiplier Effects of Expansionary Monetary and Fiscal Policy on GDP Growth?  (Nombulelo Gumata, Eliphas Ndou)....Pages 581-590
Back Matter ....Pages 591-599