Exchange Rate, Second Round Effects and Inflation Processes - Ndou, Eliphas

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Auteur(s) : Ndou, Eliphas - Tshuma, Mthokozisi Mncedisi - Gumata, Nombulelo

Editeur : Springer International Publishing Ag

Langue : Anglais

Parution : 01/05/2019

Format : Moyen, de 350g à 1kg

Nombre de pages : 444

Expédition : 683

Dimensions : 21.6 x 15.3 x 2.9

ISBN : 303013931X

Résumé :
This book focuses on the exchange rate pass-through (ERPT), second round effects and the inflation process in South Africa. The authors demonstrate that magnitudes of the second round effects of the exchange rate depreciation and oil price shocks depend on inflation regimes. The impact of positive oil price shocks on inflation is weakened by monetary policy credibility. Evidence shows the influence of oil price on unit labour costs and correlation between exchange rate changes and inflation has weakened. In addition, ERPT is reduced by low business and consumer confidence, high trade openness, low inflation and high exchange rate volatility which weaken real economic activity. Both monetary and fiscal policy credibility lowers the sizes of ERPT to inflation and inflation expectations. Fiscal policy via fuel levies, administered prices and public transport inflation channel impacts the responses of monetary policy to inflation shocks. The authors show that second round effects contribute very little to wage inflation following an exchange rate depreciation shock. Both lending rate and household consumption responds asymmetrical to repo rate changes. This book will appeal to policymakers, students, academics and analysts.

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Biographie:
Eliphas Ndou is an economist at the South African Reserve Bank, and lectures at the University of the Witwatersrand, South Africa. He holds a PhD in economics from this University. He has co-authored 8 books in the areas of international finance, inequality, inflation, monetary and fiscal policy, applied macroeconomics and labour economics, and macroprudential policy. Nombulelo Gumata is an economist and holds a Master's degree in economics from the University of Johannesburg, South Africa. She has co-authored several books in the areas of money and banking regulation, international finance and macroeconomics, macroprudential tools and financial stability, labour markets, monetary and fiscal policy. Mthokozisi Mncedisi Tshuma, holds a PhD in Economics from the University of the Witwatersrand, South Africa. He is Senior Sector Expert in the National Planning Commission Secretariat, South Africa.

Sommaire:
Eliphas Ndou?is an economist at the South African Reserve Bank, and a lecturer at the University of the Witwatersrand, Johannesburg, South Africa. His research interests include international finance and macroeconomics, applied macro and microeconomics, monetary policy, fiscal policy, banking regulation and macro prudential policy. Nombulelo Gumata holds a Masters Degree in Economics from the University of Johannesburg. She is an economist at the South African Reserve Bank. She also lectures and tutors on a part time basis at the Centre for Education in Economics and Finance Africa (CEEF Africa). Prof. Mthuli Ncube is Managing Director of Quantum Global Research Lab, Switzerland, and Professor at the University of Oxford, and HSBC Distinguished Professor of Banking and Finance at University of the Witwatersrand(Wits), Wits Business School. Prof. Ncube served as Chief Economist and Vice President of the African Development Bank Group. He has been an Investment Banker. He holds a PhD in Economics (Mathematical Finance) from University of Cambridge. He is Chairman of the African Economic Research Consortium (AERC) Board and Board member of Global Development Network (GDN) and Royal Africa Society (RAS). He has been Lecturer in Finance at London School of Economics (LSE) and Dean of Wits Business School, and Dean of Wits Faculty of Commerce Law and Management. He has also authored 13 books and numerous research papers in economics and finance....