Inflation in South Africa: An Assessment of Alternative Inflation Models
Abstract
We consider the relative empirical performance of a range of inflation models for South Africa. Model coverage is of Phillips curve, New Keynesian Phillips curve, monetarist and structural models of inflation. Our core findings are that the single most robust covariate of inflation is unit labour cost. We further decompose unit labour cost into changes in the nominal wage and real labour productivity. The principal association is a strong...
Paper Details
Title
Inflation in South Africa: An Assessment of Alternative Inflation Models
Published Date
May 15, 2018
Volume
86
Issue
2
Pages
197 - 230
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