01772cas a2200253 a 4500 AALejournalIMF005522 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451871470 1018-5941 BD-DhAAL BD-DhAAL Cuevas, Alfredo. Monetary Policy and Relative Price Shocks in South Africa and Other Inflation Targeters / Alfredo Cuevas, Secil Topak. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students When faced with a relative price shock, monetary authorities often aim to contain its second round effects on inflation while accepting first round effects. We analyze the experience of South Africa and other inflation targeters to explore whether and when this policy prescription implies changing the monetary policy stance. Inflation targeting central banks differ on how aggressively they typically react to relative price shocks, reflecting differences in resilience of underlying inflation to such shocks. An examination of individual policy decisions reveals the importance of the broader economic context in framing the responses to relative price shocks. Mode of access: Internet Topak, Secil. IMF Working Papers; Working Paper ; No. 2008/289 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/289/001.2008.issue-289-en.xml IMF e-Library