01729cas a2200253 a 4500 AALejournalIMF009855 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451869101 1018-5941 BD-DhAAL BD-DhAAL Harjes, Thomas. A Bayesian-Estimated Model of Inflation Targeting in South Africa / Thomas Harjes, Luca Ricci. Washington, D.C. : International Monetary Fund, 2008. 1 online resource (24 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 This paper estimates a small dynamic macroeconomic model for the South African economy with Bayesian methods. The model is tailored to assessing the impact of domestic as well as external shocks on inflation within an inflation targeting framework, by incorporating forward-looking behavior of private agents and of the monetary authority. The model is able to display important empirical features of the monetary transmission mechanism that have been found in other studies. It helps to integrate the short-term inflation outlook into a consistent medium-term framework and to design the policy response for various shocks that affect inflation. Mode of access: Internet Ricci, Luca. IMF Working Papers; Working Paper ; No. 2008/048 Full text available on IMF http://elibrary.imf.org/view/journals/001/2008/048/001.2008.issue-048-en.xml IMF e-Library