Endogenously heterogeneous inflation expectations and monetary policy

Saratchand, C.; Datta, Soumya

doi:10.1080/01603477.2020.1714450

Cited by 5 publications

(2 citation statements)

References 47 publications

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“…Empirical evidence reviewed on advanced economies shows that substantial efforts have been made in the area of theoretical development and empirical investigation by some scholars compared to what has been done on Africa (see Annika & Bertil, 2008;Ball, 1999;Benazi c & Rami, 2016;Campolmi & Gnocchi, 2016;Carpenter & Rodgers, 2004;Cheng, 2014;Ravenna & Walsh, 2011;Saratchand & Datta, 2020;Stockhammer & Sturn, 2012). However, in respect of country-specific studies in Africa, very few studies have been done on this phenomenon.…”

Section: Introductionmentioning

confidence: 99%

Unemployment and monetary policy: Evidence from Sub‐Saharan Africa

Onanuga

Omitogun

2020

Journal of Public Affairs

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In Sub-Sahara Africa, few studies have been conducted on how unemployment affects monetary policy in each country. Even an aggregate study of the phenomenon in Sub-Sahara Africa is near absent despite a high level of unemployment in the region. To investigate the empirical link between unemployment and monetary policy, the study employs a sample of 37 countries in Sub-Sahara Africa for the period 2011-2017. Data were obtained from the World Bank and International Monetary Fund database. Using the difference Generalized Method of Moments model, the study determines how monetary policy (using the lending rate as proxy) responds to unemployment, employer's condition and total labour force in Sub-Sahara Africa. We found that monetary policy indirectly responds to employer's condition, but the positive effect of the total labour force on monetary policy is relatively higher than total unemployment as a percentage of the labour force in the region. The study concludes that a linkage exists between monetary policy and employment indicators in Sub-Sahara Africa and therefore, made some policy recommendations.

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Section: Introductionmentioning

confidence: 99%

Unemployment and monetary policy: Evidence from Sub‐Saharan Africa

Onanuga

Omitogun

2020

Journal of Public Affairs

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“…This thinking is increasingly prevalent in macroeconomic models from a variety of theoretical traditions. See, for example, Silveira (2014, 2020), De Grauwe and Ji (2017),Laidler (2017),Woodford and Xie (2019),King andLu (2021), andSaratchand andDatta (2021).…”

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confidence: 99%