2023
DOI: 10.26493/1854-6935.21.269-293
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Re-Examining the South African Reserve Bank’s Policy Reaction Function Using the NARDL Model

Andrew Phiri

Abstract: The 3–6 percent inflation target is a policy rule used by the South African Reserve Bank (SARB) to fulfil its statutory obligation of ensuring a low and stable inflation environment and its policy reaction function assesses how the Reserve Bank responds to deviations of inflation from its target. We rely on nonlinear autoregressive distributive lag (NARDL) models to estimate the asymmetric preferences which the Reserve Bank has to inflation deviations during rising and falling episodes of inflation. Using quar… Show more

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