Labour Market and Fiscal Policy Adjustments to Shocks

Part 1. Labour Market Characteristics and Monetary Policy

1. Introduction
Nombulelo Gumata, Eliphas Ndou

2. Does the Beveridge Curve Exist in the South African Case, and What Are the Implications for Monetary Policy?
Nombulelo Gumata, Eliphas Ndou

3. Does the Unemployment Invariance Hypothesis Hold in South Africa?
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4. Does Price Stability Benefit from a Positive Shock in the Labour Force Participation Rate?
Nombulelo Gumata, Eliphas Ndou

5. Is There an Inflation–GDP Growth–Employment Nexus in South Africa Within the 6 per cent Inflation Threshold?
Nombulelo Gumata, Eliphas Ndou

Part 2. The Minimum Wage and Theoretical Predictions

6. Which Labour Market Structure Model Predictions Are Consistent with the Effects of a Minimum Wage on Inflation in South Africa?
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7. The Minimum Wage, Income Inequality and the Price-Stability Mandate
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8. The Efficiency Wage Hypothesis, Labour Productivity and the Minimum Wage
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9. The Impact of the Minimum Wage on Capital-Labour Ratio Dynamics
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Part 3. Labour Market Reforms and Price Stability

10. Labour Market Reforms and the Price Stability Mandate
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11. Loosening in Collective Bargaining Impact on CPI and Inflation Expectations
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12. Labour Market Reforms, Unit Labour Costs Shocks and Inflation Persistence
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Part 4. Labour Market Conditions, Labour Productivity, Inflation Expectations and Monetary Policy

13. The Labour Market Conditions Channel in the Transmission of Positive Inflation and Inflation Expectation Shocks to the Repo Rate Reaction
Nombulelo Gumata, Eliphas Ndou

14. Real Interest Rate Shock, Labour Productivity and the 6 per cent Inflation Threshold
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15. Capital Flow Surges and Sudden Stops Impact on the Sectorial Composition of Employment and Productivity Growth
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16. Labour Productivity Growth and Inflation Expectations
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Part 5. Labour Market Interactions with Selected Macroprudential Tools and Monetary Policy

17. Labour Market Conditions Shocks and Credit Growth
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18. Weak Labour Productivity, Tight Credit Conditions and Monetary Policy
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19. Labour Productivity and Labour Market Conditions Impact on Household Debt
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20. Labour Market Reforms, Inflation Expectations and the Banks’ Required Reserves Channel
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Part 6. The Interaction Between the Public–Private Sector Wages and Employment Growth

21. Price Stability Impact on Wage Growth in the Public and Private Sectors
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22. Public and Private Sector Employment and the Jobs Displacement Effects
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23. Public-Sector Wages and Implications for the Budget Balance
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24. The Economic Policy Uncertainty Channel and Employment Dynamics
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Part 7. Nominal Wage Dynamics and Price Stability

25. The Inflation–Wage Spiral, Inflation Expectations and Monetary Policy
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26. The 6 Per cent Inflation Threshold and the Transmission of Nominal Wage Shocks to Inflation Expectations
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Part 8. The Fiscal Policy Taxation Channel

27. Do Government Debt Thresholds Impact the Transmission of Tax Shock Effects to GDP Growth?
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28. Fiscal Policy Variables Shock Impact on Inflation and GDP Growth
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29. Income Tax Shocks and the Inflation-Output Volatility Trade-Offs
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30. Do Positive Tax Revenue Shocks Impact Financial and Credit Conditions?
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31. Tax Revenue Shocks Effects on TheRepo Rate and Inflation
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Part 9. The Fiscal Policy Government Spending Cuts Channel

32. Does Government Spending Transmit Inflation to GDP Growth?
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33. Fiscal Spending Cut Effects on CPI Inflation and Monetary Policy Cycles
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Part 10. The Government Consumption Spending, Lending Spreads and the Cost of Borrowing Channels

34. Do Sovereign Yield Spreads Transmit Contractionary Fiscal PolicyShocks?
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35. Fiscal Policy and Sovereign Spread Shocks: Risks and Policy Implications
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36. How Potent Is the Output Channel of Borrowing Costs?
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37. How Does a Positive Borrowing Costs Shock Impact Price Stability?
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Part 11. Fiscal Policy, the Current Account and Transmission to Credit

38. Fiscal Policy Shocks and the Current Account
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39. The Impact of Six Per cent Inflation on M3 and Credit on GDP
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40. Does Inflation Neutralise the Multiplier Effects of Expansionary Monetary and Fiscal Policy on GDP Growth?
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