Labour Market and Fiscal Policy Adjustments to Shocks

Nombulelo Gumata is a part-time lecturer at the Centre for Education in Economics and Finance Africa. She is the co-author of Global Growth and Financial Spill-Overs and South African Economy and Bank Credit Extension and Real Economic Activity in South Africa: The Impact of Capital Flow Dynamics, Bank Regulation and Selected Macroprudential Tools. Eliphas Ndou is an economist at the South African Reserve Bank and a lecturer at the University of the Witwatersrand, Johannesburg, South Africa. He is the co-author of Inflation Dynamics in South Africa: The Role of Thresholds, Exchange-rate Pass Through and Inflation Expectations on Policy Trade-offs and Monetary Policy and the Economy in South Africa.

• Part 1 Labour Market Characteristics and Monetary Policy.- 1: Introduction.- 2: Does the Beveridge Curve Exist in the South African Case,and What Are the Implications for Monetary Policy?.- 3: Does the Unemployment Invariance Hypothesis Hold in South Africa?.- 4: Does Price Stability Benefit from a Positive Shock in the Labour Force Participation Rate?.- 5: Is There an Inflation–GDP Growth–Employment Nexusin South Africa Within the 6 per cent Inflation Threshold?.- 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?.- 7: The Minimum Wage, Income Inequality and the Price-Stability Mandate.- 8: The Efficiency Wage Hypothesis, Labour Productivity and the Minimum Wage.- 9: The Impact of the Minimum Wage on Capital-Labour Ratio Dynamics.- Part 3 Labour Market Reforms and Price Stability.- 10: Labour Market Reforms and the Price Stability Mandate.-11: Loosening in Collective Bargaining Impact on CPI and Inflation Expectations.- 12: Labour Market Reforms, Unit Labour Costs Shocks and Inflation Persistence.- 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?.- 14: Real Interest Rate Shock, Labour Productivity and the 6 per cent Inflation Threshold.- 15: Capital Flow Surges and Sudden Stops Impact on the Sectorial Composition of Employment and Productivity Growth.- 16: Labour Productivity Growth and Inflation Expectations.- Part 5 Labour Market Interactions with Selected Macroprudential Tools and Monetary Policy.- 17: Labour Market Conditions Shocks and Credit Growth.- 18: Weak Labour Productivity, Tight Credit Conditions and Monetary Policy.- 19: Labor Productivity and Labor Market Conditions Impact on Household Debt.- 20: Labour Market Reforms, Inflation Expectations and the Banks’ Required Reserves Channel.- 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.- 22: Public and Private Sector Employment and the Jobs Displacement Effects.- 23: Public Sector Wages and Implications for the Budget Balance.- 24: The Economic Policy Uncertainty Channel and Employment Dynamics.- Part 7 Nominal Wage Dynamics and Price Stability 25: The Inflation–Wage Spiral, Inflation Expectations and Monetary Policy.- 26: The 6 Per cent Inflation Threshold and the Transmission of Nominal Wage Shocks to Inflation Expectations.- Part 8 The Fiscal Policy Taxation Channel.- 27: Do Government Debt Thresholds Impact the Transmission of Tax Shock Effects to GDP growth?.- 28: Fiscal Policy Variables Shock Impact on Inflation and GDP growth?.- 29: Income Tax Shocks and the Inflation-Output Volatility Trade-offs.- 30: Do Positive Tax Revenue Shocks Impact Financial and Credit Conditions?.- 31: Tax Revenue Shocks Effects on The Repo Rate and Inflation.- Part 9 The Fiscal Policy Government Spending Cuts Channel.- 32: Does Government Spending Transmit Inflation to GDP growth?.- 33: Fiscal Spending Cut effects on CPI Inflation and Monetary Policy Cycles.- Part 10 The Government Consumption Spending, Lending Spreads and the Cost of Borrowing Channels.- 34: Do Sovereign Yield Spreads Transmit Contractionary Fiscal Policy Shocks?.- 35: Fiscal Policy and Sovereign Spread Shocks: Risks and Policy Implications.- 36: How Potent Is the Output Channel of Borrowing Costs?.- 37: How Does a Positive Borrowing Costs ShockImpact Price Stability?.- Part 11 Fiscal Policy, the Current Account and Transmission to Credit.- 38: Fiscal Policy Shocks and the Current Account.- 39: The Impact of Six Per cent Inflation on M3 and Credit on GDP.- 40: Does Inflation Neutralise the Multiplier Effectsof Expansionary Monetary and Fiscal Policy on GDPGrowth?