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Working Paper 133 - Monetary Policy Transmission, House Prices and Consumer Spending in South Africa: An SVAR Approach

25-Jun-2011

This paper aims to estimate and quantify the percentage decline in consumption expenditure, which can be attributed to changes in house wealth, after monetary policy tightening. We use the structural vector autoregressive (SVAR) approach on South African disaggregated Absa house price data, namely all-size, largesize and medium-size and small-size house prices.

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