South African paper assesses micro data and policy responses

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A South African Reserve Bank working paper, released on August 22, examines pricing conduct on a micro level and its impact on monetary policy.

The authors, Kenneth Creamer, Greg Farrell and Neil Rankin, study pricing conduct using ‘micro data sets' used to compile South Africa's consumer price index and retail price index between 2001 and 2007.

The research finds in a situation of shorter price durations – when there is greater price flexibility – interest rate policy should generally be

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