Abstract Although optimal monetary policy stabilizes food inflation theoretically, empirical studies remain limited not only in the context of volumes and the estimation approaches, but are focused on selected advanced and emerging countries to the neglect of Africa where poverty and dominance of food in the consumption basket are more pronounced. We provide empirical evidence in the context of South Africa using quantile regressions. Rising food prices are destabilized even further by restrictive monetary policy; a finding that has ramifications for inflation targeting, especially given that a quarter of the country’s population is food poor.

中文翻译：

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南非的货币政策和食品通胀：分位数回归分析

摘要 虽然最优货币政策在理论上稳定了食品通胀，但实证研究不仅在数量和估计方法方面仍然有限，而且集中在选定的发达国家和新兴国家，而忽略了非洲，那里的贫困和食品在消费篮子中占主导地位。更明显。我们使用分位数回归在南非的背景下提供经验证据。限制性货币政策进一步破坏了不断上涨的食品价格；这一发现对通胀目标产生了影响，特别是考虑到该国四分之一的人口缺乏粮食。