The main purpose of this study is to see the macroeconomic effects of monetary and fiscal policy shocks in South Africa.,The joint effects of monetary and fiscal policy are analyzed by applying short-run contemporaneous restrictions for the identification of shocks in an SVAR in order to derive impulse response functions. Hence, a general AB model of (Amisano and Giannini, 1997) identification scheme, which is not recursive, is employed in this study.,The author shows that monetary tightening leads to a fall in real economic activity and depreciates the exchange rate. And in regard to the fiscal policy, the author calculates an initial government spending multiplier of 0.20, which later peaks at 0.40. The tax multiplier is almost 0 on impact and statistically insignificant. However, the author finds evidence supporting the existence of accommodative stance between monetary policy and fiscal policy, which is important for economic and political decision-making.,Empirical studies that deal with the joint effects of monetary and fiscal policy for South Africa through the SVAR framework are quite limited. This paper, therefore, contributes to the empirical literature on the effects of monetary and fiscal policy in a small open economy like South Africa.

中文翻译：

---

南非经济中的货币和财政政策影响

这项研究的主要目的是了解南非货币和财政政策冲击的宏观经济影响。通过应用短期同期限制来确定SVAR中的冲击，分析货币和财政政策的共同影响得出脉冲响应函数。因此，本研究采用了非递归的（Amisano和Giannini，1997）识别方案的通用AB模型。作者表明，货币紧缩会导致实际经济活动下降，并使汇率贬值。关于财政政策，作者计算出政府的初始支出乘数为0.20，随后达到0.40的峰值。税收乘数在影响上几乎为0，在统计上微不足道。然而，作者发现支持货币政策与财政政策之间存在宽松立场的证据，这对于经济和政治决策至关重要。通过SVAR框架处理南非货币与财政政策共同影响的实证研究是相当有限。因此，本文为有关货币和财政政策在像南非这样的小型开放经济体中的影响的经验文献做出了贡献。