Abstract

In this paper, we examine the ability of Fisher effect to describe the subjective behaviour of monetary policy responses for nations constrained by global factors. We developed and estimated a simple DSGE model for appraising the consequence of an integrated financial market predictor on national monetary policy response in Africa’s largest economies – Nigeria and South Africa. The paper integrated the theoretical intuition of the famous Fisher effect on the New Keynesian DSGE model with global predictors to describe national monetary policy response as it influence domestic financial variables and macroeconomic fundamentals. Simulations show that the existence of global factors threatens the abilities of national monetary policy to predict financial variables and macroeconomic fundamentals in their economies.

中文翻译：

---

费雪效应中货币政策的相互依赖性：一个比较证据

摘要

在本文中，我们研究了费雪效应描述受到全球因素约束的国家货币政策对策的主观行为的能力。我们开发并估算了一个简单的DSGE模型，用于评估综合金融市场预测指标对非洲最大经济体-尼日利亚和南非的国家货币政策反应的影响。本文将新凯恩斯主义DSGE模型上著名的费雪效应的理论直觉与全球预测因素相结合，以描述国家货币政策对国内金融变量和宏观经济基本面的影响。模拟表明，全球因素的存在威胁着国家货币政策预测其经济中的金融变量和宏观经济基本面的能力。