Influence of South Africa’s price-setting environment on monetary policy trajectory

Foreign Affairs, New Zeeland, published a text about South Africa. A statement by the Republic of South Africa was used as source: "Institutions also play a key role in our inflation process. An important argument in academic literature, specifically by Lars Calmfors [IFN] and John Driffill, connects unemployment to the kinds of collective bargaining rules used in a country.6 The basic idea is that a country can achieve better employment outcomes when costs take into account firm-level productivity or are guided at a very high, macroeconomic level."