The growing prevalence of forward guidance, in addition to central banks' efforts to improve and structure its use, has spawned growing interest among market participants and academics. Several scholars have endeavoured to develop quantitative tools to measure, or express on a nu merical scale, qualitative forward guidance of central banks. In the context of South Africa, such studies are extremely scant. The expansion of central bank communications and technological advances has given rise to an area of research that analyses the words and phrases used by central banks, using semantic-modelling and other text-mining techniques. Using these techniques, we construct a novel forward guidance indicator (FGI) for the South African Reserve Bank (SARB). Specifically, we apply text-mining and text-analysis techniques to monetary policy committee (MPC) statements to generate an index measuring the stance of monetary policy. Using a series of applications, we establish that our FGis represent a useful tool to explain and predict future changes in the repo rate. Furthermore, our results indicate that our FGis are primarily driven by inflation expectations.
To be urilizeddfecrively and to have a po~irive effect on the mukirude of co mplex challenges facing South Mrican organizations. human moure" (HR) have to be managed in a srntegically CO( \'C'Ct manner. This stud y investigated the performance implicariom of tv .. o types of fit in stntegi< human resource management (SHRM). The results indicated that an organiurions HR strategy had a modeming effect on the relationship berv .. ecn business unreg)' and performant:e. Furthermo re, the survey indicated that organizations could be classified acco rding to clusters ofim~mal ly consistent HR pnctiCC'S. with some perfo~mancc: differen«s across th~ dust~l'S. Finally. C'\;-denc~ for the validir),ofthe propoJed typology offit were found, thus maldng a contribution to theory building in the field of SHRM.
OPSOMMINGTen einde meoslike huJpbronne (MH) etfektief te benut. asook die vele komplekJe uitdagings waarmtt SuidAfrikaanJe organisasies worSlei die hoof Ie hn bied. moet meoslike hulpbronne op 'n strategies kor rekte wyse besruur word. In hierdie sNdie is die pr~t;lSie-impli kui~ van rwtt tipes pnsing in str.lTegiese meoslike hulpbronbestuur (SMHB) ondtnoek. Die ~ultate roon dat 'n organinsie S(' MH-str.ltegie ·n mod=d~ in\·loed op die v~rband tu$S~n be-l;igheidstntegie en prestasie uitoefen. Die ondersoek dui verder daarop dat organisasies in bondeh van intern konsekwente MH aktiwireite geklnsifisttr hn word. met onderlinge venkille in organisaroriese presrnie russen die bondel~ Laaneos is bewyse virdie geJdigheid van die voorgesteldc ripologie van passing gevind. waardeur 'n bydnoe tOT Trori~bou in die veld van SMHB gemaak i~
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