In <italic>The Construction of Social Reality</italic> (1995), John Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. These objects are the result of us <italic>collectively</italic> intending certain natural objects to have a certain status, i.e....

Without a doubt, the 2010 World Cup of soccer in South Africa was a great experience for both soccer fans, who enjoyed a safe and efficiently-run tournament, and their South African hosts. The sporting and social spectacle was broadcast around the world and focused unprecedented media attention...

This paper argues that the sometimes-conflicting results of a modern revisionist literature on data mining in econometrics reflect different approaches to solving the central problem of model uncertainty in a science of non-experimental data. The literature has entered an exciting phase with...

Governor Ryk Tulbagh promulgated sumptuary laws at the Cape in 1755. Umbrellas could no longer be carried freely by all classes, silk dresses of a certain length could not be worn by ladies without regard to rank, and the value of pearl necklaces was strictly limited. These laws have often been...

In 1967 Milton Friedman delivered “The Role of Monetary Policy’ as his presidential address to the American Economic Association (AEA). In its published version – Friedman (1968) – it has become, arguably, the most influential paper in modern monetary economics and was...

Without a doubt, the 2010 World Cup of soccer in South Africa was a great experience for both soccer fans, who enjoyed a safe and efficiently-run tournament, and their South African hosts. The sporting and social spectacle was broadcast around the world and focused unprecedented media attention...

Measures of core inflation convey critical information about an economy. They have a direct effect on the policy-making process, particularly in inflation-targeting countries, and are utilized in forecasting and modelling exercises. In South a Africa the prices indices on which inflation is...

From the Olympics to the World Cup, mega sporting events are a source of enjoyment for tens of thousands of people, but can also be a source of intense debate and controversy. This insightful Handbook addresses a number of central questions, including: How are host cities selected and under what...

This paper tests the well-established finding in the literature that SA firms are significantly more profitable and operate in a highly concentrated market, relative to that of their foreign counterparts. In particular we question the conclusions drawn by Aghion, Braun, and Fedderke (2008) who...

Determine the optimal response of a small open economy's central bank to financial shocks that lead to increases in credit spreads. Increasing credit spreads reduce the efficacy of monetary policy when the central bank is reducing the policy rate to accommodate a lowering in economic...