Abstract
This paper represents an attempt to measure the extent to which monetary policy helped to stabilise output in South Africa since the early 1980s. The paper offers two complementary measures of countercyclical monetary policy: an econometric evaluation and a narrative account of policy decisions. These two methods are used to gauge the extent to which the monetary authorities were inclined to and able to focus on the goal of output stabilisation. The analysis uncovers the extent to which policy constraints prevented monetary authorities from pursuing an anti-cyclical policy, and contributes to an explanation of often pro-cyclical monetary policy in South Africa since the late 1970s.
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