It is the wisdom of the inflationtargeting framework: that we focus on something within our control, something which is important for balanced and sustainable growth over the long term. 11  As discussed in Banerjee et al. (2006), Why has unemployment risen in the new South Africa?, p. 6, available at https://www.hks.harvard.edu/sites/default/files/centers/cid/files/publications/facultyworking-papers/134.pdf.
12 Fedderke and Liu (2016), ‘Inflation in South Africa: an assessment of alternative inflation models’, South African Reserve Bank Working Paper 16/03, available at http://www.resbank.co.za/Lists/News%20and%20Publications/Attachments/7275/WP603.pdf. As these authors observe: “A core feature of the South African empirical studies has been a resolute search for a Phillips curve type of trade-off between prices and demand-side inflationary pressure associated with real economic activity.