3  Bernanke, B. and M. Gertler (1989), “Agency cost, net worth, and business fluctuations”, The American Economic Review, March 1989, pp 14-31. 2  BIS Review 149/2007  A lot of that has been securitised (Chart 5). For the household sector, spreads on securitised portfolios of both secured and unsecured credit fell between 2003 and 2005 (Chart 6).
Unit labour costs in the first half of this year increased at rates within the inflation target range, measuring 4,6 per cent and 5,3 per cent in the first two quarters of this year. The nominal effective exchange rate of the rand depreciated by 0,3 per cent since the last meeting of the MPC, but it has been relatively stable over the period.