Finally, the authors find that the change in the policy rate at the last meeting matters for each person's vote at the current meeting. It is not clear why the decision to change rates at the last meeting should affect judgments on the appropriate policy at the current meeting, independent of the outlook.
The present unsatisfactory situation emphasises the long identified need for South Africans to save a greater percentage of our income or, to put it in more sensible economic language, to consume less. We must remember that, in terms of the macro-economy, consumption financed with borrowed funds counts as negative saving.