First Author:   Ekaterina Pirozhkova University of Pretoria and South African Reserve Bank ekaterina.pirozhkova01@gmail.com   Department of Economics, Private bag X20, Hatfield Pretoria, 0028, South Africa       Second Author: Nicola Viegi University of Pretoria nicola.viegi@up.ac.za   Private bag X20, Private bag X20, Hatfield Pretoria, 0028, South Africa