Alternative Monetary Policy Rules for India; by Michael Debabrata Patra and Muneesh Kapur; IMF Working Paper 12/118; May 1, 2012
نویسندگان
چکیده
This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version setting a nominal output growth objective for monetary policy with an interest rate instrument outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion. JEL Classification Numbers:E31; E32; E52; E58; F41
منابع مشابه
A Monetary Policy Model Without Money for India;Michael Debabrata Patra and Muneesh Kapur;IMF Working Paper10/183;August 1, 2010
This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. A New Keynesian model estimated for India yields valuable ins...
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This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. India has followed an idiosyncratic pattern of development, c...
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