A Monetary Policy Model Without Money for India PDF Download

Author: Michael Debabrata Patra
Publisher: International Monetary Fund
ISBN: 1455202177
Category : Business & Economics
Languages : en
Pages : 64

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Book Description
A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and persistent when it sets in, irrespective of the source. Exchange rate pass-through to domestic inflation is low. Inflation turns out to be the dominant focus of monetary policy, accompanied by a strong commitment to the stabilization of output. Recent policy actions have raised the effective policy rate, but the estimated neutral policy rate suggests some further tightening to normalize the policy stance.

Author: Chand Sunil Nagpal
Publisher:
ISBN:
Category : Inflation (Finance)
Languages : en
Pages : 250

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Book Description

Author: Michael Debabrata Patra
Publisher: International Monetary Fund
ISBN: 145198264X
Category : Business & Economics
Languages : en
Pages : 28

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Book Description
This paper pursues a computationally intensive approach to generate future inflation, followed by an exploration of the determinants of inflation expectations by estimating a new Keynesian type Phillips curve that takes into account country-specific characteristics, the stance of monetary and fiscal policies, marginal costs and exogenous supply shocks. The empirical results indicate that high and climbing inflation could easily seep into people’s anticipation of future inflation and linger. There is a reputational bonus for monetary policy to act against inflation now rather than going for cold turkey when societal compulsions reach a critical mass.

Author: R. Jayaprakash Reddy
Publisher: APH Publishing
ISBN: 9788176486125
Category : Monetary policies
Languages : en
Pages : 188

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Book Description
Brings Out Classical, Keynesians And Contemporary Monetary Theories, Theories Of Inflation And Monetary Policies In Earlier Plans. Alos Covers Monetary And Credit Policy Of India From 2002-03. In Question And Answer Model. Useful For Bcom, Bba, Mcom And Ma Students.

Author: Perminder Khanna
Publisher: Atlantic Publishers & Dist
ISBN: 9788126904433
Category : Banks and banking
Languages : en
Pages : 440

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Book Description
The Book Advanced Study In Money & Banking : Theory & Policy Relevance In The Indian Economy Is A Complete Treatise On Banking And Global Financial Developments With Special Reference To Dmcs And The Indian Economy. It Provides An Invaluable, Up-To-Date And Refreshing Approach To Key Development Issues Pertaining To Monetary Theory, Banking, And Policy Matters. The Theoretical, Institutional And Historical Approaches Have Been Skilfully Integrated To Explore And Elucidate The Interrelationships Of Money And Banking And The Functioning Of The Economy As A Whole. The Analytical Study Of The Main Operational Ratios Of Banks For The Period 1998 To 2003 Gives An Overview Of The Bank Street Scenario. In Its Wide Perspective, The Book Includes A Comprehensive Study Of Banking And Information Technology, Mechanism Of International Payments, And International Monetary Policies And Monetary Cooperation. Above All, Against The Backdrop Of Economic Uncertainty And The Low Ebb In Economic Activity, Volatility In Stock Markets And Significant Fluctuations In Major Currencies Of The World, The Indian Monetary Policy During The Period Of 1952-2003 Has Been Extensively Discussed. Simple Graphs And Up-To-Date Economic Models Provided In The Book Enable The Readers To Have An Easy And Accurate Understanding Of The Subject.The Book Would Be Of Great Interest And Use For Students And Teachers Of Economics, Commerce And Business Management. The Bankers And Legislators Concerned With Monetary And Banking Policies Would Find The Book Highly Useful.

Author: Chetan Ghate
Publisher: Springer
ISBN: 9788132238546
Category : Business & Economics
Languages : en
Pages : 652

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Book Description
This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian monetary policy has attracted significant attention from Indian and international macroeconomists over the last several years. Interest in how monetary policy influences economic performance and how monetary policy is conducted in India is growing. The prospects for further financial sector reform and ongoing inflation in India have sparked new interest in the role of money and monetary policy in India among economists, policy makers and students alike. The book should also interest economists outside India because it studies monetary economics in a major emerging market economy and makes advances in the analysis of how financial market imperfections and structural constraints influence the effects of monetary policy.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498343694
Category : Business & Economics
Languages : en
Pages : 61

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Book Description
With single-digit inflation and substantial financial deepening, developing countries are adopting more flexible and forward-looking monetary policy frameworks and ascribing a greater role to policy interest rates and inflation objectives. While some countries have adopted formal inflation targeting regimes, others have developed frameworks with greater target flexibility to accommodate changing money demand, use of policy rates to signal the monetary policy stance, and implicit inflation targets.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344062
Category : Business & Economics
Languages : en
Pages : 74

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Book Description
Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60

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Book Description
This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.

Author: Michael Woodford
Publisher: Princeton University Press
ISBN: 1400830168
Category : Business & Economics
Languages : en
Pages : 805

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Book Description
With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.