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Alternative Monetary Policy Rules for India

Alternative Monetary Policy Rules for India PDF Author: Michael Debabrata Patra
Publisher: International Monetary Fund
ISBN: 147557987X
Category : Business & Economics
Languages : en
Pages : 72

Book Description
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.
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