Alternative Monetary Policy Rules for India /

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 bot...

Ամբողջական նկարագրություն

Մատենագիտական մանրամասներ
Հիմնական հեղինակ: Kapur, Muneesh
Այլ հեղինակներ: Patra, Michael
Ձևաչափ: Ամսագիր
Լեզու:English
Հրապարակվել է: Washington, D.C. : International Monetary Fund, 2012.
Շարք:IMF Working Papers; Working Paper ; No. 2012/118
Առցանց հասանելիություն:Full text available on IMF
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245 1 0 |a Alternative Monetary Policy Rules for India /  |c Muneesh Kapur, Michael Patra. 
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300 |a 1 online resource (44 pages) 
490 1 |a IMF Working Papers 
500 |a <strong>Off-Campus Access:</strong> No User ID or Password Required 
500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
506 |a Electronic access restricted to authorized BRAC University faculty, staff and students 
520 3 |a 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. 
538 |a Mode of access: Internet 
700 1 |a Patra, Michael. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 2012/118 
856 4 0 |z Full text available on IMF  |u http://elibrary.imf.org/view/journals/001/2012/118/001.2012.issue-118-en.xml  |z IMF e-Library