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|z 9781475503470
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Kapur, Muneesh.
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|a Alternative Monetary Policy Rules for India /
|c Muneesh Kapur, Michael Patra.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (44 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a Patra, Michael.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/118
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|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
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