Alternative Monetary Policy Rules for India PDF Download

Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Alternative Monetary Policy Rules for India PDF full book. Access full book title Alternative Monetary Policy Rules for India by Michael Debabrata Patra. Download full books in PDF and EPUB format.

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

Get Book Here

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.