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Alternative Monetary Policy Rules For India
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Book Synopsis Alternative Monetary Policy Rules for India by : Michael Debabrata Patra
Download or read book Alternative Monetary Policy Rules for India written by Michael Debabrata Patra and published by International Monetary Fund. This book was released on 2012-05-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475598750 Total Pages :61 pages Book Rating :4.4/5 (755 download)
Book Synopsis Republic of Kazakhstan by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Republic of Kazakhstan written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2017-05-09 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues Paper evaluates Kazakhstan’s oil rules, current fiscal stance, and long-term sustainability. The sharp and sustained drop in oil prices since 2014 has reduced the value of Kazakhstan’s oil wealth. Kazakhstan’s non-oil deficit path has been higher than suggested by long-term benchmarks, and adjustment is needed in the coming years to avoid fiscal sustainability risks and to promote intergenerational equity. Price-based fiscal rules can help anchor short- and medium-term fiscal policy. The non-oil deficit path introduced in the new National Fund of the Republic of Kazakhstan concept is broadly consistent with the proposed approach and should be followed by timely and decisive implementation of revenue and expenditure measures.
Book Synopsis Monetary Policy Transmission and Financial Stability in a LIC by : Mr.Sohrab Rafiq
Download or read book Monetary Policy Transmission and Financial Stability in a LIC written by Mr.Sohrab Rafiq and published by International Monetary Fund. This book was released on 2015-11-09 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores how monetary policy affects the real economy and its efficacy in promoting financial stability in a large low income country. This paper shows that monetary policy modestly impacts real economic activity and inflation via the bank lending and financial accelerator channels. Second, money market and treasury rates signal changes in the policy stance, while altering banks’ intermediation cost curves due to shifting risk premia. At the same time, evidence points to monetary policy inducing an overshooting in asset prices. These findings suggest that financial stability could be undermined if the calibration of monetary policy is based solely on output and inflation without accounting for the stage of the financial cycle. Finally, the paper discusses policy measures that would enhance the transmission of monetary policy and promote financial stability in Bangladesh.
Book Synopsis Quarterly Projection Model for India by : Mr.Jaromir Benes
Download or read book Quarterly Projection Model for India written by Mr.Jaromir Benes and published by International Monetary Fund. This book was released on 2017-02-13 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Book Synopsis Monetary Policy in India by : Chetan Ghate
Download or read book Monetary Policy in India written by Chetan Ghate and published by Springer. This book was released on 2016-11-25 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 :Editors : Raj Kapila & Uma Kapila Publisher :Academic Foundation ISBN 13 :9788171882328 Total Pages :328 pages Book Rating :4.8/5 (823 download)
Book Synopsis Economic Developments In India : Monthly Update, Volume -43 Analysis, Reports, Policy Documents by : Editors : Raj Kapila & Uma Kapila
Download or read book Economic Developments In India : Monthly Update, Volume -43 Analysis, Reports, Policy Documents written by Editors : Raj Kapila & Uma Kapila and published by Academic Foundation. This book was released on 2001 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Monetary Transmission in Developing Countries by : Ms.Prachi Mishra
Download or read book Monetary Transmission in Developing Countries written by Ms.Prachi Mishra and published by International Monetary Fund. This book was released on 2016-09-07 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is associated with a significant increase in bank lending rates and conventional effects on the exchange rate, though pass-through to lending rates is only partial and exchange rate effects are weak. We could find no significant effects on real output or the inflation rate. Though the message for the effectiveness of monetary transmission in India is therefore mixed, our results for India are more favorable than is often found for other developing countries.
Book Synopsis A Handbook of Alternative Monetary Economics by : Philip Arestis
Download or read book A Handbook of Alternative Monetary Economics written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 2006 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.
Book Synopsis Coordination of Monetary and Fiscal Policies by : International Monetary Fund
Download or read book Coordination of Monetary and Fiscal Policies written by International Monetary Fund and published by International Monetary Fund. This book was released on 1998-03-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475510861 Total Pages :17 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-09-27 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research summaries in the September 2012 issue of the IMF Research Bulletin are "Surges in Capital Flows: Why History Repeats Itself" (by Mahvash S. Qureshi) and "The LIC-BRIC Linkage: Growth Spillovers" (by Issouf Samake, Yongzheng Yang, and Catherine Pattillo). The Q&A covers "Seven Questions on Monetary Transmission in Low-Income Countries" (by Prachi Mishra and Peter Montiel). "Conversations with a Visiting Scholar" features an interview with IMF Fellow Olivier Coibion. Also included in this issue are details on the IMF Fellowship Program, visiting scholars at the IMF, a listing of recently published IMF Working Papers and Staff Discussion Notes, and an announcement on IMF Economic Review's first Impact Factor.
Book Synopsis India's Economy in the 21st Century by : Raj Kapila
Download or read book India's Economy in the 21st Century written by Raj Kapila and published by Academic Foundation. This book was released on 2002 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Second Revised And Enlarged Edition: 2002 Provides A Good Insight Into The Current State Of Indian Economy, Highlighting The Challenges Of The Growth Process And Opportunities Covering The Areas Of The Economy, Banking And Finance, Agriculture, Industry And Infrastructure And The External Sectory.
Book Synopsis Fiscal Policy Rules by : Mr.George Kopits
Download or read book Fiscal Policy Rules written by Mr.George Kopits and published by International Monetary Fund. This book was released on 1998-07-22 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Book Synopsis Monetary Policy Transmission in Emerging Markets and Developing Economies by : Mr.Luis Brandao-Marques
Download or read book Monetary Policy Transmission in Emerging Markets and Developing Economies written by Mr.Luis Brandao-Marques and published by International Monetary Fund. This book was released on 2020-02-21 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT). However, questions regarding the strength of monetary policy transmission from interest rates to inflation and output have often stalled progress. We conduct a novel empirical analysis using Jordà’s (2005) approach for 40 EMDEs to shed a light on monetary transmission in these countries. We find that interest rate hikes reduce output growth and inflation, once we explicitly account for the behavior of the exchange rate. Having a modern monetary policy framework—adopting IT and independent and transparent central banks—matters more for monetary transmission than financial development.
Book Synopsis Monetary Alternatives by : James A. Dorn
Download or read book Monetary Alternatives written by James A. Dorn and published by Cato Institute. This book was released on 2017-03-21 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: What monetary system best serves society? The current system of pure government fiat monies, managed by discretionary central banks, is inefficient and unstable. Monetary Alternatives explores fundamental and controversial ideas that move our monetary system and economy beyond repeated crises to sustainable stability and prosperity. The contributors to this volume energetically question the status quo and provide compelling arguments for moving to a monetary system based on freedom and the rule of law.
Book Synopsis Strategies for Monetary Policy by : John H. Cochrane
Download or read book Strategies for Monetary Policy written by John H. Cochrane and published by Hoover Press. This book was released on 2020-05-01 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the Federal Reserve System conducts its latest review of the strategies, tools, and communication practices it deploys to pursue its dual-mandate goals of maximum employment and price stability, Strategies for Monetary Policy—drawn from the 2019 Monetary Policy Conference at the Hoover Institution—emerges as an especially timely volume. The book's expert contributors examine key policy issues, offering their perspectives on US monetary policy tools and instruments and the interaction between Fed policies and financial markets. The contributors review central bank inflation-targeting policies, how various monetary strategies actually work in practice, and the use of nominal GDP targeting as a way to get the credit market to work well and fix the friction in that market. In addition, they discuss the effects of the various rules that the Fed considers in setting policy, how the Fed's excessive fine-tuning of the economy and financial markets has added financial market volatility and harmed economic performance, and the key issues that impact achievement of the Fed's 2 percent inflation objective. The volume concludes by exploring potential options for enhancing our policy approach.
