NDLI: Operationalising Taylor-rules for the Indian economy : issues and some results (1922Q3-2001Q4)

Content Provider	IIM Ahmedabad
Author	Virmani, Vineet
Abstract	This study is an attempt to formulate a monetary policy reaction function for India. In particular I model background and forward looking Taylor and McCallum rules for the period post BoP crists. It is found that background-looking McCallum rule tracks the evolution of monetary base over the sample period reasonably well, suggesting that RBI acts as if it is targeting nominal income when conducting monetary policy. Recent declaration by the RBI that reserve money is its operating target lends support to the findings of the study.
Alternate Webpage(s)	https://vslir.iima.ac.in:8443/xmlui/handle/11718/610
Language	English
Publisher Date	2004-07-01
Access Restriction	Open
Subject Keyword	Economic Policy - India Monetary policy - India Working Paper
Content Type	Text
Resource Type	Article

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