Monetary transmission in post-reform India: An evaluation

Kanhaiya Singh, Kaliappa Kalirajan

    Research output: Contribution to journalArticle

    Abstract

    In the post-reform period, the monetary policy of India has been undergoing various transformations. The emphasis is shifting from conventional instruments of price and quantity control to a more sophisticated route of monetary transmission. Using the recent econometric methodology of cointegrated vector autoregression with generalized restrictions, this study has attempted to examine whether monetary policy in India does work through interest rates in the post-reform period. The long-run relationship and the short-run dynamics suggest an important role for the interest rate.
    Original languageEnglish
    Pages (from-to)158-187
    JournalJournal of the Asia Pacific Economy
    Volume12
    Issue number2
    DOIs
    Publication statusPublished - 2007

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