印度的通胀目标和货币政策对策

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2024-10-11 DOI:10.1016/j.asieco.2024.101822

Abhay Pratap Raghuvanshi, Wasim Ahmad

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引用次数: 0

摘要

在货币政策委员会（MPC）的指导下，印度于 2016 年采用了灵活通胀目标制（FIT）。随着 FIT 的引入，货币政策传导渠道的有效性需要重新审视，而本文正是在这一方向上做出的宝贵贡献。通过使用具有增强贝叶斯设置的多元模型，我们发现 FIT-MPC 加强了信贷和利率渠道，而它们对产出的影响则有所减弱。扭曲操作--大流行病期间采取的一系列非常规措施--的影响显而易见。总之，研究结果凸显了印度货币政策传导的全面改革效应。

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Inflation targeting and monetary policy response in India

India adopted the Flexible Inflation Targeting (FIT) regime in 2016 under the mentorship of the Monetary Policy Committee (MPC). With FIT’s introduction, the effectiveness of monetary policy transmission channels required a re-visit and this paper is a valuable contribution in this direction. Using the multivariate model with an augmented Bayesian set- up, we find that FIT-MPC has strengthened the credit and interest rate channels while their impact on output has weakened. The impact of Operation Twist – a set of unconventional measures pursued during the pandemic is visible. Overall, the findings highlight the overhauling effect of monetary policy transmission in the Indian context.

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来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.