货币政策能稳定印度食品通胀吗?分位数回归分析的证据

IF 1 4区经济学 Q3 ECONOMICS

Australian Economic Review Pub Date : 2022-05-17 DOI:10.1111/1467-8462.12474

Asharani Samal, Phanindra Goyari

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引用次数: 1

摘要

本研究考察了2009年1月至2019年12月期间印度货币政策冲击对食品通胀的影响。利用分位数回归分析，我们发现紧缩的货币政策稳定了整个分位数的食品通胀。然而，汇率和运输成本在推动低、中和所有分位数的食品通胀方面发挥了重要作用。我们的研究还表明，通过汇率和资产价格渠道的货币政策传导增加了所有分位数的食品通胀。相比之下，银行信贷和利率渠道在较低和中位数(即较低的通货膨胀率)范围内降低通胀。

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Does Monetary Policy Stabilise Food Inflation in India? Evidence From Quantile Regression Analysis

This study examines the role of monetary policy shocks on food inflation in India, spanning from January 2009 to December 2019. Utilising quantile regression analysis, we find that contractionary monetary policy stabilises food inflation across the quantiles. However, exchange rate and transportation cost play a substantial role in promoting food inflation in lower, middle and all quantiles. Our study also reveals that monetary policy transmission through exchange rate and asset price channels increases food inflation across all quantiles. In contrast, bank credit and interest rate channels reduce it in lower and median quantiles, that is, at lower rates of inflation.

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来源期刊

Australian Economic Review ECONOMICS-

CiteScore

1.90

自引率

10.00%

发文量

期刊介绍： An applied economics journal with a strong policy orientation, The Australian Economic Review publishes high-quality articles applying economic analysis to a wide range of macroeconomic and microeconomic topics relevant to both economic and social policy issues. Produced by the Melbourne Institute of Applied Economic and Social Research, it is the leading journal of its kind in Australia and the Asia-Pacific region. While it is of special interest to Australian academics, students, policy makers, and others interested in the Australian economy, the journal also considers matters of international interest.