دانلود مقاله ISI انگلیسی شماره 47670
عنوان فارسی مقاله

هدفگذاری تورمی در هند: مقایسه با رویکرد شاخص های متعدد

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
47670 2012 13 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Inflation targeting in India: A comparison with the multiple indicator approach
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Asian Economics, Volume 23, Issue 1, February 2012, Pages 86–98

کلمات کلیدی
هند - هدفگذاری تورمی - سیاست های پولی - VAR
پیش نمایش مقاله
پیش نمایش مقاله هدفگذاری تورمی در هند: مقایسه با رویکرد شاخص های متعدد

چکیده انگلیسی

The empirical literature on identification and measurement of the impact of monetary policy shocks on the real side of the economy is fairly comprehensive for developed economies, but very limited for emerging and transition economies. In this study, we propose an identification scheme for a developing economy (taking India as a case study), which is able to capture the monetary transmission mechanism for that economy without giving rise to empirical anomalies. Using a VAR approach with recursive contemporaneous restrictions, we identify monetary policy shocks by modelling the reaction function of the central bank and structure of that economy. The effect of monetary policy shocks on the exchange rate and other macroeconomic variables is consistent with the predictions of a broad set of theoretical models. This set-up is used to build a hypothetical case of inflation targeting where the monetary policy instrument is set after assessing the current values of inflation only. This is in contrast with the ‘multiple indicator approach’ currently followed by the Reserve Bank of India (RBI). The results in this study suggest that the demand effects of interest rate are stronger than the exchange rate effects. There is also evidence of the mitigation of potential conflict between exchange rate and interest rate, one of main monetary policy dilemmas of the RBI in inflation targeting.

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