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The effects of a monetary policy shock: Evidence from India

Author

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  • Akihiro Kubo

    (Osaka City University)

Abstract

This paper empirically investigates the transmission of the Reserve Bank of India (RBI)'s monetary policy at a time when multiple indicator approaches are popular, using a structural VAR approach. We find that non-recursive zero restrictions must be imposed on the contemporaneous structural parameters to identify a monetary policy shock and that the RBI regards the current value of money as the centered information variable of the monetary policy, though exercising leverage over the real interest rate.

Suggested Citation

  • Akihiro Kubo, 2009. "The effects of a monetary policy shock: Evidence from India," Economics Bulletin, AccessEcon, vol. 29(3), pages 1530-1541.
    • Handle: RePEc:ebl:ecbull:eb-09-00315
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    File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I3-P1.pdf
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    Citations

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    Cited by:

    1. Sushanta Mallick & Ricardo Sousa, 2013. "Commodity Prices, Inflationary Pressures, and Monetary Policy: Evidence from BRICS Economies," Open Economies Review, Springer, vol. 24(4), pages 677-694, September.
    2. SHARMA Chandan & SETIA Rajat, 2017. "Effects Of Monetary Shocks On Exchange Rate: Empirical Evidence From India," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 12(2), pages 206-219, August.

    More about this item

    Keywords

    Transmission of monetary policy; SVAR; India;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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