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Chorus in the Cacophony: Dissent and Policy Communication of India’s Monetary Policy Committee

Author

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  • Rounak Sil
  • Unninarayanan Kurup
  • Ashima Goyal
  • Apoorva Singh
  • Rajendra Narayan Paramanik

Abstract

Using minutes of consecutive Monetary Policy Committee (MPC) meetings of the Indian central bank, we have constructed two novel measures of implicit dissent at the individual level as well as across groups. We have used VADER sentiment analysis to arrive at the proposed measures and investigated their influence on anchoring Indian growth and inflation forecasts. Our empirical findings show discordance among members increases forecast accuracy. This implies promoting an environment that supports nuanced opinions could improve policy outcomes.

Suggested Citation

  • Rounak Sil & Unninarayanan Kurup & Ashima Goyal & Apoorva Singh & Rajendra Narayan Paramanik, 2024. "Chorus in the Cacophony: Dissent and Policy Communication of India’s Monetary Policy Committee," Applied Economics Letters, Taylor & Francis Journals, vol. 31(18), pages 1900-1906, October.
    • Handle: RePEc:taf:apeclt:v:31:y:2024:i:18:p:1900-1906
    DOI: 10.1080/13504851.2023.2208823
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