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Monetary Policy and Crisis

In: Analytical Issues in Trade, Development and Finance

Author

Listed:
  • Chandana Ghosh

    (Indian Statistical Institute)

  • Ambar Nath Ghosh

    (Jadavpur University)

Abstract

This chapter argues that in times of crisis, the central bank’s conventional monetary policy of cutting interest rates in the face of declining output may be counterproductive. Instead of reversing the contraction in aggregate income, such a policy may reinforce the recessionary forces. The reason lies in the likely behaviour of saving and investment in times of crisis.

Suggested Citation

  • Chandana Ghosh & Ambar Nath Ghosh, 2014. "Monetary Policy and Crisis," India Studies in Business and Economics, in: Ambar Nath Ghosh & Asim K. Karmakar (ed.), Analytical Issues in Trade, Development and Finance, edition 127, chapter 21, pages 371-379, Springer.
    • Handle: RePEc:spr:isbchp:978-81-322-1650-6_21
    DOI: 10.1007/978-81-322-1650-6_21
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    Cited by:

    1. Lepers, Etienne & Mercado, Rogelio, 2021. "Sectoral capital flows: Covariates, co-movements, and controls," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    2. Kalim SIDDIQUI, 2017. "Capital Liberalisation and Economic Instability," Journal of Economics and Political Economy, KSP Journals, vol. 4(1), pages 14-32, March.

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