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India's fiscal and monetary framework: growth in an opening economy

Author

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  • Ashima Goyal

    (Indira Gandhi Institute of Development Research)

Abstract

Since a crisis is a shock impinging on a system, the response can be used to deduce aspects of the system's structure. Analysis of the crisis and recovery suggests aggregate supply in India is elastic but subject to upward shocks. This has implications for the exit and for fiscal consolidation. Both monetary and fiscal policy should identify measures that would reduce costs, while preventing too large a demand contraction. Specific policies are identified and Indian policies evaluated.

Suggested Citation

  • Ashima Goyal, 2010. "India's fiscal and monetary framework: growth in an opening economy," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2010-025, Indira Gandhi Institute of Development Research, Mumbai, India.
    • Handle: RePEc:ind:igiwpp:2010-025
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    File URL: http://www.igidr.ac.in/pdf/publication/WP-2010-025.pdf
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    Cited by:

    1. Ashima Goyal, 2016. "Abductive Reasoning in Macroeconomics," Working Papers id:11272, eSocialSciences.

    More about this item

    Keywords

    Crisis; fiscal and monetary policy; exit; aggregate supply elasticity;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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