RBI paper considers monetary transmission in India
The Reserve Bank of India (RBI) published a working paper on May 18 considering the monetary transmission mechanism in India.
The author, Deepak Mohanty, an executive director at the RBI, uses a structural vector auto-regression to assess the impact of policy rate increases on output growth and inflation. He finds that rate increases have a negative impact on growth with a lag of two quarters, and a moderating effect on inflation with a lag of three quarters. The overall effect lasts through 8
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