Alternative monetary policy rules for India

Michael Debabrata Patra and Muneesh Kapur

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency

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Year of publication:	2012
Authors:	Patra, Michael Debabrata ; Kapur, Muneesh
Publisher:	Washington, DC : Internat. Monetary Fund
Subject:	McCallum rule \| Geldpolitik \| Monetary policy \| Regelbindung versus Diskretion \| Rules versus discretion \| Taylor-Regel \| Taylor rule \| Indien \| India \| 1996-2011

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Extent:	Online-Ressource (PDF-Datei: 43 S., 1,159 KB) graph. Darst.
Series:	IMF working papers. - Washington, DC : IMF, ZDB-ID 2108494-4. - Vol. 12/118 IMF Working Papers
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	"April 2012 Includes bibliographical references Systemvoraussetzungen: Acrobat Reader Cover; Contents; I Introduction; II. Select Empirical Literature; Two Modern Formulations; McCallum Rule; Taylor Rule; III. India's Monetary Policy Framework; IV Methodology, Data and Estimation Results; McCallum Rule; Hybrid McCallum-Taylor Rule; Tables; 1 Estimates of McCallum Rule; Hybrid McCallum-Hall-Mankiw Rule; 2 Estimates of Hybrid Taylor-McCallum Rule; Taylor Rule; 3 Estimates of Hybrid McCallum-Hall-Mankiw Rule; 4 Estimates of Taylor Rule (Forward-looking Specifications); 5 Estimates of Taylor Rule (Contemporaneous Specifications); Alternative Interest Rate Rules in the Literature 6 Alternative Taylor-type Monetary Policy Rules7 Simulation Results for Alternative Monetary Policy Rules; V. Summary and Conclusion; References; Annex I: List of Variables Electronic reproduction; Available via World Wide Web
ISBN:	978-1-4755-0346-3 ; 978-1-4755-7987-1 ; 978-1-4755-0347-0
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009614983