The Reserve Bank of India (RBI) has moved away from a broad money target toward a quot;multiple indicatorsquot; approach to the conduct of monetary policy. In adopting such a framework, it is necessary to know which of the many potential indicators provide the most reliable and timely...

The Reserve Bank of India (RBI) has moved away from a broad money target toward a “multiple indicators” approach to the conduct of monetary policy. In adopting such a framework, it is necessary to know which of the many potential indicators provide the most reliable and timely information on...

Korean Abstract: 본고에서는 분위회귀에서 개체내 변환(within transformation) 방식을 이용하여 고정효과모형을 추정하게 되면 분위수가 달라져도 분위회귀 계수 추정치가 항상 동일한 값을 갖게 되는 심각한 문제가 발생함을...

Korean Abstract: 본고는 패널 분위회귀 고정효과 모형을 추정할 수 있는 새로운 추정기법(Extended two-way Fixed Effects Quantile Cointegration Regression Estimator)을 제안하였다. 개체내 변환된 자료만을 설명변수로 구성하면 분위가 변함에도...

The paper discusses a possible policy strategy towards achieving an investment grade status for emerging economies. Through the use of an econometric model, it determines which among the macroeconomic variables considered by Credit Rating Agencies (CRAs) impacts speculative and investment grade...

With revolutionary changes of the financial environment, due in particular to the progress of information and communication technology and the aftermath of the global financial crisis, central banks are facing new challenges in the pursuit of price, financial and exchange rate stability. This...