Impact of Monetary Policy Transmission on the Demographic in India - A Structural VAR Approach

Pabitra Kumar Jena, Raghav Sharma, Tania Dehury and Sasmita Nayak ()
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Sasmita Nayak: School of Economics, Shri Mata Vaishno Devi University, Katra, India

Asian Economics Letters, 2024, vol. 4, issue 3, 1-5

Abstract: This study explores the relationship between monetary policy instruments and India’s demographic structure, to understand how these instruments interact with the population composition. To trace the relationship, this study has considered annual data from 1993-2018. Using the structural vector autoregression (VAR) with restrictions and considering various macroeconomic variables, the study shows a significant relationship between the monetary policy variable represented by the repo rate and the demographic structure represented by the working-age population. Overall, the study concludes that demographic shifts affect monetary policy effectiveness.

Keywords: Monetary policy; Transmission; Structural VAR; Demographic (search for similar items in EconPapers)
JEL-codes: E02 E31 E52 G28 (search for similar items in EconPapers)
Date: 2024
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