The effects of a monetary policy shock: Evidence from India

Akihiro Kubo ()
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Akihiro Kubo: Osaka City University

Economics Bulletin, 2009, vol. 29, issue 3, 1530-1541

Abstract: This paper empirically investigates the transmission of the Reserve Bank of India (RBI)'s monetary policy at a time when multiple indicator approaches are popular, using a structural VAR approach. We find that non-recursive zero restrictions must be imposed on the contemporaneous structural parameters to identify a monetary policy shock and that the RBI regards the current value of money as the centered information variable of the monetary policy, though exercising leverage over the real interest rate.

Keywords: Transmission of monetary policy; SVAR; India (search for similar items in EconPapers)
JEL-codes: E5 (search for similar items in EconPapers)
Date: 2009-07-01
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Citations: View citations in EconPapers (2)

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