Chorus in the Cacophony: Dissent and Policy Communication of India’s Monetary Policy Committee

Rounak Sil, Unninarayanan Kurup, Ashima Goyal, Apoorva Singh and Rajendra Narayan Paramanik

Applied Economics Letters, 2024, vol. 31, issue 18, 1900-1906

Abstract: Using minutes of consecutive Monetary Policy Committee (MPC) meetings of the Indian central bank, we have constructed two novel measures of implicit dissent at the individual level as well as across groups. We have used VADER sentiment analysis to arrive at the proposed measures and investigated their influence on anchoring Indian growth and inflation forecasts. Our empirical findings show discordance among members increases forecast accuracy. This implies promoting an environment that supports nuanced opinions could improve policy outcomes.

Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/13504851.2023.2208823 (text/html)
Access to full text is restricted to subscribers.

Related works:
Working Paper: Chorus in the cacophony: Dissent and policy communication of India's Monetary Policy Committee (2023)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:31:y:2024:i:18:p:1900-1906

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEL20

DOI: 10.1080/13504851.2023.2208823

Access Statistics for this article

Applied Economics Letters is currently edited by Anita Phillips

More articles in Applied Economics Letters from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().