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Efficacy of New Monetary Framework and Determining Inflation in India: An Empirical Analysis of Financially Deregulated Regime

Lekha cHAKRABORTY and Kushagra Om Varma

Working Papers from eSocialSciences

Abstract: Against the backdrop of the new monetary policy framework, this paper analyses the determinants of inflation in the deregulated financial regime. The paper upfront has been kept free from adherence to any particular school of thought on inflation, particularly fiscal theories of price determination (where inflation targeting is emphasised) and the monetarist axioms. Using the ARDL methodology, the determinants of inflation based on Wholesale Price Index (WPI) and the Consumer Price Index (CPI) have been empirically tested for the financially deregulated period.

Keywords: Inflation; Supply Side; ARDL; Wholesale Price Index (WPI) and the Consumer Price Index (CPI); monetarist axioms; monetary policy; financial regime; fiscal; aggregate supply; demand; central government; deficit financing; developing economies; India (search for similar items in EconPapers)
Date: 2015-08
Note: Institutional Papers
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