Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64095
Authors: 
Hutchison, Michael M.
Sengupta, Rajeswari
Singh, Nirvikar
Year of Publication: 
2010
Series/Report no.: 
Working Papers, Santa Cruz Center for International Economics 10-05
Abstract: 
We use a Markov switching model to estimate a time-varying Taylor-type rule for Indian monetary policy conduct. This empirical approach is consistent with statements of Indian monetary policy decision-makers. We find that the conduct of monetary policy over approximately the last two decades can be characterized by two regimes, which we term hawk and dove. In the first of these, policy making reveals a greater relative weight on checking inflation vis-à-vis narrowing the output gap.
Document Type: 
Working Paper

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