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Title:Monetary regime switches in India: Policy or structure? PDF Logo
Authors:Hutchison, Michael M.
Sengupta, Rajeswari
Singh, Nirvikar
Issue Date: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
Appears in Collections:Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz

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