Monetary Policy in India A Modern Macroeconomic Perspective
This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian mo
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etary Policy in India A Modern Macroeconomic Perspective Foreword by John B. Taylor
Monetary Policy in India
Chetan Ghate ⋅ Kenneth M. Kletzer Editors
Monetary Policy in India A Modern Macroeconomic Perspective
Foreword by John B. Taylor
123
Editors Chetan Ghate Economics and Planning Unit Indian Statistical Institute New Delhi India
ISBN 978-81-322-2838-7 DOI 10.1007/978-81-322-2840-0
Kenneth M. Kletzer Department of Economics University of California Santa Cruz, CA USA
ISBN 978-81-322-2840-0
(eBook)
Library of Congress Control Number: 2016947196 © Springer India 2016 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Springer imprint is published by Springer Nature The registered company is Springer (India) Pvt. Ltd.
Foreword
Chetan Ghate and Ken Kletzer have created an important and timely volume Monetary Policy in India: A Modern Macroeconomic Perspective. They have brought together an impressive group of distinguished and experienced monetary experts, each of whom has contributed essays dealing key contemporary problems in monetary policy in India. The contributions are carefully reasoned—whether using theory, data, or practical examples—and they are exposited clearly. In this regard the book in keeping with a tradition that goes back to John Maynard Keynes 1913 book, Indian Currency and Finance, which long ago recommended the creation of a central bank for India. Moreover, Ghate and Kletzer have added an important value not only by assembling this group of experts and choosing highly relevant subjects, but also by organizing the essays in a helpful and logical way. The book starts with the evidence of the impact of changes in the monetary instrument as well as changes in monetary policy rules, building on research on other emerging market economies. Emphasis is placed on both empirical work in an open economy setting and theoretical modeling, about which there is a special section in the book on models for evaluating monetary po
