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タイトル: An Empirical Analysis of the Monetary Policy Reaction Function in India
著者: Inoue, Takeshi
Hamori, Shigeyuki
井上, 武
羽森, 茂之
キーワード: DOLS
Monetary policy
Reaction function
Taylor rule
発行日: 4月-2009
出版者: Institute of Developing Economies, JETRO
引用: IDE Discussion Paper. No. 200. 2009. 04
抄録: This paper empirically analyzes India’s monetary policy reaction function by applying the Taylor (1993) rule and its open-economy version which employs dynamic OLS. The analysis uses monthly data from the period of April 1998 to December 2007. When the simple Taylor rule was estimated for India, the output gap coefficient was statistically significant, and its sign condition was found to be consistent with theoretical rationale; however, the same was not true of the inflation coefficient. When the Taylor rule with exchange rate was estimated, the coefficients of output gap and exchange rate had statistical significance with the expected signs, whereas the results of inflation remained the same as before. Therefore, the inflation rate has not played a role in the conduct of India’s monetary policy, and it is inappropriate for India to adopt an inflation-target type policy framework.
URI: http://hdl.handle.net/2344/842
出現コレクション:04.IDE Discussion Paper
01.経済、産業(Economy and Industry)/南アジア(South Asian Studies)


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