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Akihiro Kubo
 
''The effects of a monetary policy shock: Evidence from India''
( 2009, Vol. 29 No.3 )
 
 
This paper empirically investigates the transmission of the Reserve Bank of India (RBI)'s monetary policy at a time when multiple indicator approaches are popular, using a structural VAR approach. We find that non-recursive zero restrictions must be imposed on the contemporaneous structural parameters to identify a monetary policy shock and that the RBI regards the current value of money as the centered information variable of the monetary policy, though exercising leverage over the real interest rate.
 
 
Keywords: Transmission of monetary policy, SVAR, India
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
 
Manuscript Received : May 26 2009 Manuscript Accepted : Jul 01 2009

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