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Sudhanshu Kumar
''Inflation, uncertainty and monetary policy in India: a regime-switching analysis''
( 2015, Vol. 35 No.4 )
Based on the characteristics of the inflation data for India, the paper first identifies the possible number of significantly different regimes using Kernel density estimates; and then it estimates a Markov-switching model using the Maximum Likelihood Estimation. Estimated results suggest that high inflation uncertainty in India has not only been a feature of very high levels of inflation but is also associated with the low levels.
Keywords: Inflation, Uncertainty, Monetary Policy, Markov-switching, Bootstrap Multimodality test
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Jun 17 2015 Manuscript Accepted : Oct 16 2015

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