Author: Ila Patnaik and Rajeswari Sengupta Title: Analysing India’s Exchange Rate Regime Abstract: We analyse India’s exchange rate regime through the prism of exchange market pressure. We estimate the various regimes that India’s exchange rate has been through during the period from 2000 to 2020. We find four specific regimes of the Indian […]
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Asymmetry, Terms of Trade and the Aggregate Supply Curve in an Open Economy Model
Author: Ashima Goyal and Abhishek Kumar Title: Asymmetry, Terms of Trade and the Aggregate Supply Curve in an Open Economy Model Abstract: We find a basic new Keynesian monetary policy DSGE model estimated for differing countries (India and the US) gives deep parameter estimates, impulse responses and forecast error variance […]
Capital account liberalisation in a large emerging economy: An analysis of onshore-offshore arbitrage
Author: Nidhi Aggarwal, Sanchit Arora and Rajeswari Sengupta Title: Capital account liberalisation in a large emerging economy: An analysis of onshore-offshore arbitrage Abstract: In this paper, we decipher the openness of India’s capital account by calculating the covered interest parity (CIP) deviations between the onshore-offshore rupee market. India is a […]
Effectiveness of Expectations Channel of Monetary Policy Transmission: Evidence from India
Author: Ashima Goyal and Prashant Parab Title: Effectiveness of Expectations Channel of Monetary Policy Transmission: Evidence from India Abstract: We examine the efficacy of expectations channel of monetary policy transmission in India using survey-based expectations of households and professional forecasters in a Structural Vector Auto Regression (SVAR) framework. To analyse […]
Four years after the Base-Year Revision:Taking stock of the debate surrounding India’s National Accounts Estimates
Author: R. Nagaraj, Amey Sapre and Rajeswari Sengupta Title: Four years after the Base-Year Revision:Taking stock of the debate surrounding India’s National Accounts Estimates Abstract: In 2015, with the release of the 2011-12 base-year GDP series the Central Statistical Office (CSO) substantially revised the way GDP is calculated in India. […]
Herd immunity, COVID-19 and vaccination: some propositions
Author: Srijit Mishra Title: Herd immunity, COVID-19 and vaccination: some propositions Abstract: In the herd immunity path to COVID-19, the scientific world has two broad positions. The Great Barrington declaration called for allowing low-risk population to start activities so that other overriding public health concerns beyond COVID-19 and livelihood aspects of the underprivileged […]
India’s progress in meeting its climate goals: A comparative analysis using country-reported and external data
Author: Manisha Jain Title: India’s progress in meeting its climate goals: A comparative analysis using country-reported and external data Abstract: Recent studies analyzing India’s decarbonisation efforts using external data do not confirm the achievements stated in India’s country reports submitted to the United Nations Framework Convention on Climate Convention. The […]
Liquidity Management and Monetary Transmission: Empirical Analysis for India
Author: Vikas Charmal and Ashima Goyal Title: Liquidity Management and Monetary Transmission: Empirical Analysis for India Abstract: A change in monetary operating procedures provides a natural experiment we use to evaluate first, whether Indian monetary policy transmission is better when durable liquidity is in surplus or when it is in […]
Liquidity Management and Monetary Transmission: Empirical Analysis for India
Author: Vikas Charmal and Ashima Goyal Title: Liquidity Management and Monetary Transmission: Empirical Analysis for India Abstract: A change in monetary operating procedures provides a natural experiment we use to evaluate first, whether Indian monetary policy transmission is better when durable liquidity is in surplus or when it is in […]
Measuring monetary policy shocks in India
Author: Aeimit Lakdawala and Rajeswari Sengupta Title: Measuring monetary policy shocks in India Abstract: We create new measures of monetary policy shocks for India using high-frequency derivatives data and study their transmission. These shocks capture two distinct dimensions of the Reserve Bank of India’s (RBI) monetary policy announcements. In addition […]
