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Erschienen in:
Introducing the Volume on India’s Contemporary Macroeocnomic Themes-Looking Beyond 2020 Kapitel lesen Erstes Kapitel lesen

2023 | OriginalPaper | Buchkapitel

13. Conduct of Monetary Policy in India: The Journey so Far and Contemporary Challenges

verfasst von : Amaresh Samantaraya

Erschienen in: India’s Contemporary Macroeconomic Themes

Verlag: Springer Nature Singapore

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Abstract

The metamorphosis in monetary policy framework in India from ‘credit planning’ to adoption of ‘inflation targeting’ in 2016 is a long journey. The RBI’s conduct of monetary policy has been largely successful in contributing to overall macroeconomic stability. Nevertheless, there is a need for adequate deliberation and analysis on issues pertaining to pursuing single objective of price stability under ‘inflation targeting’ versus financial stability considerations; response to negative supply shocks; resolving ‘impossible trinity’ related trilemma, and the current monetary operating procedure without money, etc. to find convincing answers. This may help consequent strengthening of monetary policy effectiveness.

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Vorheriges Kapitel Non-performing Assets of Indian Banking: An Evolutionary Journey
Nächstes Kapitel Macroeconomics of Digitalization—Evolving Issues and Perspectives
Fußnoten
1
India: Monetary Policy, Financial Stability, and Other Essays (Rangarajan, 2009) and Select Essays on Indian Economy (Rangarajan, 2004, 2 volumes), both published by Academic Foundation, New Delhi; Indian Economy: Essays on Money and Finance (Rangarajan, 1998) and Perspectives on Indian Economy: A Collection of Essays (Rangarajan, 2000), both published by UBS Publishers & Distributers, New Delhi, India.
 
2
Chairman of the Federal Reserve (of the US) during 1979–1987.
 
3
Income elasticity of money demand measures the percentage change in money demand growth for one percentage change in economic growth.
 
4
(±)2% band around the CPI inflation target of 4.0%.
 
Literatur
Blinder, A. S. (1994). On sticky prices: Academic theories meet the real world. In N. G. Mankiw (Ed.), Monetary policy (pp. 117–154). University of Chicago Press.
Friedman, M. (1956). The quantity theory of money—A restatement. In Friedman, M. (Ed.), Studies in quantity theory of money. University of Chicago Press.
Friedman, M., & Schwartz, A. J. (1963). A monetary history of the United States, 1867–1960. Princeton University Press.
Karlan, D., & Morduch, J. (2020). Macroeconomics. McGraw Hill Education.
Jalan, B. (2002). Monetary policy: Is a single target relevant? In India’s Economy in the New Millennium: Selected essays, UBSPD.
Rangarajan, C. (1998). Indian economy: Essays on money and finance, UBSPD
Rangarajan, C. (2000). Perspectives on Indian economy: A collection of essays, UBSPD
Rangarajan, C. (2004). Select essays on Indian economy, Academic Foundation
Rangarajan, C. (2009). India: Monetary Policy, financial stability and other essays, Academic Foundation
Rangarajan, C., & Samantaraya, A. (2017). RBI’s interest rate policy and durable liquidity question. Economic and Political Weekly, LII(22), 12–16.
RBI. (1985). Report of the committee to review the working of the monetary system. Reserve Bank of India.
RBI. (1993). Report of the high-level committee on balance of payments, Reserve Bank of India
RBI. (2023). Monetary policy report. Reserve Bank of India.
Reddy, Y. V. (2009). Globalisation of monetary policy and the Indian experience. In India and the global financial crisis: Managing money and finance. Orient BlackSwan.
Metadaten
Titel
Conduct of Monetary Policy in India: The Journey so Far and Contemporary Challenges
verfasst von
Amaresh Samantaraya
Copyright-Jahr
2023
Verlag
Springer Nature Singapore
Buch
India’s Contemporary Macroeconomic Themes

Print ISBN: 978-981-9957-27-9

Electronic ISBN: 978-981-9957-28-6

Copyright-Jahr: 2023

DOI
https://doi.org/10.1007/978-981-99-5728-6_13