A Monetary Policy Model Without Money for India;Michael Debabrata Patra and Muneesh Kapur;IMF Working Paper10/183;August 1, 2010

Alternative Monetary Policy Rules for India; by Michael Debabrata Patra and Muneesh Kapur; IMF Working Paper 12/118; May 1, 2012

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version setting a nominal output growth objective for monetary policy wi...

Inflation Expectations and Monetary Policy in India: An Empirical Exploration; by Michael Debabrata Patra and Partha Ray; IMF Working Paper 10/84; April 1, 2010

JEL Classification Numbers: E 31, E 52

India’s Worker Remittances: A Users’ Lament About Balance of PaymentsCompilation

The Chicago Plan Revisited; by Jaromir Benes and Michael Kumhof; IMF Working Paper 13/202; August 2012

At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major sour...

The Impact of Exchange Rate Volatility and Inflationary Regimes on the Consumer Price Index in Organization of Islamic Countries (Panel FMOLS Co-integration Approach)

Aguerre, R.B., Fuertes, A. M. and Phylaktis, K. (2012), "Exchange Rate Pass-through into Import Prices Revisited", Journal of International Money, 31: 818-844. Bailliu, J. & Fujii, E. (2004). "Exchange Rate Pass-Through and the Inflation Environment in Industrialized Countries: An Empirical Investigation", Bank of Canada Working Paper No. 21. Carlsson, M., Lyhagen, J., and Österholm, P. (2007)...