monetary policy transmission in india印度的货币政策传导

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1、MONETARYPOLICYTRANSMISSIONININDIA:EXPLANATIONSFROMTHEMONETARIST’SMODELPrashobhanPalakkeel*AbstractWealthadjustmentprocesshasbeenconsideredasananalyticalframeworkforexplainingthe‘blackbox’dynamicsofmonetarypolicytransmission.Especiallymonetarist’smodelslikeBrun

2、nerandMeltzermodel(1988)usedthewealthadjustmentprocesseffectivelyinordertoexplainthetransmissionmechanismofmonetarypolicy.Although,mostofthesemodelsaretermedasmonetarist’smodels,Keynesianinterestratemechanismiswellobservedinthesemodels.Whileconsideringthelarge

3、numberofempiricalstudiesonthemonetarypolicytransmission,thenumberofstudies,whichusedthewealthadjustmentprocessastheanalyticalframework,isless.Moreover,mostofthestudiesonsavingsandinvestmentsintheeconomyfailedgobeyondtheirbehavioralrelationsandinlinkingitwithth

4、etransmissionprocess.ThepresentstudyisanattempttofillthesegapsinthecontextofIndianeconomy.Thestudyinitiallyexaminesthesavingbehaviourofalternativeinstitutionsintheeconomywithspecialreferencetothehouseholdssector.Households’portfolioallocationprocessandinterest

5、ratereactionsareexaminedthroughregressionmodels.Withthehelpofwealthadjustmentprocess,itexplainsthemonetarypolicytransmissioninIndianeconomy.KeyWords:Money,MonetaryPolicy,TransmissionMechanism,Households’WealthPortfolio*DoctoralfellowintheInstituteforSocialandE

6、conomicChange,Bangalore–72Email-palakkeel@gmail.com,prashobh@isec.ac.in*TheauthorisgratefultoDr.MeenakshiRajeevforheradviceandvaluablediscussions.24IntroductionExplanationstothedynamicsofmonetarypolicytransmissionaregenerallyconcernedwithquestionssuchas,howmon

7、etarypolicyactionsworkupontheeconomyorhowtheeconomicactivitiesarecatalyzedbythepolicyimpulsesetc.Basicmacroeconomicframeworksheavilydependuponthedynamicsofstocksandflowsinteractionsinexplainingthemacroeconomicfluctuations.Accordingly,theimpactofmonetarypolicyu

8、ponstockandflowinteractionsisthebasicenquiryinmostofthemonetarypolicytransmissionmodels.Butthesignificanceofspecificrelationsisvariedinalterativeframeworksusedfortheanalysis.Wealth