IMF paper looks at alternative monetary policy rules for India

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A working paper published by the International Monetary Fund (IMF) in May investigates possible alternative monetary policy rules for India.

The paper's authors, Michael Debabrata Patra and Muneesh Kapur, empirically evaluate the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996–2011 using quarterly data in order to assess the conduct of monetary policy.

The paper finds that "forward-looking formulations of both rules and their hybrid

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