RBI paper examines monetary policy transmission

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A working paper, published by the Reserve Bank of India on June 27, studies monetary policy transmission in India and identifies a number of the most important channels.

Authors Jeevan Kumar Khundrakpam and Rajeev Jain use vector autoregressions to analyse the relationship between various factors and price stability and growth. The paper finds that the interest rate has the largest effect, accounting for half of the impact on growth and a third of the impact on inflation. The researchers also

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