RBI paper scrutinises monetary policy transmission
A Reserve Bank of India (RBI) working paper, published yesterday, compares the degree to which monetary policy impacts different sectors of the Indian financial markets.
The paper – Financial Development and Monetary Policy Transmission across Financial Markets: What Do Daily Data tell for India? By Partha Ray and Edwin Prabu – constructs a structural vector autoregression model using data from 2005 to 2012 to analyse monetary policy transmission in the country's money, bond, foreign exchange
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