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India's fiscal and monetary framework: growth in an opening economy

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  • Ashima Goyal

Abstract

Since a crisis is a shock impinging on a system, the response can be used to deduce aspects of the system's structure. Analysis of the crisis and recovery suggests aggregate supply in India is elastic but subject to upward shocks. This has implications for cyclical policy and for fiscal consolidation. Both monetary and fiscal policy should identify measures that would reduce costs, while avoiding too large a demand contraction. Specific policies are identified and Indian policies evaluated.

Suggested Citation

  • Ashima Goyal, 2012. "India's fiscal and monetary framework: growth in an opening economy," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 5(1), pages 108-123, July.
  • Handle: RePEc:taf:macfem:v:5:y:2012:i:1:p:108-123
    DOI: 10.1080/17520843.2011.605523
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    Cited by:

    1. Ashima Goyal, 2016. "Abductive reasoning in macroeconomics," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2016-022, Indira Gandhi Institute of Development Research, Mumbai, India.

    More about this item

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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