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Monetary Policy, Forex Markets and Feedback Under Uncertainity in an Opening Economy

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  • Ashima Goyal

    ()

  • R Ayyappan Nair
  • Amaresh Samantaraya

Abstract

Options for monetary policy arising from interactions between it and Indian foreign exchange (FX) markets. A brief survey covers recent rapid changes providing a snapshot of current microstructure, and of monetary policy institutions. The survey brings out the growing links between money and FX markets, the sophistication and variety of participants and institutions in markets that are now deep and liquid, and policy trilemmas in dealing with large cross border flows in a rapidly growing emerging market, where fundamentals are uncertain. [DRG Study Series No. 32].

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:2208.

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Date of creation: Sep 2009
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Handle: RePEc:ess:wpaper:id:2208

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Related research

Keywords: Indian; foreign exchange; markets; microstructure; FX markets; money; monetary policy; emerging market; economy; volatility; balance sheet; RBI; data sets; exchange rates; Macroeconomic; export; uncertainity; real sector;

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References

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  1. Svensson, Lars E O & Williams, Noah, 2007. "Monetary Policy with Model Uncertainty: Distribution Forecast Targeting," CEPR Discussion Papers, C.E.P.R. Discussion Papers 6331, C.E.P.R. Discussion Papers.
  2. Volker Wieland, 1998. "Monetary policy and uncertainty about the natural unemployment rate," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 1998-22, Board of Governors of the Federal Reserve System (U.S.).
  3. Svensson, Lars E. O., 2000. "Open-economy inflation targeting," Journal of International Economics, Elsevier, Elsevier, vol. 50(1), pages 155-183, February.
  4. Glenn D. Rudebusch, 2002. "Assessing Nominal Income Rules for Monetary Policy with Model and Data Uncertainty," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 112(479), pages 402-432, April.
  5. Michael J. Sager & Mark P. Taylor, 2006. "Under the microscope: the structure of the foreign exchange market," International Journal of Finance & Economics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 11(1), pages 81-95.
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Citations

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Cited by:
  1. Dayanand Arora & Francis Xavier Rathinam, 2011. "OTC derivatives market in India: recent regulatory initiatives and open issues for market stability and development," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 4(2), pages 235-261, April.
  2. Ashima Goyal & Sanchit Arora, 2010. "The Indian Exchange Rate and Central Bank Action : A GARCH Analysis," Macroeconomics Working Papers 23016, East Asian Bureau of Economic Research.
  3. Ashima Goyal, 2011. "History of monetary policy in India since independence," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-018, Indira Gandhi Institute of Development Research, Mumbai, India.

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