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Does monetary policy have differential state-level effects? an empirical evaluation

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  • Nachane, D M
  • Ray, P
  • Ghosh, S

Abstract

The paper examines whether monetary policy has similar effects across major states in the Indian polity. Impulse response functions from an estimated Structural Vector Auto Regression (SVAR) reveal two sets of states: a core of states that respond to monetary policy in a significant fashion vis-à-vis others whose response is less significant. The paper attempts to trace the reasons for the differential response of these two sets of states in terms of financial deepening and differential industry mix.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 2708.

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Date of creation: 23 Nov 2001
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Handle: RePEc:pra:mprapa:2708

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Related research

Keywords: monetary policy; regional effect; optimum currency area;

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References

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  1. Gerlach, Stefan & Smets, Frank, 1995. "The Monetary Transmission Mechanism: Evidence from the G-7 Countries," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1219, C.E.P.R. Discussion Papers.
  2. Ramana Ramaswamy & Torsten Sløk, 1997. "The Real Effects of Monetary Policy in the European Union," IMF Working Papers, International Monetary Fund 97/160, International Monetary Fund.
  3. Rudiger Dornbusch & Carlo A. Favero & Francesco Giavazzi, 1998. "The Immediate Challenges for the European Central Bank," NBER Working Papers 6369, National Bureau of Economic Research, Inc.
  4. Rudi Dornbusch & Carlo Favero & Francesco Giavazzi, 1998. "Immediate challenges for the European Central Bank," Economic Policy, CEPR;CES;MSH, CEPR;CES;MSH, vol. 13(26), pages 15-64, 04.
  5. Anil K. Kashyap & Jeremy C. Stein, 1997. "The role of banks in monetary policy: a survey with implications for the European Monetary Union," Economic Perspectives, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, issue Sep, pages 2-18.
  6. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, Econometric Society, vol. 48(1), pages 1-48, January.
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Cited by:
  1. Ghosh, Saibal, 2007. "Economic Geography of Industrial Location: Evidence from Indian States," MPRA Paper 22441, University Library of Munich, Germany.
  2. Ghosh, Saibal, 2011. "Determinants of banking outreach: An empirical assessment of Indian states," MPRA Paper 38650, University Library of Munich, Germany.
  3. Ghosh, Saibal, 2009. "Industry Effects of Monetary Policy: Evidence from India," MPRA Paper 17307, University Library of Munich, Germany.
  4. Ghosh, Saibal, 2009. "Does Financial Outreach Engender Economic Growth? Evidence from Indian States," MPRA Paper 32072, University Library of Munich, Germany.
  5. Agarwal, Manoj Kumar, 2005. "Budgetary constraints and growth scenario in Uttar Pradesh," Working Papers, National Institute of Public Finance and Policy 05/30, National Institute of Public Finance and Policy.

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