IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v9y2025i15p389-394.html

Navigating Post-COVID Inflationary Pressures: A Systematic Review of India’s Monetary Policy Framework and its Economic Impact

Author

Listed:
  • Mohit Kumar Shrivastav

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

  • Saranga Gogoi

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

  • Hemangi Dhanke

    (Gokhale Institute of Politics and Economics, Pune, Maharashtra, India)

Abstract

This paper studies the inflationary dynamics that permeated the Indian economic landscape in the post-COVID-19 era, and the subsequent monetary tightening implemented by the Reserve Bank of India (RBI). The expeditious economic resurgence—catalyzed by robust governmental fiscal stimulus, accessible credit facilities, and augmented monetary liquidity—precipitated substantial upward pressures on the price level. These endogenous factors were further exacerbated by exogenous variables, including global supply chain perturbations and elevated commodity valuations. In response to these macroeconomic exigencies, the RBI pivoted from its accommodative monetary stance toward a more restrictive policy framework, employing repo rate adjustments as the principal mechanism for inflation mitigation and economic stabilization.

Suggested Citation

  • Mohit Kumar Shrivastav & Saranga Gogoi & Hemangi Dhanke, 2025. "Navigating Post-COVID Inflationary Pressures: A Systematic Review of India’s Monetary Policy Framework and its Economic Impact," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(15), pages 389-394, March.
    • Handle: RePEc:bcp:journl:v:9:y:2025:i:15:p:389-394
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-9-issue-15/389-394.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/navigating-post-covid-inflationary-pressures-a-systematic-review-of-indias-monetary-policy-framework-and-its-economic-impact/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    2. Thomas E. Hall & William R. Hart, 2012. "The Samuelson–Solow Phillips Curve and the Great Inflation," History of Economics Review, Taylor & Francis Journals, vol. 55(1), pages 62-72, January.
    3. A. W. Phillips, 1958. "The Relation Between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861–1957," Economica, London School of Economics and Political Science, vol. 25(100), pages 283-299, November.
    4. Brian Reinbold & Yi Wen, 2020. "Is the Phillips Curve Still Alive?," Review, Federal Reserve Bank of St. Louis, vol. 102(2), pages 121-144, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bill Russell, 2014. "ARCH and structural breaks in United States inflation," Applied Economics Letters, Taylor & Francis Journals, vol. 21(14), pages 973-978, September.
    2. Israel, Karl-Friedrich, 2017. "In the long run we are all unemployed?," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 67-81.
    3. Jeremy Rudd & Karl Whelan, 2007. "Modeling Inflation Dynamics: A Critical Review of Recent Research," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(s1), pages 155-170, February.
    4. Garriga, Ana Carolina & Rodriguez, Cesar M., 2025. "Balancing Act or Policy Pitfall? The Effects of Central Bank Dual Mandates," MPRA Paper 125925, University Library of Munich, Germany.
    5. Kouvavas, Omiros, 2013. "Political Budget Cycles Revisited, the Case for Social Capital," MPRA Paper 57504, University Library of Munich, Germany, revised 15 Sep 2013.
    6. Russell, Bill & Chowdhury, Rosen Azad, 2013. "Estimating United States Phillips curves with expectations consistent with the statistical process of inflation," Journal of Macroeconomics, Elsevier, vol. 35(C), pages 24-38.
    7. Dräger, L. & Lamla, M.J. & Pfajfar, D., 2013. "Are Consumer Expectations Theory-Consistent? The Role of Macroeconomic Determinants and Central Bank Communication," Other publications TiSEM 4d696071-8776-4191-a84f-f, Tilburg University, School of Economics and Management.
    8. William R. White, 2013. "Is Monetary Policy a Science? The Interaction of Theory and Practice over the Last 50 Years," SUERF 50th Anniversary Volume Chapters, in: Morten Balling & Ernest Gnan (ed.), 50 Years of Money and Finance: Lessons and Challenges, chapter 3, pages 73-116, SUERF - The European Money and Finance Forum.
    9. Miguel Casares & Antonio Moreno & Jesús Vázquez, 2012. "Wage stickiness and unemployment fluctuations: an alternative approach," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 3(3), pages 395-422, September.
    10. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    11. Bozani, Vasiliki & Drydakis, Nick, 2011. "Studying the NAIRU and its Implications," IZA Discussion Papers 6079, IZA Network @ LISER.
    12. Roger E.A. Farmer & Giovanni Nicolò, 2021. "Some International Evidence for Keynesian Economics Without the Phillips Curve," Manchester School, University of Manchester, vol. 89(S1), pages 1-22, September.
    13. Hawkins, Raymond J., 2017. "Macroeconomic susceptibility, inflation, and aggregate supply," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 469(C), pages 15-22.
    14. Giray Gozgor, 2013. "The New Keynesian Phillips Curve in an Inflation Targeting Country: The Case of Turkey," International Journal of Business and Economic Sciences Applied Research (IJBESAR), Democritus University of Thrace (DUTH), Kavala Campus, Greece, vol. 6(1), pages 7-18, April.
    15. Michael McLeay & Silvana Tenreyro, 2020. "Optimal Inflation and the Identification of the Phillips Curve," NBER Macroeconomics Annual, University of Chicago Press, vol. 34(1), pages 199-255.
    16. Benedictow, Andreas & Larsen, Erling Røed & Sundelius, Dag Martin, 2025. "Estimating a housing Phillips curve: Evidence from Norway," Journal of Housing Economics, Elsevier, vol. 70(C).
    17. Mazali, Antonio Alberto & Divino, Jose Angelo, 2010. "Real Wage Rigidity and the New Phillips Curve: The Brazilian Case," Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), vol. 64(3), September.
    18. Petre Caraiani & Emmanuel Haven, 2013. "The Role of Recurrence Plots in Characterizing the Output-Unemployment Relationship: An Analysis," PLOS ONE, Public Library of Science, vol. 8(2), pages 1-11, February.
    19. Thorvardur Tjörvi Ólafsson, 2006. "The New Keynesian Phillips Curve: In Search of Improvements and Adaptation to the Open Economy," Economics wp31_tjorvi, Department of Economics, Central bank of Iceland.
    20. Bill Russell, 2013. "Macroeconomics: science or faith based discipline?," Dundee Discussion Papers in Economics 276, Economic Studies, University of Dundee.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:9:y:2025:i:15:p:389-394. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.