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Of Monetary Policy Analysis and Output Shocks


  • Nephil Matangi Maskay Ph.D.

    (Patan Multiple Campus)


Nepal and India are contiguous countries having a pegged exchange rate arrangement existing for forty years with virtually no restrictions on labor or capital mobility. However, empirical analysis suggest the levels of the Nepalese and Indian monetary base do not share a long term relationship. Conditioning the monetary policy variables by output shocks (i.e. by their respective economic structures) now show them to be cointegrated. This implies that a long-term monetary analysis using unconditional variables may be misleading.

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  • Nephil Matangi Maskay Ph.D., 2000. "Of Monetary Policy Analysis and Output Shocks," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 12, pages 17-28, April.
  • Handle: RePEc:nrb:journl:v:12:y:2000:p:17-28

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    References listed on IDEAS

    1. Peter R. Winters, 1960. "Forecasting Sales by Exponentially Weighted Moving Averages," Management Science, INFORMS, vol. 6(3), pages 324-342, April.
    2. Auerbach, Alan J., 1999. "On the Performance and Use of Government Revenue Forecasts," National Tax Journal, National Tax Association, vol. 52(4), pages 765-782, December.
    3. Stephan Danninger, 2005. "Revenue Forecasts as Performance Targets," IMF Working Papers 05/14, International Monetary Fund.
    4. Annette J Kyobe & Stephan Danninger, 2005. "Revenue Forecasting—How is it done? Results from a Survey of Low-Income Countries," IMF Working Papers 05/24, International Monetary Fund.
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    Cited by:

    1. Research Department Nepal Rastra Bank, 2001. "Money and Price Relationship in Nepal: A Revisit," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 13, pages 50-65, April.

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