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Monetary Conditions Index for India

Author

Listed:
  • Kannan R
  • Siddhartha Sanyal
  • Binod Bihari Bhoi

Abstract

The authors attempt to construct a monetary conditions index (MCI) for India in order to take both interest rate and exchange rate channels simultaneously into consideration while evaluating the stance of monetary policy and evolving monetary conditions. The paper also constructs a "broad" MCI which incorporates credit growth as an additional indicator of monetary conditions. Since the index is constructed using differences between actual and an “arbitrarily†chosen base period, the index only represents a relative degree of change and not an absolute measure. No significance is usually attached to the level of the index and it should not be interpreted too mechanistically. [RBI Occassional Papers, Winter 2006].

Suggested Citation

  • Kannan R & Siddhartha Sanyal & Binod Bihari Bhoi, 2007. "Monetary Conditions Index for India," Working Papers id:1273, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:1273
    Note: Institutional Papers
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    File URL: http://www.esocialsciences.org/Download/repecDownload.aspx?fname=Document18112007530.567135.pdf&fcategory=Articles&AId=1273&fref=repec
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    References listed on IDEAS

    as
    1. Eika, Kari H & Ericsson, Neil R & Nymoen, Ragnar, 1996. "Hazards in Implementing a Monetary Conditions Index," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(4), pages 765-790, November.
    2. Ben S. Bernanke & Mark Gertler, 1995. "Inside the Black Box: The Credit Channel of Monetary Policy Transmission," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 27-48, Fall.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. David C. Earnest & Ian F. Wilkinson, 0. "An agent based model of the evolution of supplier networks," Computational and Mathematical Organization Theory, Springer, vol. 0, pages 1-33.
    2. Sandrine Jacob Leal & Mauro Napoletano & Andrea Roventini & Giorgio Fagiolo, 2016. "Rock around the clock: An agent-based model of low- and high-frequency trading," Journal of Evolutionary Economics, Springer, vol. 26(1), pages 49-76, March.
    3. Sandrine Jacob Leal & Mauro Napoletano & Andrea Roventini & Giorgio Fagiolo, 2016. "Rock around the clock: An agent-based model of low- and high-frequency trading," Journal of Evolutionary Economics, Springer, vol. 26(1), pages 49-76, March.
    4. repec:wsi:apjorx:v:32:y:2015:i:02:n:s0217595915500037 is not listed on IDEAS

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