New issues in Indian macro policy
For many decades, macro-policy in India was conducted in an environment with five key elements: Agricultural shocks rather than a conventional business cycle; A closed economy; deeply distortionary tax policy coupled with a fiscal crisis; financial markets that lacked speculative price discovery, and a monetary policy which was shaped by deficit financing. The paper argues that India has changed beyond recognition on all these five elements and that these changes have far-reaching consequences for the conduct of macroeconomic policy. India is now a more conventional market economy, and there is a much bigger role for the great themes of macroeconomics - as it is practised elsewhere in the world - in shaping Indian macro policy. [NIPFP-WP]
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rao, M. Govinda, 2005. "Tax system reform in India: Achievements and challenges ahead," Journal of Asian Economics, Elsevier, vol. 16(6), pages 993-1011, December.
- Edward Nelson, 2004.
"The U.K.’s rocky road to stability,"
Federal Reserve Bank of St. Louis, issue Oct.
- Elena Glinskaya & Michael Lokshin, 2007.
"Wage differentials between the public and private sectors in India,"
Journal of International Development,
John Wiley & Sons, Ltd., vol. 19(3), pages 333-355.
- Glinskaya, Elena & Lokshin, Michael, 2005. "Wage differentials between the public and private sector in India," Policy Research Working Paper Series 3574, The World Bank.
- Ananthakrishnan Prasad & Adarsh Kishore, 2007. "Indian Subnational Finances; Recent Performance," IMF Working Papers 07/205, International Monetary Fund.
- repec:npf:wpaper:07 is not listed on IDEAS
- Ila Patnaik, 2003. "The Consequences of currency intervention in India," Indian Council for Research on International Economic Relations, New Delhi Working Papers 114, Indian Council for Research on International Economic Relations, New Delhi, India.
- Rajaraman, Indira, 2004. "Fiscal restructuring in the context of trade reform," Working Papers 04/7, National Institute of Public Finance and Policy.
- Norbert Janssen & Charles Nolan & Ryland Thomas, 2004. "Money, Debt and Prices in the UK 1705-1996," CDMA Working Paper Series 200407, Centre for Dynamic Macroeconomic Analysis.
- M. S. Mohanty & Marc Klau, 2004. "Monetary policy rules in emerging market economies: issues and evidence," BIS Working Papers 149, Bank for International Settlements.
- Vijay Joshi, 2003. "India and the Impossible Trinity," The World Economy, Wiley Blackwell, vol. 26(4), pages 555-583, 04.
When requesting a correction, please mention this item's handle: RePEc:ess:wpaper:id:1478. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Padma Prakash)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.