>The present study assesses the empirical per'/> The IS Curve and Monetary Policy Transmission in India: A New Keynesian Perspective
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首页> 外文期刊>Margin: The Journal of Applied Economic Research >The IS Curve and Monetary Policy Transmission in India: A New Keynesian Perspective
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The IS Curve and Monetary Policy Transmission in India: A New Keynesian Perspective

机译：印度的IS曲线和货币政策传导：凯恩斯主义的新视角

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>The present study assesses the empirical performance of the new Keynesian IS model by estimating the standard as well as extended specifications of both the backward-looking and hybrid models in India over the period 1998Q1 to 2015Q4. It is found that the backward-looking IS model fits the data quite well in comparison with the hybrid model. The link between the policy rate and output gap appeared to be a bit stronger in the extended backward-looking IS model, as the interest rate coefficient is larger. Also, besides the interest rate, the real exchange rate, external demand and crude oil prices also have an impact on aggregate demand. The results suggest that the standard specification of the IS curve is inadequate to estimate the impact of the interest rate on aggregate demand and therefore a broader framework which accounts for additional variables besides the interest rate may be required.>JEL Classification:E520, E120, C360, E510
机译： >本研究通过评估印度的后向模型和混合模型的标准以及扩展规范来评估新凯恩斯主义IS模型的经验性能从1998年第一季度到2015年第四季度。发现与混合模型相比，后向的IS模型非常适合数据。随着利率系数的增大，在扩展的后向IS模型中，政策利率与产出缺口之间的联系似乎更加牢固。此外，除了利率外，实际汇率，外部需求和原油价格也对总需求产生影响。结果表明，IS曲线的标准规范不足以估算利率对总需求的影响，因此可能需要一个更宽泛的框架来考虑利率以外的其他变量。 > < bold> JEL分类： E520，E120，C360，E510

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