Examining the Asymmetric Impact of Monetary Policy in India

Jeevan Kumar Khundrakpam

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Examining the Asymmetric Impact of Monetary Policy in India

机译：研究印度货币政策的不对称影响

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Though an accumulating body of work has analysed monetary policy transmission in India, there are few studies examining the asymmetric aspect of the transmission. Against this backdrop, segregating the interest rate setting process captured by a Taylor rule type into unanticipated and anticipated components, this article analyses the asymmetric effects of monetary policy on aggregate demand and its components, and inflation in India using quarterly data from 1996-97Q1 to 2013-14Q3. It finds that unanticipated hikes and cuts in the policy rate have a symmetric impact on aggregate demand, but differentially impact the components. While the impacts on investment are negative and symmetric, they are asymmetric on private consumption, with only an unanticipated cut in policy rate having a significant negative impact. Government consumption is unaffected by monetary policy shocks. The impact of unanticipated interest rate changes on inflation is negative and symmetric. Anticipated policy rate changes also have a negative impact on aggregate demand and its components, except for government consumption, but between certain levels, such changes are ineffective, indicating a neutral impact. Anticipated policy rate changes have a negative impact on inflation at all levels.

机译：尽管积累了大量的工作分析了印度的货币政策传导，但很少有研究研究传导的不对称方面。在此背景下，本文将泰勒规则类型捕获的利率设定过程分为不可预测和预期的组成部分，本文使用1996-97年第一季度至2006年第一季度的季度数据分析了货币政策对总需求及其组成部分和印度通货膨胀的不对称影响。 2013-14Q3。研究发现，政策利率意外上调和下调会对总需求产生对称影响，但对构成要素的影响却有所不同。尽管对投资的影响是消极的和对称的，但对私人消费却是不对称的，只有意外的政策利率下调才会产生重大的消极影响。政府消费不受货币政策冲击的影响。意外的利率变化对通货膨胀的影响是负面的且是对称的。除政府消费外，预期的政策利率变化也对总需求及其组成部分具有负面影响，但在一定水平之间，这种变化无效，表明具有中性影响。预期的政策利率变化会对各级通胀产生负面影响。

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来源
《Margin: The Journal of Applied Economic Research》 |2017年第3期|290-314|共25页
作者
Jeevan Kumar Khundrakpam;
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作者单位

With the Reserve Bank of India, Monetary Policy Department,Mumbai, India;

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正文语种 eng
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关键词
Monetary Policy; Asymmetry; Inflation; Policy Rate; Aggregate Demand; Unanticipated; Anticipated;

机译：货币政策;不对称通货膨胀;保单利率;总需求;意外;预期的;

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Examining the Asymmetric Impact of Monetary Policy in India

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