TY - BOOK ID - 84542881 TI - Alternative Monetary Policy Rules for India AU - Kapur, Muneesh. AU - Patra, Michael. AU - International Monetary Fund. PY - 2012 SN - 147558315X 1475513615 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Inflation KW - Macroeconomics KW - Taxation KW - Mathematical Methods KW - Methodological Issues: General KW - Computational Techniques KW - Measurement and Data on National Income and Product Accounts and Wealth KW - Environmental Accounts KW - Business Fluctuations KW - Cycles KW - Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) KW - Business Taxes and Subsidies KW - Labor Economics: General KW - Price Level KW - Deflation KW - Economic growth KW - Public finance & taxation KW - Labour KW - income economics KW - Cyclical indicators KW - Business cycles KW - Value-added tax KW - Labor KW - Taxes KW - Prices KW - Spendings tax KW - Labor economics KW - Banks and Banking KW - Money and Monetary Policy KW - Production and Operations Management KW - Monetary Policy KW - Central Banks and Their Policies KW - Open Economy Macroeconomics KW - Interest Rates: Determination, Term Structure, and Effects KW - Monetary Policy, Central Banking, and the Supply of Money and Credit: General KW - Macroeconomics: Production KW - Personal Income, Wealth, and Their Distributions KW - Banking KW - Monetary economics KW - Central bank policy rate KW - Monetary base KW - Output gap KW - Personal income KW - Financial services KW - Money KW - Production KW - National accounts KW - Interest rates KW - Money supply KW - Economic theory KW - Income KW - Botswana KW - India KW - Monetary policy KW - Finance UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542881 AB - This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion. ER -