Monetary Policy in India

A Modern Macroeconomic Perspective

  • Chetan Ghate
  • Kenneth M. Kletzer

Table of contents

  1. Front Matter
    Pages i-xiii
  2. Overview

    1. Front Matter
      Pages 1-1
    2. Chetan Ghate, Kenneth M. Kletzer
      Pages 3-27
  3. Pre-Requisites for Effective Monetary Transmission

    1. Front Matter
      Pages 29-29
    2. Amartya Lahiri, Urjit R. Patel
      Pages 31-58
    3. Prachi Mishra, Peter Montiel, Rajeswari Sengupta
      Pages 59-110
  4. Liquidity Management and Financial Structure of the Indian Economy

    1. Front Matter
      Pages 171-171
    2. Rajnish Mehra, Arunima Sinha
      Pages 231-256
    3. Michael Debabrata Patra, Muneesh Kapur, Rajesh Kavediya, S. M. Lokare
      Pages 257-296
  5. The Constraints on Normal Central Banking in India

    1. Front Matter
      Pages 297-297
    2. Atish R. Ghosh, Mahvash S. Qureshi, Eun Sun Jang
      Pages 299-333
    3. Vipul Bhatt, N. Kundan Kishor
      Pages 335-356
    4. Michael M. Hutchison, Gurnain Kaur Pasricha
      Pages 357-384
    5. Sajjid Z. Chinoy, Pankaj Kumar, Prachi Mishra
      Pages 425-452
  6. Towards a Theoretical Framework for Monetary Policy in India

    1. Front Matter
      Pages 453-453
    2. Jagjit S. Chadha, Young-Kwan Kang
      Pages 507-547
  7. Future Challenges

    1. Front Matter
      Pages 581-581
  8. Back Matter
    Pages 643-652

About this book


This book presents research that applies contemporary monetary theory and state-of-the-art econometric methods to the analysis of the monetary and financial aspects of the Indian economy and the impact of monetary policy on economic performance. Indian monetary policy has attracted significant attention from Indian and international macroeconomists over the last several years. Interest in how monetary policy influences economic performance and how monetary policy is conducted in India is growing. The prospects for further financial sector reform and ongoing inflation in India have sparked new interest in the role of money and monetary policy in India among economists, policy makers and students alike.  The book should also interest economists outside India because it studies monetary economics in a major emerging market economy and makes advances in the analysis of how financial market imperfections and structural constraints influence the effects of monetary policy.


Capital Account Management Emerging Market Economies Financial Market Frictions Indian Monetary Policy Monetary Transmission Operating Framework

Editors and affiliations

  • Chetan Ghate
    • 1
  • Kenneth M. Kletzer
    • 2
  1. 1.Economics and Planning UnitIndian Statistical InstituteNew DelhiIndia
  2. 2.Department of EconomicsUniversity of CaliforniaSanta CruzUSA

Bibliographic information

Industry Sectors
Finance, Business & Banking