SITEMAP FAQs GLOSSARY OTHER  LINKS CONTACT  US  
  ABOUT  US NOTIFICATIONS PUBLICATIONS DATABASE SPEECHES PRESS  RELEASES TENDERS FORMS EVENTS APPLICATION TRACKING SYSTEM  
Search
This Section
Entire Website
Home >> Publications - View Publications
 
Note : To obtain an aligned printout please download the (112 kb) version to your machine and then use respective software to print the story.
Date : 23 Dec 2005
Select References

III. MONETARY POLICY FRAMEWORK: AN ANALYTICAL OVERVIEW

Alesina, A. 'Macroeconomics and Politics'. NBER Macroeconomics Annual. 1988.

Alesina, A. and L. Summers. 'Central Bank Independence and Macroeconomic Performance'. Journal of Money, Credit and Banking, Vol. 25(2), 1993.

Alesina, A. and Bayoumi, T. 'The Costs and Benefits of Fiscal Rules: Evidence from U.S. States'.

NBER Working Paper No. 5614, 1996.

Alexander, W.E., T.J.T. Balino and C. Enoch. 'The Adoption of Indirect Instruments of Monetary Policy'.

IMF Occasional Paper No.126, 1995.

Alt, J. and R. Lowry. 'Divided Governments, Fiscal Institutions and Budget Deficits: Evidence for the States'. American Political Science Review, 88, 1994.

Anderson, P.S. and W.L.Washer. 'Sacrifice Ratios and the Conduct of Monetary Policy in Conditions of Low Inflation'. BIS Working Paper No.82, 1999.

Arif, R.R. 'Money Demand Stability : Myth or Reality - An Econometric Analysis.’’ Development Research Group, No. 13, Reserve Bank of India, 1996.

Ball, L. 'What Determines the Sacrifice Ratio?'. In Monetary Policy, (ed.) N.G.Mankiw, University of Chicago Press, 1994.

——. 'Another Look at Long-run Money Demand', NBER Working Paper No.6597, 1998.

——. 'Short-run Money Demand'. NBER Working Paper No. 9235, 2002.

Ball, L. and N. Sheridan. 'Does Inflation Targeting Matter?'. NBER Working Paper No. 9577, 2003.

Barro, R.J. and D.B. Gordon. 'A Positive Theory of Monetary Policy in a Natural Rate Model'. Journal of Political Economy, Vol. 91 (4), 1983.

Bayoumi, T. and B. Eichengreen. 'Restraining Yourself: The Implications of Fiscal Rules for Economic Stabilization', IMF Staff Papers, No. 42, pp.32-48, 1995.

Bean, Charles. 'Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?'.

BIS Working Paper No.140, September, 2003.

Bernanke, B. 'Constrained Discretion and Monetary Policy'. BIS Review, 5, 2003.

Bernanke, B. S. and M. Gertler. 'Should Central Banks Respond to Movements in Asset Prices ?'.

American Economic Review, Vol. 91(2), pp. 253-257, May 2001.

Bhoi, B.K. 'Modelling Buffer Stock Money : An Indian Experience’’, RBI Occasional Papers, Vol. 16 No.1, 1995.

Blejer, M.I. and L.B. Schumacher. 'Central Bank Use of Derivatives and Other Contingent Liabilities'.

IMF Working Paper No. WP/00/66, March 2000.

Blinder, A.S. 'Central Banking in Theory and Practice'. Cambridge, MA: MIT Press, 1998.

Bordo, Michael D. and L. Jonung. The Long-Run Behaviour of Velocity: the International Experience.

Cambridge University Press.

Borio, Caludio E.V. 'The Implementation of Monetary Policy in Industrialised Economies'. BIS Economic Paper No. 47, 1997.

Borio Caludio and P. Lowe. 'Asset Prices, Financial and Monetary Stability: Exploring the Nexus'. BIS, Working Paper No. 114, 2002.

Brand, C., D. Gerdesmeier and B. Roffia. 'Estimating the Trend of M3 Income Velocity Underlying the Reference Value for Monetary Growth'. ECB Occasional Paper Series No. 3, 2002.

Calza, A. and Sousa, J. 'Why Has Money Demand Been More Stable in the Euro Area Than in Other Economies?: A Literature Review'. Background Material Relating to Governing Council's Reflections on the ECB's Monetary Policy Strategy, 2003.

Canzoneri, M.E., R.E. Cumby and B. Diba. 'Is the Price Level Determined by the Fiscal Solvency'.

NBER Working Paper No.W6471, March 2000.

Cecchetti, S., H. Genberg, J. Lipsky and S. Wadhwani. 'Asset Prices and Monetary Policy'. ICMB-CEPR Report No.2, 2000.

Clarida, R., J. Galí and M. Gertler. 'Monetary Policy Rules in Practice: Some International Evidence'.

European Economic Review, 42, pp. 1033-67, 1998.

Crockett, Andrew. 'Monetary Policy and Financial Stability'. BIS Speeches, February 13, 2001.

Cukierman, A. Central Bank Strategies, Credibility and Independence. The MIT Press, 1992.

Das, Samarjit and K. Mundal. 'Modelling Money Demand in India: Testing Weak Strong and Super Exogeneity'. Indian Economic Review, Vol.35, No.1.

Dekle, R. and M. Pradhan. 'Financial Liberalisation and Money Demand in Asean Countries: Implications for Monetary Policy'. IMF Working Paper, 36, 1997.

Deshmukh, C. D. 'Central Banking in India - A Retrospect'. Kale Memorial Lecture, Pune, March 1948 reprinted in Governors Speak, RBI, 1997.

Drazen, Allan and E. Helpman. 'Inflationary Consequences of Anticipated Macroeconomic Policies'.

Review of Economic Studies, Vol.35, No.1, 2000.

Dua, P., N. Raje and S. Sahoo. 'Interest Rate Modeling and Forecasting in India.’’ Development Research Group Study No. 23, Reserve Bank of India, 2003.

Engen, E. and R.G. Hubbard. 'Federal Government Debts and Interest Rates'. NBER Working Paper No.1068, 2004.

European Central Bank. The Monetary Policy of the ECB, 2004.

Fatas. A. and I. Mihov. 'The Macro Economic Effects of Fiscal Rules in the US States'. NBER Discussion Paper No. 4372, April 2004.

Fatas, A., I. Mihov and A.K. Rose. 'Quantitative Goals for Monetary Policy'. NBER Discussion Paper No. 4445, June 2004.

Filardo, A. 'Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-offs'. BIS

Working Papers No. 155, June 2004.

Fisher, S. 'The Role of Macroeconomic Factors in Growth'. Journal of Monetary Economics, Vol. 32, 1993.

Freedman, C. 'The Use of Indicators of the Monetary Conditions Index in Canada'. In Frameworks for Monetary Stability: Policy, Issues and Country Experiences, (eds) T.J.T. Balino and C. Cottarelli IMF, 1994.

Friedman, B. 'Targets and Instruments of Monetary Policy'. Handbook of Monetary Economics, (eds.) Friedman B. and F. Hahn, Amsterdam, North-Holland, 1990.

—— .'Monetary Policy'. NBER Working Paper No. 8057, December,2000.

Friedman, M. 'The Role of Monetary Policy', American Economic Review, 58, 1968.

Fry, M.J. 'The Fiscal Abuse of Central Banks'. IMF Working Paper No.93/58.

Gerlach, Stefan and Lars, E.O. Svensson. 'Money and Inflation in the Euro Area'. Journal of Monetary Economics No.50, 2003.

Government of India. 'First Five Year Plan Document', 1951.

Gramlich, E. 'Maintaining Price Stability'. Speech at the Economic Club of Toronto, US Federal Reserve Board Website, 2003.

Hawkins, J. 'Central Bank Balance Sheets and Fiscal Operations'. BIS Paper No. 20, October, 2003.

Iengar, H.V.R. 'Current Economic Situation and the Role of Banks', Speech Delivered at the Indian Institute of Bankers, Mumbai, August 1959, Reprinted in Governors Speak, RBI, 1997.

Issing, O. 'Monetary and Financial Stability: Is There a Trade-Off?'. BIS Paper No.18, September 2003.

Jadhav, Narendra. Monetary Economics for India, Macmillan India Ltd., 1994.

—— . 'Central Bank Strategies, Credibility and Independence: Global Evolution and the Indian Experience'. RBI Occasional Papers, Vol. 24 (1& 2), 2003.

Jadhav, Narendra, Partha Ray, Dhritidyuti Bose and Indranil Sen Gupta. 'The Reserve Bank of India's Balance Sheet: Analytics and Dynamics of Evolution'. RBI Occasional Papers, forthcoming.

Jalan, Bimal. 'Research and Policy Developments in Money, Finance and the External Sector'. In

Macroeconomics and Monetary Policy: Issues for a Reforming Economy (eds) M.S. Ahluwalia, Y.V. Reddy and S. S. Tarapore, Oxford University Press, New Delhi, 2002.

Joshi, H. and M.Saggar. 'The Demand for Money : Stability Revisited.' RBI Occasional Papers, Vol. 16 (2), 1995.

Kanagasabapathy, K. 'Monetary Policy Underpinnings: A Perspective'. Economic and Political Weekly, January 2001.

Kamin, S., P. Turner and J. Van't Dack. 'The Transmission Mechanism of Monetary Policy in Emerging Market Economies: An Overview'. BIS Policy Paper No.3, 1998.

Kopits. G. and S. Symansky. 'Fiscal Policy Rules', IMF Occasional Paper No.162, IMF, Washington, 1998.

Kurtzig, J. and B. Mander. 'Survey of Central Bank Accounting Practices'. In Accounting Standards for Central Banks (eds) N. Courtis and B. Mander, Central Banking Publications, London, 2003.

Kydland, F.E. and E.C. Presscott, 'Rules Rather Than Discretion: The Inconsistency of Optimal Plans'.

Journal of Political Economy, Vol.85 (3), 1977.

Laubach, T. and J. C. Williams. 'Measuring the Natural Rate of Interest'. The Review of Economics and Statistics, 85 (4), November 2003.

Leeper, L.M. and J.E. Roush. 'Putting 'M' Back into Monetary Policy'. NBER Working Paper No.W9552, March 2003.

Levinson, A. 'Balanced Budgets and Business Cycles: Evidence from the States'. National Tax Journal LI, 1998.

Lucas, Jr. E.Robert. 'Money Demand in the United States: A Quantitative Review', Carnegie-Rochester Conference Series on Public Policy, Autumn, 1988.

McCallum, B. 'Specification of Policy Rules and Performance Measures in Multi-Country Studies'.

NBER Working Paper No. 1897, 1994.

—— . 'Monetary Policy Analysis in Models Without Money'. NBER Working Paper No. 8174, 2001.

—— . 'Monetary Policy in Economies with Little or No Money'. NBER Working Paper No. 9838, July 2003.

Mishkin, F. 'Understanding Financial Crises: A Developing Country's Perspective'. NBER Working Paper No. 5600, 1996.

—— . 'Can Inflation Targeting Work in Emerging Market Countries'. NBER Working Paper No. 10646, 2004.

Mohan, Rakesh. 'Challenges to Monetary Policy in a Globalising Context'. RBI Bulletin, January, No.

2004a.

—— . 'Finance for Industrial Growth'. RBI Bulletin, March 2004b.

—— . 'Financial Sector Reforms in India: Policies and Performance Analysis'. RBI Bulletin October 2004c.

Mohanty, D. and A.K.Mitra. 'Experience with Monetary Targeting in India'. Economic and Political Weekly, January, 1999.

Mohanty, M.S. and Klau, M. 'Monetary Policy Rules in Emerging Market Economies: Issues and Evidence'. BIS Working Paper, No.149, March, 2004.

Narasimham, M. 'Monetary Policy and Economic Development'. Artha Vikas, 1968.

Neyapti, B. 'Budget Deficits and Inflation: The Roles of Central Bank Independence and Financial Market Development'. Contemporary Economic Problems, 21, 458-75, October, 2003.

Nordhaus, W. 'The Political Business Cycle'. Review of Economic Studies, 1975.

OECD, 'Fiscal Sustainability; the Contribution of Fiscal Rules' Economic Outlook No. 72, December, 2002.

Padoa - Schioppa, T. 'Central Banking Over the Last Thirty Years', Speech Delivered at the Governor's Dinner, Basle, BIS Review No. 41, April 1977.

Persson, Torsten and Tabellini, Guido. 'Political Economics and Public Finance'. CEPR - NBER

Discussion Papers No. 2235, 1999.

Phelps, E. S. 'Philips Curve, Expectations of Inflation and Optimal Unemployment Overtime’’. Economica, Vol. 34 (3), 1967.

Poterba, J. 'State Responses to Fiscal Crises: The Effects of Budgetary Institutions'. Journal of Political Economy, 102, 1994.

Poole, W. 'Optimal Choice of Monetary Policy Instrument in a Simple Stochastic Macro Model'. Quarterly Journal of Economics, Vol.84, 1970.

Poole, W. 'Monetary Policy Lessons of Recent Inflation and Disinflation'. Journal of Economic Pespectives, Summer, 1988.

Pradhan, Basanta K., and A. Subramanian. 'On the Stability of Demand for Money in a Developing Economy: Some Empirical Issues'. Journal of Development Economics, Vol. 72(1), 2003.

Pringle, R. and N. Courtis. Objectives, Governance and Profits of Central Banks, Central Banking Publications, 1999.

Rama Rau, B. 'Inflation and Monetary Policy'. Speech Delivered at University of Madras, April, 1960 Reprinted in Governors Speak, RBI, 1997.

Rangrajan, C. 'Issues in Monetary Management'. Presidential Address at 71st Annual Conference of the Indian Economic Association, 1988.

Rangarajan, C. 'Autonomy of Central Banks'. 10th M.G. Kutty Memorial Lecture, Kolkata, September 1993, reprinted in Governors Speak.

—— . and R.R. Arif. 'Money, Output and Prices- A Macro Econometric Model'. Economic and Political Weekly, Vol.25, No.16, 1990.

Reddy, Y.V. 'Financial Sector Reforms and RBI's Balance Sheet Management'. RBI Bulletin, December 1997.

—— . 'Monetary Policy Operating Procedures in India.’’ BIS Policy Papers No. 5, March, 1999a.

—— .'Monetary Policy in India: Objectives, Instruments, Operating Procedures and Dilemmas'. RBI

Bulletin, July, 1999b.

—— .'Developments in Monetary Policy and Financial Markets'. RBI Bulletin, May 2001a. —— .'Autonomy of the Central Bank: Changing Contours'. RBI Bulletin, November 2001b. —— . 'Parameters of Monetary Policy in India'. RBI Bulletin, February 2002.

—— . 'Credit Policy, Systems and Culture, RBI Bulletin, March 2004a.

—— . 'Financial Stability : Indian Experience.’’ RBI Bulletin, July, 2004b.

Reserve Bank of India. 'History of the Reserve Bank of India: 1935-1951'. 1970.

—— .'Functions and Working of the Reserve Bank of India'. 4th Edition, 1983.

—— . 'Report of the Committee to Review the Working of the Monetary System'. (Chairman: Sukhomoy Chakravarty). 1985.

—— . 'Annual Report, 1991-1992'. 1992. —— . 'Annual Report, 1992-1993'. 1993. —— . 'Annual Report, 1996-1997'. 1997.

—— . 'Monetary and Credit Policy Statement'. April 1998.

—— .'Report of the Working Group on Money Supply: Analytics and Methodology of Compilation'.

(Chairman: Dr. Y.V. Reddy). June 1998a.

—— . 'Annual Report, 1999-2000'. 2000.

—— . 'Monetary and Credit Policy Statement'. May, 2000.

—— . 'Report of the Advisory Group on Transparency in Monetary and Financial Policies' (Chairman: Shri M. Narsimham), Standing Committee on International Financial Standards and Codes, 2000.

—— . 'A Short-term Liquidity Forecasting Model for India'. 2002.

—— . 'Report of the Internal Group on Liquidity Adjustment Facility'. RBI Bulletin, January 2004a.

Reserve Bank of India. 'Report of the Working Group on Instruments of Sterilisation'. (Chairperson: Smt. Usha Thorat). RBI Bulletin, April 2004b.

—— . 'Annual Report 2003-04'. August 2004c.

—— .'Report on Currency and Finance, 2001-02’’. 2003.

Rogoff, K. 'The Optimal Degree of Commitment to an Intermediate Monetary Target'. Quarterly Journal of Economics No. 100, November 1985.

Sargent, J.Thomas and Neil Wallace. 'Some unpleasant Manetarist Arithmetic,’’ Federal Reserve Bank of Minneapolis Quarterly Review, 1981.

Schaechter, A. 'Implementation of Monetary Policy and the Central Bank's Balance Sheet'. IMF Working Paper No. 01/149, 2001.

—— .et al, 'Forecasting Liquidity'. IMF Working Paper, 2001.

Schwartz, Anna J. 'Why Financial Stability Depends on Price Stability'. Economic Affairs, Autumn, 1995.

Selowsky. M. 'Pre-conditions Necessary for the Recovery of Latin America's Growth'. Paper Presented at the Latin American Meeting of the World Economic Forum at Geneva from June 22-23, 1989, the World Bank, Washington, 1989.

Sen Gupta Indranil, Indranil Bhattacharyya, Satyananda Sahoo and Siddhartha Sanyal. 'Anatomy of Liquidity Management'. RBI Occasional Papers, Vol. 21(2-3), 2000.

Serletis, A. and K rause, David. 'Empirical Evidence on the Long-run Neutrality Hypothesis Using Low-Frequency International Data'. Economic Letters, Vol. 50(3), 1996.

Sriram, Subramanian, S. 'A Survey of Recent Empirical Money Demand Studies'. IMF Staff Papers, September, 2001.

Stella, P. 'Do Central Banks Need Capital?'. IMF Working Paper, July, 1997.

Stefan G. and L.O. Svensson. 'Money and Inflation in the Euro Area: A Case for Monetary Indicators'.

Journal of Monetary Economics No. 50, May 2003.

Stone, M.R. and A.J. Bhundia. 'A New Taxonomy of Monetary Regimes'. IMF Working Paper, No. 04/ 191, 2004.

Stock, J.H. and M.H.Watson. 'A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems'. Econometrica, Vol. 61, 1993.

Stock, J.H. and Watson, M.W. 'Has the Business Cycle Changed and Why?'. NBER Macroeconomics Annual, 2002.

Tarapore, S.S. 'Monetary Policy, Internal Debt and Autonomy of the Central Bank'. In (eds) Montek S.Ahluwalia, Y.V.Reddy and S.S. Tarapore, Macroeconomics and Monetary Policy : Issues for a Reforming Economics, Oxford University Press, New Delhi, 2002.

Taylor, J. B. 'Discretion versus Policy Rules in Practice'. Carnegie-Rochester Conference Series on Public Policy, No. 39, 1993.

Theil, H. Economic Forecasts and Policy. 2nd Edition, North-Holland, Amsterdam, 1961.

Tinbergen, J. On the Theory of Economic Policy. 2nd Edition, North-Holland, Amsterdam, 1952.

Trichet. J.C. 'The ECB's Use of Statistics and Other Information for Monetary Policy'. Keynote Address Delivered at the OECD's World Forum on KeyIndicators of Statistics, Knowledge and Policy, Palermo, November 11, 2004.

Van't dack, J. 'Implementing Monetary Policy in Emerging Market Economies'. BIS Policy Paper No. 5, 1999.

Vasudevan, A. 'Demand for Money in India-A Survey of Literature'. RBI Staff Occasional Papers, Vol.

2, No.1, 1977.

Volcker, P. A. 'The Role of Monetary Targets in an Age of Inflation'. Journal of Monetary Economics, 4 (2), 329-39, 1978.

Walsh, C.E. 'Optimal Contracts for Central Bankers'. American Economic Review, Vol.85 (1), 1995.

Walsh, C. 'Modern Central Banking: An Academics Perspective', Central Bank of the Republic of Armenia, November 2003.

Woodford, M. 'A Neo-Wicksellian Framework for the Analysis of Monetary Policy'. Manuscript, Princeton University, September 17, 2000.

Zhu, F. 'Central Bank Balance Sheet Concerns, Monetary and Fiscal Rules, and Macroeconomic Stability'. Mimeo, Department of Economics, Yale University, 2003.



IV. MONETARY POLICY IN AN OPEN ECONOMY

Aizenman, Joshua, Yeonho Lee and Yeongseop Rhee. 'International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea', SCCIE Working Paper No. 04-10; UC Santa Cruz Economics Working Paper No. 569, May 2004.

Anderson, H.M. N.S. Kwark and F. Vahid 'Does International Trade Synchronize Business Cycles?'.

Monash Econometrics and Business Statistics Working Paper No 8/99, Department of Econometrics and Business Statistics, Monash University, 1999.

Ariyoshi, A., Karl Habermeier, Bernard Laurens, Inci Otker-Robe, Iorge Ivan Camels-Kriljinko and Andrei Kirilenko. 'Capital Controls - Country Experiences With Their Uses and Liberalisation'. IMF

Occasional Paper 190, May 2000.

Axilrod, S. H. - 'Transformations to Open Market Operations: Developing Economies and Emerging Markets'. Economic Issues No. 5, IMF, 1998.

Ball, L. 'Policy Rules For Open Economies'. NBER Working Paper No. 6760, 1998.

Baxter, Marianne and Michael A. Kouparitsas. 'Determinants of Business Cycle Comovement: A Robust Analysis'. NBER Working Paper No. 10725, 2004.

Begg, David. 'Capital Inflows, Monetary Policy and the Exchange Rate Regime'. Working Papers No.

1 , International Centre for Economic Growth, European Centre, September 2001.

Bergin, P.R. and O. Jorda. 'Measuring Monetary Policy Interdependence'. Journal of International Money and Finance, Vol. 23, 2004.

Blinder, Alan S. Central Banking in Theory and Practice. Cambridge, Mass.: The MIT Press, 1998.

Bond, T. J. 'Capital Inflows to Asia: The Role of Monetary Policy'. In The Mixed Blessing of financial Inflows : Transition Countries in comparative perspective, (eds.) J. Gacs, R.Holzmann and M. L.

Wijzan, International Institute of Applied Systems, 1999.

Bordo, Michael and Thomas Helbling. 'Have National Business Cycles Become More Synchronised?'.

NBER Working Paper No. 10130, 2003.

Brooks, Robin; Kristin Forbes, Jean Imbs and Ashoka Mody. 'Dancing in Unison'. Finance and Development, Vol. 40, June 2003.

Buch, Claudia M. 'Business Cycle Volatility and Globalisation: A Survey'. Keil Working Paper No. 1107, Keil Institute of World Economics, Germany, 2002.

Calvo, Guillermo A, Leonardo Leiderman, and Carmen M Reinhart. 'Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors'. IMF Staff Papers, Vol. 40, No. 1, March 1993.

—— . 'The Capital Inflows Problem: Concepts and Issues,' Contemporary Economic Policy, Vol. 12, No.3, Oxford University Press, July 1994.

Calvo, Guillermo A. and Carmen M. Reinhart. 'Fear of Floating'. Quarterly Journal of Economics, Vol.117, No. 2, May 2002.

Chitre, V. 'Global Slowdown and the Indian Economy'. Economic and Political Weekly, Vol. 38, May 2003.

Christiano, L.J; Martin Eichenbaum and Charles Evans. 'Monetary Policy Stocks : What Have We Learned and to What End?' Mimeo, North-Western University, 1999.

Clarida, Richard, Jordi Gali and Mark Gertler. 'A Simple Framework For International Monetary Policy Analysis'. Journal of Monetary Economics, Vol. 4, No.5, pp. 879-904, 2002.

Cowan, K., J. De Gregorio. 'Exchange Rate Policies and Capital Account Management: Chile in the 1990s'. In Managing Capital Flows and Exchange Rates, Perspectives from the Pacific Basin,

Glick, R. (ed.) Cambridge University Press,1997.

Crosby, M. and G. Voss. 'Business Cycle Correlations in Asia-Pacific'. Paper for ESAM 2002, Brisbane.

De Gregorio, José, Sebastian Edwards and Rodrigo Valdes. 'Capital Controls in Chile: An Assessment' Presented at the 11th Inter-American Seminar on Economics, Rio de Janeiro, Brazil, 1998.

—— . 'Controls on Capital Inflows: Do they Work?'. NBER Working Paper No. 7645, April 2000.

Dean, M. and Maria Sebastia-Barriel. ' Why Has World Trade Grown Faster than World Output?'.

Bank of England Quarterly Bulletin, Autumn 2004.

Detken, C and V. Gaspar. 'Maintaining Price Stability Under Free-Floating: A Fearless Way out of the Corner?'. ECB Working Paper No. 241, July 2003.

Dua, P. and A. Banerji. 'A Leading Index for the Indian Economy'. Centre for Development Economics Working Paper No. 90, 2001a.

—— . 'An Indicator Approach to Business and Growth Rate Cycles: The Case of India'. Indian Economic Review, Vol. 36, No.1, January-June 2001b.

Edwards, Sebastian. 'How Effective Are Controls on Capital Inflows? An Evaluation of Chile’s Experience'. The Journal of Economic Perspectives, Fall 1999.

—— . 'Managing the Capital Account', Paper Preapared for presentation at the Central Bank of Chile’s Conference on ‘External Vulnerability and Prevention Policies’, Santiago, Chile, August 2004.

Ferguson, Jr. Roger W. 'Global Imbalances'. Speech at the European Institute Roundtable on Financial and Monetary Affairs, Washington, D.C., April 23, 2004.

Ferruci, G, V. Herzberg, F. Soussa and A.Taylor. 'Understanding Capital Flows to Emerging Market Economies'. Financial Stability Review, Bank of England, June 2004.

Folkerts-Landau, D., and T. Ito. 'International Capital Markets: Developments, Prospects, and Policy Issues'. World Economic and Financial Surveys, International Monetary Fund, 1995.

Frankel, Jeffrey A., Sergio L. Schmukler and Luis Serven. 'Global Transmission of Interest Rates: Monetary Independence and Currency Regime'. NBER Working Paper No. 8828, March 2002.

Freund, Caroline L. 'Current Account Adjustment in Industrialized Countries'. International Finance Discussion Papers, No. 692, Board of Governors of the Federal Reserve System, December 2000.

Gagnon, J.H., M. Leahy and C. Thomas. 'External Adjustment, Exchange Rates and Monetary Policy'.

Paper for the Autumn Meeting of Central Bank Economists at the BIS on Exchange Rates and Monetary Policy, October 2004.

Gordon, James and Poonam Gupta. 'Nonresident Deposits in India: In Search of Return?'. IMF Working Paper No. 04/48, March 2004.

Higgins, Matthew and Thomas Klitgard. 'Reserve Accumulation: Implications for Global Capital Flows and Financial Markets' Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 10, No. 10, September/October 2004.

Ho, Corrinne and Robert N. McCauley. 'Living with Flexible Exchange Rates: Issues and Recent Experience in Inflation Targeting Emerging Market Economies'. BIS Working Papers No. 130, February 2003.

Hoggarth, G. and Gabriel Sterne. 'Capital Flows: Causes, Consequences and Policy Responses'.

Handbooks in Central Banking, No. 14, Bank of England, December 1997.

Imbs, Jean. 'Trade, Finance, Specialization, and Synchronization,' IMF Working Paper No. 03/81, 2003.

International Monetary Fund. 'International Linkages: Three Perspectives'. World Economic Outlook, Chapter II, October 2001.

—— . 'World Economic Outlook'. September 2003.

—— . 'World Economic Outlook'. September 2004.

Issing, Otmar. 'Some Reflections on Handling Monetary Policy in a Global Environment'. Speech at International Research Forum on Monetary Policy, July 5, 2002.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence: Global Evolution and the Indian Experience'. RBI Occasional Papers, Vol. 24, Nos. 1 and 2, 2003.

Jalan, Bimal. 'International Financial Architecture: Developing Countries’ Perspectives'. RBI Bulletin, October 1999.

—— . 'Bank of England Seminar on International Financial Architecture' Speech at Symposium of Central Bank Governors hosted by Bank of England, London, July 2002.

—— . 'Exchange Rate Management: An Emerging Consensus'. Speech at 14th National Assembly of Forex Association of India, August 2003.

Johnson, M.H. 'The New Economy: Implications for Monetary Policy', Paper prepared for the Cato Institute’s Annual Monetary Conference at Washington, October 2000.

Khan, Mohsin, S. and Carmen, M. Reinhart. 'Capital Flows in the APEC Region'. IMF Occasional Papers 122, International Monetary Fund, 1995.

Kim, G. 'Exchange Rate Constraints and Money Control in Korea.' Federal Reserve Bank of St. Louis Working Paper Series, 95/011 A, 1995.

Kletzer, Kenneth and Mark M. Speigel. 'Speculative Capital Inflows and Exchange Rate Targeting in the Pacific Basin: Theory and Evidence'. In Managing Capital Flows and Exchange Rates – Perspectives from the Pacific Basin, (ed.), Reuven Glick, Cambridge University Press, 1998.

Kletzer, Kenneth and Mark M. Spiegel. 'Sterilisation Costs and Exchange Rate Targeting'. Journal of International Money and Finance, Vol. 23, 2004.

Kose, M. A., E. S. Prasad, and M. E. Terrones. 'How Does Globalisation Affect the Synchronisation of Business Cycles?'. IMF Working Paper No.WP/03/27, January 2003.

Kouri, P., and M. Porter, 'International Capital Flows and Portfolio Equilibrium,’’ Journal of Political Economy, Vol. 88, 1974.

Laurens, Bernard and Jaime Cardoso. 'Managing Capital Flows: Lessons from the Experience of Chile'.

IMF Working Paper No.98/168, December 1998.

Lee, Jang-Yung. 'Implications of a Surge in Capital Inflows: Available Tools and Consequences for the Conduct of Monetary Policy'. IMF Working Paper No. 96/53, May 1996.

Lopez-Mejia, Alejandro. 'Large Capital Flows: A Survey of the Causes, Consequences, and Policy Responses'. IMF Working Paper No. 99/17, February 1999.

Mall, O.P. 'International Business Cycles Beyond G-7: The Case of India', Reserve Bank of India Occasional Papers, Vol. 22 (Summer, Monsoon and Winter), 2001.

Mann, C. 'How Long the Strong Dollar?', Dollar Overvaluation and the World Economy In C.F. Bergsten and J. Williamson (eds), Institute for International Economics, Washington, D.C., 2003.

Mboweni, T.T. 'Globalisation and Implications for Monetary Policy in South Africa, Speech Delivered at Cape Town, February 2002.

McCauley, R. N. 'Setting Monetary Policy in East Asia: Goals, Developments and Instututions'. Reserve Bank of Austria Annual Conference, Vol., 2001.

Meltzer, Alan H. 'On Making Monetary Policy More Effective Domestically and Internationally'. In Towards More Effective Monetary Policy, (ed.) Iwao Kuroda, MacMillan Press Limited, London, 1997.

Milesi-Ferretti, G.M and A. Razin.'Current Account Reversals and Currency Crises: Empirical Regularities'. In Currency Crises, P. Krugman, (ed.) Chicago University Press, 2000.

Mishkin Frederic S. 'The Transmission Mechanism and the Role of Asset Prices in Monetary Policy',

NBER Working Paper No.8617, 2001.

Mohan, Rakesh. 'Challenges to Monetary Policy in a Globalising Context'. RBI Bulletin, January 2004a.

—— . 'Orderly Global Economic Recovery: Are Exchange Rates Adjustments Effective Any More?'.

RBI Bulletin, April 2004b.

—— . 'Financial Sector Reforms in India: Policies and Performance Analysis'. RBI Bulletin, October 2004c.

Mohanty, D., Muneesh Kapur and Satyananda Sahoo. 'Management of ‘Non-Resident Deposits’ in External Debt Management - Role of Financial Intermediaries'. Credit Rating Information Services of India (Crisil), 2000.

Montiel, Peter and Carmen M. Reinhart. 'Do Capital Controls and Macroeconomic Policies Influence the Volume and Composition of Capital Flows? Evidence from the 1990s'. Journal of International Money and Finance, Vol. 18, No. 4, 1999.

Moreno, Ramon. 'Intervention, Sterilisation and Monetary Control in Korea and Taiwan'. Economic Review, No.3, Federal Reserve Bank of San Francisco. 1996.

Mukherjee, S. 'Cyclical Fluctuations in ASEAN and India'. In Economic Reforms and Development, (ed.) R. K. Sen, Deep & Deep Publications (P) Ltd., New Delhi, 2003.

Obstfeld, Maurice and Alan M. Taylor. 'Globalisation and Capital Markets'. NBER Working Paper No.

8846, March 2002.

Obstfeld, Maurice, Jay C. Shambaugh and Alan M. Taylor. 'The Trilemma in History: Trade-offs among Exchange Rates, Monetary Policies and Capital Mobility'. NBER Working Paper No. 10396, March 2003.

Obstfeld M. and K. Rogoff. 'Global Implications of Self-Oriented National Monetary Rules', Quarterly Journal of Economics, Vol.117, 2002.

—— . 'The Unsustainable US Current Account Position Revealed', NBER Working Paper No. 10869, November 2004.

Obstfeld, Maurice. 'External Adjustment'. Review of World Economics, No. 4, 2004.

Otto, G., G. Voss, and L. Willard. 'Understanding OECD Output Correlations'. Research Discussion Paper 2001-05, University of New South Wales, School of Economics, New South Wales, 2001.

Parry, R.T. 'Conducting Monetary Policy in a Global Economy.' National Association for Business Economics, 1998.

Pattanaik, S. 'Target and Instruments for the External Sector with an Open Capital Account'. Economic and Political Weekly, Vol.32, No.40, October 1997.

Pattanaik, S. and A.K. Mitra. 'Interest Rate Defence of Exchange Rate: Tale of the Indian Rupee', Economic and Political Weekly, Vol. 36, No. 46, November 24 2001.

Pattnaik, R. K., M. Kapur and S.C.Dhal. 'Exchange Rate Policy and Management: The Indian Experience'.

Economic and Political Weekly, Vol. 38, No. 22, 2003.

Peersman,G. and F. Smets. 'Are the Effects of Monetary Policy in the Euro Area Greater in Recessions than in Booms?'. ECB Working Paper No. 52, 2001.

Reddy, Y.V. 'The Global Economy and Financial Market'. Speech at the International Monetary and Financial Committee at Dubai, September 2003.

—— . 'Towards Globalisation in the Financial Sector in India'. RBI Bulletin, January 2004a.

—— . 'A Policy Update', Speech Delivered at New Delhi on April 7, 2004b.

—— . 'The Global Economy and Financial Markets – Sustaining the Recovery'. Statement at IMFC

Meeting, RBI Bulletin, May 2004c.

Reinhart, Carmen M. and R. Todd Smith. 'Too Much of a Good Thing: The Macroeconomic Effect of Taxing Capital Inflows'. In Managing Capital Flows and Exchange Rates – Perspectives from the Pacific Basin, (ed.) Reuven Glick, Cambridge University Press, 1998.

Reinhart, Carmen M. and Vincent R. Reinhart. 'On the Use of Reserve Requirements in Dealing with Capital Flow Problems'. International Journal of Finance and Economics, Vol. 4, No. 1, January 1999.

Reinhart, Carmen M. and Todd Smith. 'Temporary Controls on Capital Inflows'. NBER Working Paper No. 8422, 2001.

Reserve Bank of India. 'Annual Report 1993-94'. 1994. —— . 'Monetary and Credit Policy, 2001-02', April 2001. —— . 'Report on Currency and Finance, 2000-01'. 2002.

—— . 'Report on Currency and Finance, 2002-03'. January 2003a.

—— . 'Statement on Monetary and Credit Policy'. April 2003b.

Reserve Bank of India. 'Annual Report, 2002-03'. August 2003c.

—— . 'Report of the Working Group on Instruments of Sterilisation'. December 2003d.

—— . 'Report on Currency and Finance, 2002-03'. January 2004a.

—— . 'Annual Policy Statement for the Year 2004-05'. May 2004b.

—— . 'Mid-Term Review of Monetary and Credit Policy, 2004-05'. October 2004c.

Reserve Bank of New Zealand. 'Background information on the Reserve Bank’s Proposal to Extend the Purpose for Which it Holds Foreign Exchange Reserves'. March 17, 2004.

Schadler, S., M. Carkovic, A. Bennett and R. Kahn. 'Recent Experiences with Surges in Capital Inflows'.

IMF Occasional Paper No.108, 1993.

Solans, Eugenio D. 'Commentary: How Should Monetary Policymakers Respond to the New Challenges of Global Economic Integration?' In Global Economic Integration: Opportunities and Challenges, Federal Reserve Bank of Kansas City. 2000.

Soto, Claudio. 'Controles a los Movimientos de Capitales: Evaluación Empírica del Caso Chileno'.

Banco Central de Chile, 1997.

Spiegel, Mark M. 'Sterilisation of Capital Inflows through the Banking Sector: Evidence from Asia'.

Economic Review, No. 3, Federal Reserve Bank of San Francisco, 1995.

Stock, James H. and Mark W. Watson. 'Has the Business Cycle Changed? Evidence and Explanations'.

Paper presented at a Conference on Monetary Policy and Uncertainty: Adapting to a Changing Economy at Jackson Hole, WY, August 29, 2003.

Trichet, Jean-Claude. 'Issues in Monetary Policy: Views from the ECB'. April 26, 2004.

Valdes-Prieto, S. and M. Soto. 'The Effectiveness of Capital Controls: Theory and Evidence from Chile'.

Empirica, Vol. 25, No.2, 1998.


V. MONETARY POLICY AND INFLATION

Ahearne, Alan; Joseph Gagnon; Jane Haltmaier and Steve Kamin. 'Preventing Deflation: Lessons from Japan’s Experience in the 1990s'. International Finance Discussion Paper No. 729, Federal Reserve Board, 2002.

Akerlof, G; William Dickens and George Perry. 'The Macroeconomics of Low Inflation'. Brooking Papers on Economic Activity, Vol.1, 1996.

—— . 'Near Rational Wage and Price Setting and Long-run Phillips Curve'. Brookings Papers on Economic Activity, Vol.1, 2000.

Bailliu, J. and E. Fujii. 'Exchange Rate Pass-Through and the Inflation Environment in Industrialised Countries: An Empirical Investigation', Bank of Canada Working Paper No.21, 2004

Ball, L. 'Is Equilibrium Indexation Efficient?'. Quarterly Journal of Economics, May 1988.

—— . 'What Determines the Sacrifice Ratio?'. In Monetary Policy, (ed.) N.G.Mankiw, University of Chicago Press, 1994.

—— . 'Monetary Policy Rules in an Open Economy' In (ed.) J.B.Taylor, Monetary Policy Rules. University of Chicago Press, Chicago, 1999.

Ball, L.N and Mankiw, N.G. 'Relative Price Changes as Aggregate Supply Shocks', Quarterly Journal of Economics, Vol. 110, No.1, 1995.

Ball, L. and G. Mankiw. 'The NAIRU in Theory and Parctice,' Journal of Economic Perspectives, No.16, 2002.

Ball, L and N. Sheridan. 'Does inflation Targeting Matter?'. NBER Working Paper No 9577, 2003.

Barsky, R.B. and L. Kilian. 'Do We Really Know that Oil Caused the Great Stagflation: A Monetarist Alternative', In NBER Macroeconomics Annual 2001, (eds.) B.S.Bernanke and K.Rogoff, Vol.

16, Cambridge, MA: MIT Press, 2001.

—— . 'Oil and the Macroeconomy Since the 1970s'. NBER Working Paper 10855, October 2004.

Bernanke, Ben S. and F. S. Mishkin. 'Inflation Targeting: A New Framework of Monetary Policy'. Journal of Economic Perspectives, American Economic Association, Vol. 11, No. 2, Spring,1997.

Bernanke, Ben S., T. Laubach, F. S. Mishkin and A. S. Posen. 'Inflation Targeting: Lessons from the International Experience'. Princeton University Press, 1999.

Bernanke, Ben S. 'A Perspective on Inflation Targeting'. Speech at the Annual Washington Policy Conference of the National Association of Business Economists, Washington, DC, March 2003.

Bernanke, Ben S. 'Constrained Discretion and Monetary Policy'. Remarks before the Money Marketeers of New York University, New York, February 3, 2003.

Bernanke, Ben S. 'What Policymakers Can Learn from Assets Prices'. Federal Reserve Board, April 2004.

Bennet T. McCallum (2003), 'Is the Fiscal theory of the Price Level Learnable?', NBER Working Paper No. 9961.

Brave, S. and Fisher, J.D.M. 'In Search of a Robust Inflation Forecast'. Economic Perspectives, Vol.

40, Federal Reserve Bank of Chicago, 2004.

Bruno, M and William Easterly. 'Inflation Crises and Long Term Growth'. NBER Working Paper 5209, 1995.

Bryan, M.F. and Cecchetti S.G and Wiggins II, R. 'Efficient Inflation Estimation’, NBER Working Paper No. 6183, September 1997.

Bryan, M.F., and Cecchetti S.G. 'Measuring Core Inflation', NBER Working Paper No.4303, March 1993. Buiter, Willem H. 'The Fallacy of the Fiscal Theory of the Price Level'. NBER Working Paper No. 7302, 1999. —— . 'The Fiscal Theory of the Price Level: A Critique'. The Economic Journal, Vol. 112, July 2002.

—— .'A Small Corner of International Public Finance-New Developments in Monetary Economics: Two Ghosts, Two Eccentricities, A Fallacy, A Mirage and A Mythos'. NBER Working Paper No. 10524, May 2004.

Burstein, Ariel, Martin Eichenbaum, and Sergio Rebelo. 'Why Is Inflation So Low After Large Devaluations?'. Mimeo, Northwestern University, 2003.

Calvo, Guillermo A. and Carmen M. Reinhart. 'Fear Of Floating'. The Quarterly Journal of Economics, Vol. 117, No.2, May 2002.

Campa, J.M and L. Goldberg. 'Exchange Rate Pass-through into Import Prices: A Macro or Micro Phenomenon?', NBER Working Paper No. 8934, 2002.

Catao, L. and Torrenes, Marco E. 'Fiscal Deficit and Inflation'. IMF Working Paper No. 65, April 2003.

Cecchetti S.G. 'Measuring Short-Run Inflation for Central Bankers'. National Bureau of Economic Research Working Paper No.5786, October 1996.

Cecchetti S.G and Guy Debelle. 'Has the Inflation Process Changed?'. Paper prepared for the Third BIS Annual Conference on ‘Understanding Low Inflation and Deflation’ at Brunnen, Switzerland, June 2004.

Cedric Scholtes. ‘On Market-based Measures of Inflation Expectations’, Bank of England Quarterly Bulletin, Spring 2002.

Charles T. Carlstrom and Timothy S. Furest. 'The Fiscal Theory of the Price Level', Economic Review, Federal Reserve Bank of Cleveland, 2000.

Choudhri, E.U. and D.S.Hakura. 'Exchange Rate Pass-through to Domestic Prices: Does the Inflationary Environment Matter?', IMF Working Paper No. 194, 2001.

Choudhri, E.U.; H.Faruqee and D.S.Hakura. 'Explaining the Exchange Rate Pass-through in Different Prices', IMF Working Paper No. 224, 2002.

Christiano, Lawrence J. and Terry J. Fitzgerald ,'Inflation and monetary policy in the twentieth century'.

Federal Reserve Bank of Chicago, Economic Perspectives, First Quarter, 2003.

Clarida, R., J. Gali and M. Gertler. 'Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory', NBER Working Paper No. 6442, 1998.

Clarida, R., M. Gertler and J. Gali. 'Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory,' Quarterly Journal of Economics, Vol.115, No.1, 2000.

Clark, Todd E. Disaggregate Evidence on the Persistence of Consumer Price Inflation. Working Paper R 03-11. Federal Reserve Bank of Kansas City. December 2003.

Clark, Todd E. 'An Evaluation of the Decline in Good Inflation'. Federal Reserve Bank of Kansas City Economic Review, Second Quarter, 2004.

Cochrane, J.H. 'A Frictionless View of US Inflation' in Ben. S. Bernanke and J.J. Rotemberg (eds.), NBER Macroeconomics Annual, Cambridge MA, MIT Press, 1999.

Cunningham, A., A.G. HaldanE. 'The Monetary Transmission Mechanism in the United Kingdom: Pass-through and policy rules. Prepared for the third Annual Conference of the Central Bank of Chile, September, 1999.

DeLong, J.Bradford. 'Should We Fear Deflation?' Brookings Papers on Economic Activities, Vol. 1, 1999.

Devereux, M. and C. Engel. 'Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect'. NBER Working Paper No. 8858, March 2002.

Domac, I and E.H.Yucel. 'What Triggers Inflation in Emerging Market Economies?'. World Bank Policy Research Working Paper No. 3376, 2004.

Donald T Brash, 'Inflation Targeting 14 years on'. Speech delivered at the American Economic Association, January 2002.

Dubravko, Mihaljek and Marc Klau. A Note on Pass-through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies. In 'Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Economies'.

BIS Papers No. 8. Bank for International Settlements. 2001.

Dudley, William. 'Treasury Inflation-Protection Securities: A Useful Tool, But not a Cure-all,' (New York: Goldman Sachs Investment Research), 1996.

Eckstein, O. 'Core Inflation'. Englewood Cliffs, N.J. Prentice Hall, inc., 1982.

Eichengreen, Barry. 'Can Emerging Markets Float? Should They Inflation Target?'. Working Paper Series 36, Banco Central do Brasil, February 2002.

Faruqee, Hamid. 'Exchange Rate Pass-Through in the Euro Area: The Role of Asymmetric Pricing Behaviour'. IMF Working Paper No. 04/14, 2004.

Fatás, Antonio, Ilian Mihov, and Andrew K. Rose. Quantitative Goals for Monetary Policy. Discussion Paper No. 4445, Centre for Economic Policy Research, June 2004.

Fraga, A.; Minella, A. and Goldfajn, I. 'Inflation Targeting in Emerging Market Economies'. NBER Working Paper 10019, October 2003.

Frankel, Jeffrey, David Parsley and Shang-Jin Wei. 'Slow Passthrough Around the World: A New Import for Developing Countries?' Harvard University, July 8, 2004.

Freeman, D.G. 'Do Core Inflation Measures Help Forecast Inflation?'. Economics Letters, 58, 1998.

Friedman, M. 'The Role of Monetary Policy', American Economic Review, Vol. 58, 1968.

Furher, J.C and G.R.Moore. 'Forward-Looking Behaviour and the Stability of a Conventional Monetary Policy Rule'. Journal of Money, Credit and Banking, Vol. 27, 1995.

Gagnon, J. E. and J. Ihrig. 'Monetary Policy and Exchange Rate Pass-Through'. International Finance Discussion Papers. Number 704, Board of Governors of the Federal Reserve System, July 2001.

Gagnon, E.; P. Sabourin, and S. Lavoie. 'The Comparative Growth of Goods and Services Prices'. Bank of Canada Review, Winter 2003-2004.

Goodfriend, M. 'Financial Stability, Deflation and Monetary Policy', Bank of Japan IMES Discussion Paper No. 2000-E-27, 2000.

Gordon, 'The Time Varying NAIRU and its Implications for Monetary Policy'. Journal of Economic Perspectives, Vol. 11, No.1, 1997.

Gramlich, Edward. 'Maintaining Price Stability.' Remarks before the Economic Club of Toronto, Toronto, Canada, October 1, 2003.

Greenspan Alan. 'Current Account'. Remarks before the Economic Club of New York, March 2004.

—— . 'The Implications of Technological Changes'. Remarks at the Charlotte Chamber of Commerce.

July 1998.

Gurkaynak, R.S, B Sack and E Swanson, 'The Excess Sensitivity of Long-term Interest Rates: Evidence and Implications for Macroeconomic Models'. Board of Governors of the Federal Reserve System,

Finance and Economics Discussion Series No 2003-50, 2003.

Hahn, E. 'Pass through of External Shocks Top Euro Area Inflation'. ECB Working Paper Series, No.

243, 2003.

Holden, Steinar. 'The Costs of Price Stability - Downward Nominal Wage Rigidity in Europe'. NBER

Working Paper No. 8865, 2002.

International Monetary Fund. 'World Economic Outlook', IMF, 1996

—— . 'World Economic Outlook', IMF 2002.

—— . 'World Economic Outlook', IMF 2003.

—— . 'World Economic Outlook', IMF 2004.

Issing, O. 'Inflation targeting: A View from the ECB'. Federal Reserve Bank of St. Louis Review, Vol. 86, No.

4, July/August 2004.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence : Global Evolution and the Indian Experience', RBI Occasional Papers, Vol. 24, Nos. 1 and 2 (Summer and Monsoon), 2003.

Jalan, B. 'Monetary Policy: Is a Single Target Relevant?'. In India’s Economy in the New Millennium: Selected Essays (ed.). B. Jalan, Mumbai: UBS Publishers Distributors 2002.

Jeffry M. Wrase. 'Inflation Indexed Bonds: How do they Work', Business Review, July/August, 1997.

Jimenez-Rodriguez, R. and Sanchez, M. 'Oil Price Shocks and Real GDP Growth Empirical Evidence for Some OECD Countries'. ECB Working Paper Series No. 362, May 2004.

Judd, J. and G.M. Ruebusch. ' Taylor’s Rule and the Fed'. Economic Review, Federal Reserve Bank of San Francisco, 1998.

Kamin, Steven B., Mario Marazzi and John W. Schindler. 'Is China Exporting Deflation'? International Finance Discussion Papers No.791 Board of Governors of the Federal Reserve System, January 2004.

Karagedikli, Ozer and Kirdan Lees. 'Do Inflation Targeting Central Banks Behave Asymmetrically?

Evidence from Australia and New Zealand'. Discussion Paper DP2004/02, Reserve Bank of New Zealand, 2004.

Kannan, R. and H. Joshi. 'Growth-Inflation Trade Off: Empirical Estimation of threshoed Rate of Inflation for India'. Economic and Political Weekly, October 17-23/24-30, 1998, Vol. 33, Nos.42 and 43.

Khan, Mohsin and Abdelhak S Senhadji. 'Threshold Effects in the Relationship Between Inflation and Growth'. IMF Working Paper No. 00/110, 2000.

King, Mervyn. 'Challenges for Monetary Policy: New and Old'. At the Symposium New Challenges for Monetary Policy. Federal Reserve Bank of Kansas City, August 1999.

—— . 'Monetary Policy Developments' Speech at the Eden Project, Cornwall, October 2004.

Kohn, Donald L. 'Panel Discussion: Inflation Targeting' Federal Reserve Bank of St. Louis, July-August, 2004.

Krugman, Paul. 'It’s Baaack! Japan’s Slump and the Return of the Liquidity Trap,' Brookings Papers on Economic Activity, Vol. 2, pp. 137–187,1998.

Kuttner, K.N. 'A Snapshot of Inflation Targeting in its Adolescence' Paper Prepared for the Conference on the Future of Inflation Targeting, August 2004.

Lawrence J. Christiano and Terry J. Fotzgerald.' Understanding the Fiscal Theory of Price Level', Economic Review, Vol.36 No.2, Federal Reserve Bank of Cleveland, 2000.

Levin, A.T.; Fabio M. Natalucci and Jeremy M. Piger. 'The Macroeconomic Efects of Inflation Targetting'.

Paper presented at Annual Economic Policy Conference on Inflation Targeting: Prospects and Problems, 2004.

Loayza, N. and R. Soto. 'Inflation Targeting: An Overview'. In Inflation Targeting: Design, Performance, Challenges, (eds.) by N. Loayza and R. Soto, Santiago, Chile, 2002.

Lucas, R.E. 'Some International Evidence on Output-Inflation Tradeoffs', American Economic Review, Vol. 63, 1973.

Mann, C. 'How Long the Strong Dollar?' In the World Economy C. F. Bergsten and J. Williamson (eds.), Institute for International Economics, Washington, D.C., 2003.

Mahadeva, L and Sterne, G. 'The Role of Short-run Inflation Targets and Forecasts in Disinflation'.

Bank of England Working Paper No. 167, October 2002.

Mankiw, N.G. 'The Inexorable and Mysterious Trade-off between Inflation and Unemployment'. The Economic Journal, Vol. 111, 2001.

Marques, Carlos Robalo. 'Inflation Persistence: Facts or Artefacts?'.ECB Working Paper Series, No.

371, June 2004.

McCarthy, Jonathan. 'Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialised Economies,' Research Department, Federal Reserve Bank of New York, 2000.

McCallum, B.T. 'Is the Fiscal Theory of the Price Level Learnable', NBER Working Paper No. 9961, September 2003.

McCarthy, Jonathan. 'Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialised Economies', Federal Reserve Bank of New York Staff Reports No. 111, September 2000.

Meltzer, Allan H. 'Origins of the Great Inflation'. Prepared for the Conference Reflections on Monetary Policy 25 years after October 1979, Federal Reserve Bank of St. Louis, October 2004.

Mihaljek, D and M Klau. 'A Note on the Pass-through from Exchange Rate and Foreign Price Changes to Inflation in Selected Emerging Market Economies', BIS Paper No 8, 2001.

Mio, H and Higo, M. 'Underlying Inflation and the Distribution of Price Change: Evidence from the Japanese Trimmed-Mean CPI'. Institute for Monetary and Economic Studies, Bank of Japan, May 1999.

Mishkin, Frederic S. and Klaus Schmidt-Hebbel. 'One Decade of Inflation Targeting in the World: What do We know and What Do We Need to Know?'. NBER Working Paper No.8397, July 2001.

Mishkin, F.S. 'Can Central Banking Transparency Go Too Far?'. Paper Presented at a Conference on the Future of Inflation Targeting at Reserve Bank of Australia, August 2004.

Mohan, Rakesh 'Challenges to Monetary Policy in A Globalising Context', RBI Bulletin, January 2004a.

—— . 'Fiscal Challenges of Population Ageing: The Asian Experience', RBI Bulletin, October 2004b.

Mohanty, Deepak, D. P. Rath and M. Ramaiah. 'Measures of Core Inflation for India'. Economic and Political Weekly, February 2000.

Mohanty, M.S. and Marc Klau. 'What Determines Inflation in Emerging Market Economies?' In Modelling Aspects of the Inflation Process and the Monetary Transmission Mechanism in Emerging Market Economies. BIS Papers No. 8, Bank for International Settlements, 2001.

Morana, Claudio 'A Structural Common Factor Approach to Core Inflation Estimation and Forecasting'.

ECB Working Paper No.305, February 2004.

Nelson, Edward, and Kalin Nikolov. 'Monetary Policy and Stagflation in the U.K.'. Bank of England Working Paper No. 155, May 2002.

—— . 'U.K. Inflation in the 1970s and 1980s: the Role of Output Gap Mismeasurement'. Journal of Economics and Business, Vol.55, No.4, pp.353-370, 2003.

Noyer, Christian. 'The Role of Inflation- Indexed Bonds in the Process of Setting Monetary Policy: A

Central Banker’s Perspective'. Speech at the Morgan Stanley Seminar on Indexed Bonds at Paris, June 2004.

Orphanides, A. 'Monetary Policy Rules based on Real Time Data'. American Economic Review, Vol.

91, No. 4, 2001.

—— . 'The Quest for Prosperity without Inflation,' Journal of Monetary Economics, Vol.50, No. 3, pp.

633-663, 2003.

Peter S. Spiro. 'Evidence on Inflation Expectations from Canadian Real Return Bonds', Ministry of Finance, Canada, 2003.

Phelps, E. 'Phillips Curves, Expectations of Inflation and Optimal Unemployment Over Time', Economica, Vol. 34, 1967.

Phillips, A.W.H. 'The Relation between Unemployment and the Rate of Change of Money Wages in the United Kingdom, 1861-1957'. Economica, Vol. 25, 1958.

Quah D., and Vahey, S.P. 'Measuring Core Inflation', The Economic Journal, 105, September 1995.

Rangarajan, C; A. Basu and N. Jadhav 'Dynamics of Interaction Between Government Deficit and Domestic Debt in India' Reserve Bank of India Occasional Papers, September 1989.

Rangarajan, C. and R.R Arif 'Money, Output and Prices: A Macroeconometric Model', Economic and Political Weekly, Vol.25, No.16, 1990.

Rangarajan, C. 'Indian Economy: Essays on Money and Finance'. UBS Publishers, 1998. Reddy, Y. V. 'Inflation in India- Status and Issues', Reserve Bank of India Bulletin, October 1999. —— .'Current Concerns and Some Perspectives on Inflation'. RBI Bulletin, October, 2004.

Reserve Bank of India. 'Report of the Committee to Review the Working of the Monetary System'.

(Chairman: S. Chakravarty), 1985.

—— . 'Annual Report, 1996-97', 1997.

—— . 'Report on Currency and Finance 2001-02'. 2003a.

—— . 'Annual Report, 2002-03', 2003b.

—— . 'Discussion Paper on capital Indexed Bonds', May 2004.

—— . 'Report on Currency and Finance 2000-01'. 2002a.

Roger, Scot. 'A Robust Measure of Core Inflation in New Zealand', Reserve Bank of New Zealand Discussion Paper, G97/7,1997.

Rogoff Kenneth. 'Globalization and Global Disinflation', Federal Reserve Bank of Kansas City Economic Review, Fourth Quarter, pp. 45-79, 2003.

Romer, D and Christina D. Romer. 'The Evolution of Economic Understanding and Postwar Stabilization Policy' In Rethinking Stabilization Policy, Federal Reserve Bank of Kansas City, 2002.

Samanta, G. P. 'Core Inflation in India: Measurement and Policy Perspectives'. Reserve Bank of India Occasional Papers, Vol. 20, No. 1, Summer, 1999.

Samantaraya, A. and A. Prasad. 'Growth and Inflation in India: Detecting the Threshold'. Asian Economic Review, December 2001.

Sarel, M. 'Non-linear Effects of Inflation on Economic Growth', IMF Staff Papers, Vol.43, No.1, 1996.

Sargent, T.J. and N. Wallace. 'Some Unpleasant Monetarists Arithmetic', Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 5, No. 3, 1981.

Shiratsuka S. 'Inflation Measures for Monetary Policy: Measuring the Underlying Inflation Trend and its Implication for Monetary Policy Implementation', Institute for Monetary and Economic Studies, Bank of Japan, December 1997.

Sims, Christopher A. 'A model for Study of the Determination of the Price Level and the Interaction of Monetary and Fiscal Policy', Economic Theory, Vol. 4, No.3, 1994.

Sims, Christopher A. 'Limits to Inflation Targeting', NBER Macroeconomic Annual, 2003.

Sterne, G. 'Inflation Targets, Independence and MPCs: the UK and International Experience', A Paper Prepared for a Conference on Inflation Targeting in Practice at the Czech National Bank, Prague, May 2004.

Stock, James H. and Mark W. Watson. 'Has the Business Cycle Changed and Why?', NBER

Macroeconomics Annual, 2002.

Stock, James H. and Mark W. Watson. 'Forecasting Output and Inflation: The Role of Asset Prices'.

NBER Working Paper No. 8180, March 2001.

—— . 'Has the Business Cycle Changed? Evidence and Explanations'. Paper presented at a Conference on 'Monetary Policy and Uncertainty: Adapting to a Changing Economy' at Jackson Hole, WY, August 2003.

Svensson, Lars E.O. 'Inflation Targeting as a Monetary Policy Rule'. Journal of Monetary Economics, Vol.43, 1999.

Taylor, J. B. 'Low Inflation, Pass-Through, and Pricing Power of Firms', European Economic Review, Vol.44, Issue 7, June 2000.

—— . 'Low Inflation, Pass-through and the Pricing Power of Firms'. European Economic Review, Vol.

44. 2000

Vasudevan, A. 'Some Practical Issues in Monetary Policy Making', RBI Bulletin, January 1999.

Vasudevan, A., B. K. Bhoi and S. C. Dhal. 'Inflation Rate and Optimal Growth: Is There a Gateway to Nirvana?' In Fifty Years of Developmental Economics: Essays in Honour of Prof. Brahmananda. A. Vasudevan

(ed.), Mumbai: Himalya Publishing House, 1998.

Wagner, H. 'Implications of Globalisation for Monetary Policy'. IMF Working Paper No.01/184, November 2001.

Woodford, Michael. 'Price Level Determinacy without Control of Monetary Aggregate'. Carnegie-Rochester Conference Series on Public Policy, Vol.43, No.3. December 1995.

—— . 'Control of the Public Debt: A Requirement for Price Stability?' In The Debt Burden and its Consequences for Monetary Policy, (eds.) G.A.Calvo and M. King, London: Macmillan, 1997.

—— . 'Public Debt and Price level', Paper presented at the Conference on Government Debt Structure and Monetary Conditions, Bank of England, June 1998.

—— . 'Interest and Prices: Foundations of a Theory of Monetary Policy'. Princeton University Press, Princeton, 2003.

Wynne, M. 'Core Inflation: Some Conceptual Issues', Bank of England Quarterly Bulletin, Vol. 39, No.4, November 1999.

VI. BANK CREDIT

Banerjee, A.V.; S. Cole and E. Duflo. 'Banking Financing in India'. Available at http://econ-www.mit.edu/ faculty/download_pdf.php?id=595, 2003.

Bank for International Settlements. 'IT Innovations and Financing Patterns: Implications for the Financing System'. Prepared by a Working Group of the Committee on the Global Financial System, February 2002.

Benhabib, J., and M.Spiegel. 'The Role of Financial Development in Growth and Investment'. Journal of Economic Growth, Vol. 5, December 2000.

Bernanke, B. 'Non-Monetary Effects of the Financial Crisis in the Propagation of the Real Depression'.

American Economic Review, Vol. 73, pp.257-276, 1983.

Bernanke.B. and A.Blinder. 'Credit, Money and Aggregate Demand'. American Economic Review (AEA

Papers and Proceedings), Vol. 78,1988.

Bernanke. B. and M. Gertler. 'Inside the Black Box: the Credit Channel of Monetary Policy Transmission'.

NBER Working Paper No. 5146, 1995.

Borio. C. and P. Lowe. 'Securing Sustainable Price Stability: Should Credit come back from the Wilderness?'. BIS Working Paper No.157, 2004.

Bossone B. and J. K. Lee. 'In Finance, Size Matters: The ‘Systemic Scale Economies’ Hypothesis’. IMF

Staff Papers, Vol. 51, No.1, 2004.

Catao, L. and S. Rodriguez. 'Banks and Monetary Shocks in Emerging Markets: How Far Can We Go with the Credit View?'. IMF Working Paper No. 00/68, 2000.

Favara, G. 'An Empirical Reassessment of the Relationship between Finance and Growth'. IMF Working Paper, No. 03/123, 2003.

Fisher, I. 'The Debt-Deflation Theory of Great Depressions'. Econometrica, Vol. 1, No. 4, 1933.

Fisman, R. and I. Love. 'Financial Dependence and Growth Revisited'. NBER Working Paper No. 9582, 2003.

Government of India. 'First Five Year Plan 1951-56', Planning Commission, 1951.

Greenspan, A. 'The State of the Banking Industry' Statement before the Committee on Banking, Housing and Urban Affairs, U.S. Senate, April 2004.

Grossman, R. 'The Shoe That Didn’t Drop: Explaining Banking Stability During the Great Depression'.

Journal of Economic History, Vol. 54, 1994.

Huybens, E. and B. Smith. 'Inflation, Financial Markets, and Long-run Real Activity'. Journal of Monetary Economics, Vol.43, 1999.

International Monetary Fund. 'World Economic Outlook'. IMF, Washington, D.C., April 2004

Jacoby, Hanan G. 'Borrowing Constraints and Progress Through School: Evidence from Peru'. Review of Economics and Statistics, Vol. 76, No.1, pp.151-160,1994.

King, R.G. and R. Levine. 'Finance and Growth: Schumpeter Might Be Right'. Quarterly Journal of Economics, Vol. 108, 1993.

Kreuger. A.O. 'Banking Needs of a Global Economy'. Speech Delivered at Bankers’ Conference, New Delhi on November 10, 2004.

Levine.R. 'Finance and Growth: Theory and Evidence'. NBER Working Paper No. 10766, 2004.

Merton, R.C and, Z. Bodie. 'The Informational Role of the Financial System: The Case of Implied Volatility', in Global Financial System: A Functional Perspective, Cambridge, MA: Harvard Business School Press, 1995.

Meyer, R.L and Geetha Nagarajan. 'Rural Financial Markets in Asia : Policies, Paradigms and Performance.' Oxford University Press, 1999.

Misra, B.S. 'Analytics of Credit - Output Nexus in India'. RBI Occasional Papers, Vol. 24, Nos. 1 and 2, Summer and Monsoon, 2003.

Mohan. Rakesh 'Small Scale Industrial Policy: A Critical Evaluation'. In Economic Policy Reforms and the Indian Economy, (ed.) Anne Krueger, Oxford University Press, New Delhi, 2002.

—— . 'Transforming Indian Banking: In Search of a Better Tomorrow'. RBI Bulletin, January 2003a.

—— . 'Infrastructure Development in India: Emerging Challenges'. Speech delivered at the World Bank Annual Bank Conference on Development Economics at Bangalore on May 21-23, 2003b.

Mohan. Rakesh. 'Finance for Industrial Growth'. RBI Bulletin, March 2004a.

—— . 'Financing Services Sector Growth'. Speech delivered at M.A. Master Memorial Lecture, Indian Merchants Chamber, Mumbai, on March 26, 2004b.

—— . 'Financial Sectors Reforms in India: Policies and Performance Analysis'. RBI Bulletin, October, 2004c.

—— . 'Agricultural Credit in India: Status, Issues and Future Agenda'. RBI Bulletin, November, 2004d.

Mukhopadhyaya, H. 'Monetary Transmission Mechanism: The Credit Channel Hypothesis Revisited'.

Paper presented at the 1st Conference on Money and Finance at Indira Gandhi Institute of Development Research, Mumbai, 1998.

Petersen, Mitchell A. and Raghuram G Rajan. 'Does Distance Still Matter? The Information Revolution in Small Business Lending'. Journal of Finance, Vol. 57, No.6, 2002.

Rajan. R, and L.Zingales.'Financial Dependence and Growth'. American Economic Review, Vol. 88, June, 1998.

Rajan. R, and L.Zingales. 'Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity'. Crown Business, New York, 2003.

Rakshit, M. 'Money and Public Finance under Structural Adjustment: The Indian Experience'. Economic and Political Weekly, Vol. 29, No. 16/17, April 1994.

Rath D.P. and D. Bose, 'Macro Economics of Credit: An Indian Perspective'. In Indian Economic Reforms, (ed.) Raghvendra Jha, Palgrave Publications, 2003.

Reddy Y.V. 'Credit Policy, Systems and Culture'. RBI Bulletin, March 2004a.

—— . 'Rural Credit, Status and Agenda'. Speech delivered at Seminar on ‘Indian Economic and Social Development - National and International Perspective’ at ASCI, Hyderabad on November 16, 2004b.

Reserve Bank of India. 'Report of the Committee to Review the Working of the Monetary System', (Chairman: S. Chakravarty), 1985.

. 'Report of the Committee on the Financial System', (Chairman: M. Narasimham), Reserve Bank of India, 1991.

. 'Report on Currency and Finance, 2000-01'. 2002.

. 'Report on Currency and Finance, 2001-02'. 2003.

. 'Report of the Advisory Committee on Flow of Credit to Agriculture and Related Activities from the Banking System'. (Chairman: V.S.Vyas), 2004a.

. 'Report of the Working Group on Flow of Credit to Small Scale Industries Sector'. (Chairman: Shri A.S.Ganguly), 2004b.


VII. MONETARY TRANSMISSION MECHANISM

Al-Mashat, Rania. 'Monetary Policy Transmission in India'. In 'India: Selected Issues and Statistical Appendix, Country Report No. 03/261. International Monetary Fund, August 2003.

Angeloni, I., Anil K. Kashyap, Benoit Mojon and Daniele Terlizzese. 'The Output Composition Puzzle: A Difference in the Monetary Transmission Mechanism in the Euro Area and the U.S'. ECB

Working Paper No. 268, September 2003.

Bank of England. 'The Transmission Mechanism of Monetary Policy', 1999.

Barth, Marvin J. and Valerie A. Ramsey. 'The Cost Channel of Monetary Transmission'. NBER

Macroeconomics Annual, Vol. 16, 2001.

Basdevant, Olivier, Nils Bjorksten and Ozer Karageikli. 'Estimating a Time Varying Neutral Real Interest Rate for New Zealand'. Discussion Paper 2004/01, Reserve Bank of New Zealand, February 2004.

Batini, N. and E. Nelson. 'The Lag from Monetary Policy Actions to Inflation: Friedman Revisited.'

External MPC Unit Discussion Paper No. 6, Bank of England, 2002.

Bean, Charles. 'Global Demographic Change: Some Implications for Central Banks'. Overview Panel, Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, August 2004.

Bernanke, Ben S. and Mark Gertler. 'Inside the Black Box: The Credit Channel of Monetary Policy Transmission'. Journal of Economic Perspectives, Volume 9, No 4. 1995.

Berstein, Solange and J. Rodrigo Fuentes. 'Is There Lending rate Stickiness in the Chilean Banking Industry?'. In Banking Market Structure and Monetary Policy, (eds). Luis Antonio Ahumada and J. Rodrigo Fuentes, Central Bank of Chile, 2004.

Boivin, J. and M. Giannoni. 'Assessing Changes in the Monetary Transmission Mechanism: A VAR Approach'.

Federal Reserve Bank of New York Economic Policy Review, May 2002.

Bondt, Gabe de. 'Retail Bank Interest Rate Pass-through: New Evidence at the Euro Level'. ECB

Working Paper No. 136, April 2002.

Bondt, Gabe de, Benoit Mojon and Natacha Valla. 'Term Structure and the Sluggishness of Retail Bank Rates in Euro Area Countries'. Working Paper, April 2003.

Case, K.; J.Quigley and R. Shiller. 'Comparing Wealth Effects: The Stock Market Versus the Housing Market'. NBER Working Paper No. 8606, 2001.

Central Bank of Chile. 'Monetary Policy of the Central Bank of Chile: Objectives and Transmission'.

May 2000.

Chadha, J and N.Dimsdale. 'A Long View of Real Interest Rates'. Oxford Review of Economic Policy, Vol. 15, No.2,1999.

Christiano, L. J.; M. Eichenbaum and C. Evans. 'Monetary Policy Shocks: What have We Learned and to What End?'. In Handbook of Macroeconomics, (eds.) J.B. Taylor and M. Woodford. Vol. I.

Elsevier Science, 1999.

Clark, Todd E. and Sharon Kozicki. 'Estimating Equilibrium Real Interest Rates in Real Time'. Working Paper RWP 04-08, Federal Reserve Bank of Kansas City, September 2004.

Cottarelli, Carlo and Angeliki Kourelis. 'Financial Structure, Bank Lending Rates and the Transmission Mechanism of Monetary Policy'. IMF Staff Papers, Vol. 41, No. 4, December 1994.

Crespo - Cuaresma, Jesus; Balazs Egert and Thomas Reininger. 'Interest Rate Pass-through in New EU Member States: The Case of Czech Republic, Hungary and Poland'. William Davidson Institute Working Paper No. 671, May 2004.

Debelle, Guy. 'Macroeconomic Implications of Rising Household Debt'. BIS Working Paper No. 153, June 2004.

Dedola, L and F. Lippi. 'The Monetary Transmission Mechanism: Evidence from the Industry Data of Five OECD Countries'. CEPR Discussion Paper No. 2508, 2000.

Dhal, S. C. 'Short-term Interest Rate and Economic Activity'. RBI Occasional Papers, Volume 21, No.1, March 2000.

European Central Bank. 'The Natural Real Interest rate in the Euro Area'. ECB Monthly Bulletin, May 2004.

Espinosa - Vega, Marco A. and Allessandro Rebucci. 'Retail Bank Interest Rate Pass-through: Is Chile Atypical?'. In Banking Market Structure and Monetary Policy, (eds.) Louis Antonio Ahumada and J.

Rodrigo Fuentes, Central Bank of Chile, 2004.

Ferguson Jr., Roger. W. 'Equilibrium Real Interest Rate: Theory and Application'. Remarks at the University of Connecticut School of Business Graduate Learning Center and the SS&C

Technologies Financial Accelerator, Hartford, Connecticut, 2004.

Ford, R and D. Laxton. 'World Public Debt and Real Interest Rates'. Review of Economic Policy, Vol.15, No.2, 1999.

Freedman, Charles. 'Monetary Policy Implementation: Past, Present and Future – Will Electronic Money Eventually Lead to the Eventual Demise of Central Banking?'. International Finance, Vol. 3, 2000.

Friedman, M. and A. Schwartz. 'A Monetary History of the United States, 1867-1960'. Princeton University Press, 1963.

Fullenkamp, Connel and Saleh M. Nsouli. 'Six Puzzles in Electronic Money and Banking'. IMF Working Paper No. 04/19, February 2004.

Fung, Ben S.C. 'A VAR Analysis of the Effects of Monetary Policy in East Asia'. BIS Working Paper No.

119, September 2002.

Goodhart, C. and B. Hofmann. 'Asset Prices and the Conduct of Monetary Policy'. Manuscript, London School of Economics, 2000.

Goodhart, Charles A.E. 'Can Central Bank Survive The IT Revolution?'. FMG Special Papers, No.125, London School of Economics, June 2000.

Goodhart, C. and B.Hofmann. 'The IS Curve and the Transmission of Monetary Policy: Is there a Puzzle?'. FMG Special Papers, No.150, London School of Economics, 2003.

Hawkins, John. 'Electronic Finance and Monetary Policy'. In Electronic Finance: A New Perspective and Challenges, BIS Papers, No.7. November 2001.

Jadhav, N. 'Monetary Economics for India'. MacMillan, India, 1994.

Kahn, B. and G.N.Farrell. 'South African Real Interest Rates in Comparative Perspective: Theory and Evidence'. Occasional Paper No. 17, South African Reserve Bank, February 2002.

Kamin, Steven, Philip Turner and Jozef Van’t dack. 'The Transmission Mechanism of Monetary Policy in Emerging Market Economies: An Overview'. In The Transmission of Monetary Policy in Emerging Market Economies, Policy Papers No. 3, Bank for International Settlements, 1998.

Kuttner, K. N. and P. C. Mosser. 'The Monetary Transmission Mechanism: Some Answers and Further Questions'. Economic Policy Review, Federal Reserve Bank of New York, pp. 15-26, May 2002.

Laubach, Thomas and John C. Williams. 'Measuring the Natural rate of Interest'. The Review of Economics and Statistics, Vol. 85, No. 4, November 2003.

Loayza, Norman and Klaus Schmidt-Hebbel. 'Monetary Policy Functions and Transmission Mechanisms: An Overview', in Monetary Policy: Rules and Transmission Mechanisms, (eds.) Loayza, Norman and Klaus Schmidt-Hebbel, in Series on Central Banking, Analysis and Economic Policies, Vol.

IV, Central Bank of Chile. 2002

Mahadeva, Lavan and Katerina Smidkova. 'Modelling the Transmission Mechanism of Monetary Policy in the Czech Republic'. In Monetary Policy Frameworks in a Global Context, (eds.) Lavan Mahadeva and Gabriel Sterne, Routledge, 2000.

Mizen, Paul and Boris Hofmann. 'Base Rate Pass-through: Evidence from Banks’ and Building Societies’ Retail Rates'. Working Paper No. 170, Bank of England, 2002.

Mohan, Rakesh. 'Transforming Indian Banking: In Search of a Better Tomorrow'. Valedictory Address at the Bank Economists’ Conference, Bangalore, December 2002.

Morsink, J. and T. Bayoumi. 'A Peek Inside the Black Box: The Monetary Transmission Mechanism in Japan'. IMF Staff Papers, Volume 48, No.1, 2001.

Pichette, Lise. 'Are Wealth Effects Important for Canada?'. Bank of Canada Review, Spring 2004.

Piger, J. 'Pushing on a String'. Monetary Trends, Federal Reserve Bank of St. Louis, March 2003.

Rabanal, Pau. 'The Cost Channel of Monetary Policy: Further Evidence for the United States and the Euro Area'. IMF Working Paper No. 03/149, July 2003.

Rangarajan, C. and R. R. Arif. 'Money, Output and Prices: A Macroeconometric Model'. Economic and Political Weekly, Volume 25, No.16, April 21, 1990.

Ray, Partha, Himanshu Joshi and Mridul Saggar. 'New Monetary Transmission Channels: Role of Interest Rates and Exchange Rate in Conduct of Indian Monetary Policy'. Economic and Political Weekly, Vol. 33, October 31, 1998.

Reddy, Y.V. 'Interest Rates in India: Status and Issues', Address at the Inaugural Conference of Fixed Income Money Market and Derivatives Association of India (FIMMDA) at Mumbai, June 3, 1998.

Reserve Bank of India. 'Report of the Committee to Review the Working of the Monetary System', (Chairman: S. Chakravarty), 1985.

. 'Report of the Working Group on Money Supply: Analytics and Methodology of Compilation', (Chairman: Y.V. Reddy), June 1998.

. 'Report of the Expert Committee to Review the System of Administered Interest Rates and Other Related Issues', (Chairman: Y.V. Reddy), September 2001.

. 'Statement on Monetary and Credit Policy for 2003-04', April 2003.

. 'Report of the Advisory Committee to Advise on the Administered Interest Rates and Rationalisation of Saving Instruments', (Chairman: Dr. Rakesh Mohan), July 2004.

Romer, C. D. and D. H. Romer, 'Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz'. In NBER Macroeconomics Annual, (eds.) O. J. Blanchard and S. Fischer, MIT Press, 1989.

Romer, Christina. D. and David .H. Romer. 'A New Measure of Monetary Policy Shocks: Derivation and Implications'. NBER Working Paper No. 9866, July 2003.

Sander, Harald and Stefanie Kleimeier. 'Convergence in Euro-zone Retail Banking? What Interest rate Pass-through Tells us about Monetary Policy Transmission, Competition and Integration'. Journal of International Money and Finance, Vol. 23, 2004.

Sellon Jr., Gordin H. 'The Changing U.S. Financial System: Some Implications for Monetary Transmission Mechanism'. Economic Review, Federal Reserve Bank of Kansas City, First Quarter, 2002.

Smal, M.M. and S. De Jager. 'The Monetary Transmission Mechanism in South Africa'. Occasional Paper No. 16, Reserve Bank of South Africa, September 2001.

Taylor, J. B. 'The Monetary Transmission Mechanism: An Empirical Framework'. Journal of Economic Perspectives, Fall, Volume 9, No.4, pp. 11-26, 1995.

Walsh, Carl. 'Monetary Theory and Policy'. The MIT Press. Cambridge, 2003.

Woodford, Michael. 'Interest and Prices: Foundations of a Theory of Monetary Policy'. Princeton University Press, 2003.


VIII. FINANCIAL STABILITY

Allen, F and D.Gale. 'Comparative Financial Systems'. MIT Press, 2000.

Bank for International Settlements. 'Survey of Developments in Electronic Money and Internet and Mobile Payments'.Committee on Payment and Settlement Systems, BIS, 2004a.

Bank for International Settlements. 'Statistics on Payment and Settlement Systems in Selected Countries'. Committee on Payment and Settlement Systems, BIS, 2004b.

Bernanke, B. and M. Gertler. 'Monetary Policy and Asset Volatility', Federal Reserve Bank of Kansas City Economic Review, 84, 1999.

Bernanke, Ben S. 'Asset-Price Bubbles and Monetary Policy'. BIS Review No. 59, 2002.

Bhatt, N. and Y.S.P. Thorat, 'India’s Regional Rural Banks: The Institutional Dimension of Reforms', Journal of Microfinance, Vol. 3, 2001, pp. 65-88.

Bordo, Michael D. and Olivier Jeanne. 'Boom-Busts in Asset Prices, Economic Instability and Monetary Policy'. NBER Working Paper No. 8966, June 2002.

Borio, C and P. Lowe. 'Asset Prices, Financial and Monetary Stability: Exploring the Nexus'. BIS Working Paper No. 114, 2002, BIS.

Borio, C and P.McGuire. 'Twin Peaks in Housing and Equity Prices'. BIS Quarterly Review, March 2004.

Borio, C. 'Towards a Macroprudential Framework for Financial Regulation and Supervision?'. BIS

Working Paper No. 128, 2003.

Borio, Claudio and William White. 'Whither Monetary and Financial Stability? The Implications of Evolving Policy Regimes'. BIS Working Paper No. 147, 2003.

Caprio, G and D.Klingebiel. 'Episodes of Systemic and Borderline Banking Crises'. The World Bank, Washington DC, 2003.

Cecchetti, S., H. Genberg, J. Lipsky and S. Wadhwani. 'Asset Prices and Central Bank Policy'. Geneva Report on the World Economy 2, 2002, International Centre for Monetary and Banking Studies and Centre for Economic Policy Research.

Central Banking Publications. 'How Countries Supervise their Banks, Insurance and Securities Markets'.

Central Banking Publications, London, 2004.

Chant, John. 'Financial Stability as a Policy Goal'. In Essays on Financial Stability, (eds.) John Chant, Alexandra Lai, Mark Illing, and Fred Daniel, Technical Report No. 95, Bank of Canada, September 2003.

Comptroller and Auditor General of India, Report on Union Government Accounts (various years), New Delhi.

Crockett, A. 'Monetary Policy and Financial Stability', Lecture Delivered at the HKMA Distinguished Lecture, February 2001, Hong Kong.

Crockett, A. 'The Interaction of Monetary and Financial Stability', Monetary Bulletin, Central Bank of Iceland, Vol. 6, Nov. 3, 2004.

Das, A. and S. Ghosh. 'Determinants of Credit Risk in Indian State-owned Banks: An Empirical Investigation'. Paper presented at the Conference on Money, Risk and Investment, Nottingham Trent University, UK, 2003.

Davis E. P. 'Debt, Financial Fragility and Systemic Risk, Revised and Extended Version'. Oxford University Press, 1995.

Davis, E.P., R.Hamilton, R.Heath, F.Mackie and A. Narain. 'Financial Market Data for International Financial Stability', Centre for Central Banking Studies, Bank of England, UK, 1999.

Davis, E.P. 'Towards a Typology for Systemic Financial Stability'. Brunei University Working Paper 03/

20 , 2003.

Davis, E.P and M.R.Stone. 'Corporate Finance and Financial Stability'. IMF Working Paper No. 124, 2004.

Deutsche Bundesbank. 'Report on the Stability of the German Financial System'. Monthly Report, Frankfurt, December 2003.

Diamond, D and P.H. Dybvig. 'Bank Runs, Deposit Insurance and Liquidity'. Journal of Political Economy, Vol. 19, pp. 301-319, 1983.

Duisenberg, W.F. 'The Contribution of the Euro to Financial Stability'. In Globalization of Financial Markets and Financial Stability—Challenges for Europe, Baden-Baden, 2001.

Dziobek, C., J.K.Hobbs and D.Martson. 'Towards a Framework for Systemic Liquidity', IMF Working Paper No. 34, 2000.

Ehrmann, Michael and Marcel Fratzcher. 'Taking Stock: Monetary Policy Transmission to Equity Markets'.

ECB Working Paper No. 354, May 2004.

European Central Bank. 'Report on Electronic Money'. Frankfurt, August 1998.

Ferguson, R.W. 'Should Financial Stability be an Explicit Central Bank Objective?'. Lecture Delivered at the Conference on Challenges to Central Banking from Globalized Financial Systems, September 2002.

—— . 'September 11, the Federal Reserve and the Financial System'. Remarks at Vanderbilt University, Tennessee. Federal Reserve Board, September 5, 2003

Fisher, C. and M.Lund. 'Perfect Partners or Uncomfortable Bedfellows? On the Nature of the Relationship Between Monetary Policy and Financial Stability'. Center for Central Banking Studies, Bank of England, 2002.

Friedman, M. and A.J.Schwartz. 'A Monetary History of the United States 1867-1960'. National Bureau of Economic Research, New York, 1963.

Fry, M.J., I.Kilato, S.Roger, K.Sendeerowicz, D.Sheppard, F.Solis and J.Trundle. 'Payment Systems in Global Perspective'. Routledge: London, 1999.

Fry, M.J., D.Julius, L.Mahadeva, S.Roger and G.Sterne. 'Key Issues in the Choice of Monetary Policy Framework'. in Monetary Policy Frameworks in a Global Context, (eds.) L.Mahadeva and G.Sterne Routledge: London, 2000.

Fullenkamp, Connel and, Saleh M Nsouli. 'Six Puzzles in Electronic Money and Banking'. IMF Working Paper No. 04/19, 2004.

Ghosh, S. and R.Sensarma. 'Does Monetary Policy Matter for Corporate Governance? Firm-Level Evidence for India'. In Advances in Financial Economics, (eds.) M.Hirschey, Anil K Makhija and K. John, Vol. 9 (Corporate Governance), Elsevier Science: New York, 2004.

Goodhart, C.A.E. 'Some New Directions for Financial Stability'. Per Jacobsson Foundation Lecture at Zurich, June 2004.

Goodhart, C.A.E., P. Hartmann, D. Llewellyn, L. Rojas-Suarez and S. Weisbrod. 'Financial Regulation: Why, How and Where Now?'. Routledge, London, 1998.

Government of India. 'Union Budget Speech 2004-05', New Delhi.

Greenspan, A. 'Risk and Uncertainty in Monetary Policy'. Remarks at the Meetings of the American Economic Association, January 3, 2004.

Guttentag, J.M. and R.J.Herring. 'Credit Rationing and Financial Disorder'. Journal of Finance, Vol.

39, pp.1359-1382, 1984.

Hansda, S. and P. Ray. 'BSE and Nasdaq: Globalisation, Information Technology and Stock Prices'.

Economic and Political Weekly, Vol. 37, pp. 459-468, February 2002.

Hawkins, J. and P. Turner. ‘‘Bank Restructuring in Practice: An Overview'. In Bank Restructuring in Practice, BIS Policy Paper No.6, 1999.

Healey, J. 'Financial Stability and Central Banks: International Evidence'. In Financial Stability and Central Banks: A Global Perspective, (ed.) R.A.Brealey et al., Routledge, London, 2001.

Hoggarth, G. J. Reidhill and P. Sinclair. ‘‘Resolution of Banking Crises: A Review’’. Bank of England, Financial Stability Review, December 2003.

Houben, A. J. Kakes and S. Schinasi. ‘‘Towards a Framework for Safeguarding Financial Stability’’. IMF

Working Paper No. 101, 2004.

International Monetary Fund. 'Global Financial Stability Report'. October 2004.

Issing, Otmar. 'Monetary and Financial Stability: Is there a Trade-off?' BIS Review No. 16, 2003.

Jadhav, Narendra. 'Central Bank Strategies, Credibility and Independence: Global Evolution and the Indian Experience'. RBI Occasional Papers, Vol. 24, No. 1 and 2, 2003.

Kindleberger, C. P. 'Manias, Panics and Crashes: A History of Financial Crises'. Basic Books, New York, 1978.

Large, A. 'Financial Stability: Maintaining Confidence in a Complex World'. Financial Stability Review, Bank of England, London, 2003.

Mathur, K.B.L. 'Public Sector Banks: Should they be Privatised'. Economic and Political Weekly, Vol. 37, June 2002.

Mishkin, F. 'The Causes and Propagation of Financial Instability: Lessons for Policymakers'. In Maintaining Financial Stability in a Global Economy, 1997, Symposium sponsored by Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.

—— . 'Global Financial Instability: Framework, Events, Issues'. Journal of Economic Perspectives, Vol.13 (Fall), 1999.

Mohan, Rakesh. 'Challenges to Monetary Policy in a Globalsing Context'. RBI Bulletin, January 2004a.

. 'Ownership and Governance in Private Sector Banks in India'. RBI Bulletin, October 2004.

. 'Financial Sector Reforms in India: Policies and Performance Analysis'. RBI Bulletin, November 2004c.

. 'Indian Banking and e-Security'. RBI Bulletin, November 2004d.

Montiel, Peter and L. Serven. 'Macroeconomic Stability in Developing Countries: How Much is Enough?'.

World Bank Policy Research Working Paper No. 3456, 2004.

Morris, J. 'Risk Diversification in the Credit Portfolio: An Overview of Country Practices'. IMF Working Paper No.01/200, 2001.

National Bank for Agriculture and Rural Development. 'Annual Report 2003-04'. NABARD, Mumbai.

National Stock Exchange. 'Indian Securities Market: A Review'. NSE, Mumbai, 2003.

Office of the Comptroller of Currency. 'A Cross-Country Analysis of the Bank Supervisory Framework and Bank Performance'. Economic and Policy Analysis Working Paper No.2, 2002.

Padoa-Schioppa, T. 'Central Banks and Financial Stability: Exploring a Land in Between', In The Transformation of the European Financial System, (eds.) V. Gaspar, P. Hartmann, O. Sleijpen, European Central Bank, Frankfurt, 2003.

Peek, J., E.Rosengren and G.M.B.Tootell. 'Is Bank Supervision Central to Central Banking?'. Quarterly Journal of Economics, Vol. 74, pp.629-653, 1999.

Reddy, Y.V. 'Financial Sector Reforms: Review and Prospects'. RBI Bulletin, December 1998.

. 'Towards Globalisation of the Financial Sector in India'. RBI Bulletin, January 2004a.

. 'Financial Stability: Indian Experience'. RBI Bulletin, July 2004b.

. 'India and the Global Economy'. RBI Bulletin, August 2004c.

. 'Current Concerns and Some Perspectives on Inflation'. RBI Bulletin, October 2004d.

—— .'Interview with Central Banking Publications'. 2004e.

. 'Banking Sector in Global Perspective'. RBI Bulletin, November 2004f.

Reserve Bank of India. 'Report of the Working Group on Electronic Money'. 2002.

. 'Report on Trend and Progress of Banking in India 2002-03'.

Rigobon, R and B. Sack. 'Measuring the Reaction of Monetary Policy to the Stock Market'. NBER

Working Paper No. 8350, 2001.

. 'The Impact of Monetary Policy on Asset Prices'. NBER Working Paper No. 8794.

Sahoo, Satyananda and Sarat Chandra Dhal. 'Financial Asset Price and its Implications for Monetary Policy: An Empirical Evaluation of Stock Price Movements in India'. Udyog Pragati. Vol. 26. No.1, January-March 2002.

Scharfstein, D.C. and J.C.Stein. 'Herd Behaviour and Investment'. American Economic Review, Vol.

80, pp.465-479, 1990.

Schwartz, A.J. 'Asset Price Inflation and Monetary Policy'. NBER Working Paper No. 9321, November 2002.

Securities and Exchange Board of India. 'Annual Report 2003-04'. Mumbai.

Sinclair, P.J.N. 'Central Banks and Financial Stability'. Bank of England Quarterly Bulletin, November 2000.

Smelt, F. 'Financial Asset Prices and Monetary Policy: Theory and Evidence'. BIS Working Paper No.

47, 1997.

Taylor, M. and A. Fleming. 'Integrated Financial Supervision: Lessons of Scandinavian Experience'.

Finance and Development, December 1999.

Trichet, J.C. 'Overview in Maintaining Financial Stability in a Global Economy'. Symposium sponsored by Federal Reserve Bank of Kansas City, Jackson Hole, 1997, Wyoming.

Tsatsaronis, K. and H.Zhu. 'What Drives Housing Price Dynamics? Cross-Country Evidence'. BIS

Quarterly Review, March 2004.

Udeshi, K.J. 'Implementation of Basel II - An Indian Perspective'. Lecture delivered at the World Bank/ IMF/US Federal Reserve Board at 4th Annual International Seminar on Policy Challenges for the Financial Sector, Washington D.C., 2004.

Woodford, M. 'Interest and Prices: Foundations of a Theory of Monetary Policy'. Princeton University Press, Princeton, 2003.


 
 
© Reserve Bank of India. All Rights Reserved.
Best viewed in 1024x768 resolution in IE 5 and above.