India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other countries that adopted FIT to bring out insights on how credible policy with an emphasis on a strong nominal anchor can reduce the impact of supply shocks and improve macroeconomic stability. For illustrating the key issues given the unique structural characteristics of India and the policy options under an FIT framework, the paper describes an analytical framework using the core quarterly projection model (QPM). Simulations of the QPM are carried out to illustrate the monetary policy responses under different types of uncertainty and to bring out the importance of gaining credibility for improving monetary policy efficacy.
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Published by the American Geophysical Union as part of the Geophysical Monograph Series, Volume 95. Publication of this monograph will coincide, to a precision of a few per mil, with the centenary of Henri Becquerel's discovery of "radiations actives" (C. R. Acad. Sci., Feb. 24, 1896). In 1896 the Earth was only 40 million years old according to Lord Kelvin. Eleven years later, Boltwood had pushed the Earth's age past 2000 million years, based on the first U/Pb chemical dating results. In exciting progression came discovery of isotopes by J. J. Thomson in 1912, invention of the mass spectrometer by Dempster (1918) and Aston (1919), the first measurement of the isotopic composition of Pb (Aston, 1927) and the final approach, using Pb-Pb isotopic dating, to the correct age of the Earth: close-2.9 Ga (Gerling, 1942), closer-3.0 Ga (Holmes, 1949) and closest-4.50 Ga (Patterson, Tilton and Inghram, 1953).
Systems are everywhere and we are surrounded by them. We are a complex amalgam of systems that enable us to interact with an endless array of external systems in our daily lives. They are electrical, mechanical, social, biological, and many other types that control our environment and our well-being. By appreciating how these systems function, will broaden our understanding of how our world works. Readers from a variety of disciplines will benefit from the knowledge of system behavior they will gain from this book and will be able to apply those principles in various contexts. The treatment of the subject is non-mathematical, and the book considers some of the latest concepts in the systems discipline, such as agent based systems, optimization, and discrete events and procedures. The diverse range of examples provided in this book, will allow readers to: Apply system knowledge at work and in daily life without deep mathematical knowledge; Build models and simulate system behaviors on a personal computer; Optimize systems in many different ways; Reduce or eliminate unintended consequences; Develop a holistic world view . This book will enable readers to not only better interact with the systems in their professional and daily lives, but also allow them to develop and evaluate them for their effectiveness in achieving their designed purpose. Comments from Reviewers: “This is a marvelously well written introduction to Systems Thinking and System Dynamics - I like it because it introduces Systems Thinking with meaningful examples, which everyone should be able to readily connect” - Gene Bellinger, Organizational theorist, systems thinker, and consultant, Director Systems Thinking World “Excellent book ...very well written. Mr. Ghosh's world view of system thinking is truly unique” - Peter A. Rizzi, Professor Emeritus, University of Massachusetts Dartmouth “A thorough reading of the book provides an interesting way to view many problems in our society” –Bradford T. Stokes, Poppleton Chair and Professor Emeritus, The Ohio State University College of Medicine “This is a very good and very readable book that is a must read for any person involved in systems theory in any way - which may actually include just about everyone” - Peter G. Martin, Vice President Business Value Consulting, Schneider Electric
This book focuses on the basic principles of digital electronics and logic design. It is designed as a textbook for undergraduate students of electronics, electrical engineering, computer science, physics, and information technology. The text covers the syllabi of several Indian and foreign universities. It depicts the comprehensive resources
Solid state fermentation holds tremendous potentials for the production of the enzyme amylase by Aspergillus niger. Different solid substrates like banana pseudo-stem and leaf vein are rich in starch. These agro-industrial residues are cheap raw materials for amylase production. Aspergillus niger isolated from the bread was identified to be the best producer of amylase. When A. niger was incubated for 10 days at 37°C on pseudo-stem and leaf vein of locally available banana varieties like Ethan, Poovan, Palayamkodan and Kaali, as substrate in solid state fermentation. It showed high yield of amylase in Ethan leaf vein, followed by Palayankodan vein. All other substrate also showed moderate amount of amylase production.
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
India formally adopted flexible inflation targeting (FIT) in June 2016 to place price stability, defined in terms of a target CPI inflation, as the primary objective of monetary policy. In this context, the paper draws on Indian macroeconomic developments since 2000 and the experience of other countries that adopted FIT to bring out insights on how credible policy with an emphasis on a strong nominal anchor can reduce the impact of supply shocks and improve macroeconomic stability. For illustrating the key issues given the unique structural characteristics of India and the policy options under an FIT framework, the paper describes an analytical framework using the core quarterly projection model (QPM). Simulations of the QPM are carried out to illustrate the monetary policy responses under different types of uncertainty and to bring out the importance of gaining credibility for improving monetary policy efficacy.
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