Muneesh Kapur's Books

A Monetary Policy Model Without Money for India

By: Michael Debabrata Patra,Muneesh Kapur

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A Monetary Policy Model Without Money for India

By: Michael Debabrata Patra,Muneesh Kapur

A New Keynesian model estimated for India yields valuable insights. Aggregate demand reacts to interest rate changes with a lag of at least three quarters, with inflation taking seven quarters to respond. Inflation is inertial and persistent when it sets in, irrespective of the source. Exchange rate pass-through to domestic inflation is low. Inflation turns out to be the dominant focus of monetary policy, accompanied by a strong commitment to the stabilization of output. Recent policy actions have raised the effective policy rate, but the estimated neutral policy rate suggests some further tightening to normalize the policy stance.

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International Monetary Fund

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ISBN 10

1455202177

ISBN 13

9781455202171

India’s Recent Macroeconomic Performance

An Assessment and Way Forward

By: Muneesh Kapur,Rakesh Mohan

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India’s Recent Macroeconomic Performance

An Assessment and Way Forward

By: Muneesh Kapur,Rakesh Mohan

The macroeconomic policy response in India after the North Atlantic financial crisis (NAFC) was rapid. The overshooting of the stimulus and its gradual withdrawal sowed seeds for inflationary and BoP pressures and growth slowdown, then exacerbated by domestic policy bottlenecks and volatility in international financial markets during mid-2013. Appropriate domestic oil prices and fiscal consolidation will contribute to the recovery of private sector investment. Fiscal consolidation would also facilitate a reduction in inflation, which would moderate gold imports and favorably impact real exchange rate and current account deficit.

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International Monetary Fund

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ISBN 10

1484360672

ISBN 13

9781484360675

The International Monetary System

Where Are We and Where Do We Need to Go?

By: Rakesh Mohan,Michael Debabrata Patra,Muneesh Kapur

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The International Monetary System

Where Are We and Where Do We Need to Go?

By: Rakesh Mohan,Michael Debabrata Patra,Muneesh Kapur

The North Atlantic financial crisis of 2008-2009 has spurred renewed interest in reforming the international monetary system, which has been malfunctioning in many aspects. Large and volatile capital flows have promoted greater volatility in financial markets, leading to recurrent financial crises. The renewed focus on the broader role of the central banks, away from narrow price stability monetary policy frameworks, is necessary to ensure domestic macroeconomic and financial stability. Since international monetary cooperation might be difficult, though desirable, central banks in major advanced economies, going forward, need to internalize the implications of their monetary policies for the rest of the global economy to reduce the incidence of financial crises.

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International Monetary Fund

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ISBN 10

1475513526

ISBN 13

9781475513523

Emerging Powers and Global Governance

Whither the IMF?

By: Rakesh Mohan,Muneesh Kapur

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Emerging Powers and Global Governance

Whither the IMF?

By: Rakesh Mohan,Muneesh Kapur

The governance structure in global bodies like the IMF continues to be disproportionally dominated by advanced economies. Sustained rapid growth in emerging and developing economies (EDEs) in the past 2-3 decades has led to their growing relative weight in the global economy, but with little increase in their voice in the IMF. The emergence of regional financial arrangements reflects the growing dissatisfaction of the EDEs with the current framework. The global economy is on the cusp of an epochal change moving the fulcrum of economic power from the North Atlantic towards Asia after more than 200 years. This must be recognized and responded to adequately.

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International Monetary Fund

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ISBN 10

1513562207

ISBN 13

9781513562209

Monetary Policy Coordination and the Role of Central Banks

By: Rakesh Mohan,Muneesh Kapur

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Monetary Policy Coordination and the Role of Central Banks

By: Rakesh Mohan,Muneesh Kapur

The unconventional monetary policies (UMPs) pursued by the advanced economies (AEs) have posed macroeconomic challenges for the emerging market economies (EMEs) through volatile capital flows and exchange rates. AE central banks need to acknowledge and appreciate the spillovers resulting from such UMPs. Central banks of the AEs, who have set up standing mutual swap facilities, should explore similar arrangements with other significant EMEs with appropriate risk mitigation measures. These initiatives could do much to actually curb volatility in global financial markets and hence in capital flows to EMEs, thus obviating the need for defensive policy actions on the part of EMEs.

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International Monetary Fund

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ISBN 10

1484362519

ISBN 13

9781484362518

Alternative Monetary Policy Rules for India

By: Michael Debabrata Patra,Muneesh Kapur

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Alternative Monetary Policy Rules for India

By: Michael Debabrata Patra,Muneesh Kapur

This paper empirically evaluates the operational performance of the McCallum rule, the Taylor rule and hybrid rules in India over the period 1996-2011 using quarterly data, with a view to analytically informing the conduct of monetary policy. The results show that forward-looking formulations of both rules and their hybrid version - setting a nominal output growth objective for monetary policy with an interest rate instrument - outperform contemporaneous and backward-looking specifications, especially when targeting core components of GDP and inflation, and combine the best parts of efficiency and discretion.

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International Monetary Fund

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ISBN 10

147557987X

ISBN 13

9781475579871

Pressing the Indian Growth Accelerator

Policy Imperatives

By: Rakesh Mohan,Muneesh Kapur

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Pressing the Indian Growth Accelerator

Policy Imperatives

By: Rakesh Mohan,Muneesh Kapur

India’s real GDP growth slipped substantially after the North Atlantic financial crisis. Return to a sustained high growth trajectory is feasible but it will need much more focused attention to the revival of manufacturing and to the acceleration of investment in transport and infrastructure. The immediate priority is to achieve the kind of fiscal quality and low inflation levels exhibited during 2003-08, with focused attention to increasing efficiency and compliance in tax revenue collection. Higher tax revenues can facilitate increases in public investment, which then crowd in private investment. The task ahead will be more difficult in view of the protracted slowdown in global growth and trade.

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