Monetary Policy Transmission in an Emerging Market Setting
Ila Patnaik · Ajay Shah · Rudrani Bhattacharya
Jan 2011 · International Monetary Fund
Ebook
26
Pages
About this ebook
Some emerging economies have a relatively ineffective monetary policy transmission owing to weaknesses in the domestic financial system and the presence of a large and segmented informal sector. At the same time, small open economies can have a substantial monetary policy transmission through the exchange rate channel. In order to understand this setting, we explore a unified treatment of monetary policy transmission and exchangerate pass-through. The results for an emerging market, India, suggest that the most effective mechanism through which monetary policy impacts inflation runs through the exchange rate.
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