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Monthly Archives: October 2009

Monetary Policy for India

11 Sunday Oct 2009

Posted by paragwaknis in monetary policy

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India, monetary policy of India

This paper by Mishra and Mishra looks at the question of appropriate monetary policy for a developing country like India. Their analysis suggests that existence of structural bottle necks implies that if the monetary policy follows a monetary targeting framework then it requires a wide berth to be effective.

Another paper by Saibal Ghosh estimates the industry effects of monetary policy in India. There findings indicate that industries exhibit differential response to a monetary tightening and that both interest rate and financial accelerator variables tend to be important in explaining the differential response.

EPW issue on Indian Elections

05 Monday Oct 2009

Posted by paragwaknis in politcal economy

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EPW, Indian Elections, Pradeep Chhibber

EPW has a come out with an extensive scholarly review of the recent Indian elections. All the papers are interesting; however the one which I liked the most is this paper by Pradeep Chhibber where he looks at the voting in national elections conditional on the state level verdicts. In his own words:

Mining data from the National Election Study, this paper
cites evidence to show that the perception of the central
government mattered for those who voted for the
United Progressive Alliance, but not for those who voted
for the National Democratic Alliance or other parties.
It says that the vote for the upa was mostly independent
of a voter’s perception of the performance of his or her
state government. In addition, even after controlling
for state-specific factors there were some political
cleavages that influenced the vote for the upa and the
nda. This suggests that national factors did have an
influence on the vote for the 2009 Lok Sabha elections
though state-level factors continued to be important.

Mining data from the National Election Study, this paper cites evidence to show that the perception of the central government mattered for those who voted for the United Progressive Alliance, but not for those who voted for the National Democratic Alliance or other parties. It says that the vote for the upa was mostly independent of a voter’s perception of the performance of his or her state government. In addition, even after controlling for state-specific factors there were some political cleavages that influenced the vote for the upa and the nda. This suggests that national factors did have an influence on the vote for the 2009 Lok Sabha elections though state-level factors continued to be important.

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