The Fisher's equation has become a foundation stone of modern macroeconomic, monetary and financial theories. Here it is shown that despite the estabilished status of Fisher's equation, it stands on a rather shaky foundations. URL:[http://www.gipe.ac.in/pdfs/working%20papers/wp24.pdf].

A large number of studies in Nepal have been conducted to identify the factors responsible for inflation based on the different theories of inflation. Although these studies provide insight into the determinants of inflation in the country, there remain some unanswered questions: • Can...

In India, there is a large divergence between CPI and WPI inflation trends in the past, wide dispersion in inflation across commodity groups within WPI, and significant volatility in headline WPI inflation under the influence of supply shocks, the statistical limitations of prices data have...

Economic stability can be seen as an essential component of any strategy for inclusive development. To the extent that central banks play a role in providing that stability, the experience of the crisis has led to considerable thinking and debate on its implications for central bank mandates,...

This Tenth Nani A. Palkhivala Memorial lecture lecture centres around the role and responsibility of a central bank in a democratic structure. Central banks make macroeconomic policy that influences the everyday life of people; yet they are managed by unelected officials appointed by the...

The study attempts to examine the impact of remittances on macroeconomic activities (private consumption and investment) and its implications on economic growth in India for the period from 1966-67 to 2003-04. Estimating a general consumption model, the results indicate that remittances along...

The recent global financial crisis (2007-09) has clearly highlighted the gravity of high financial inter-connectedness within the financial system. In the Indian context, this brief study attempts to explore the financial inter-connectedness between NBFCs (both deposit taking and non-deposit...

One of the methods of measuring the effectiveness of monetary policies is via inspection of monetary neutrality in the economy. It is a concept from classical economics and it suggests that changes in nominal variables do not have any impact on real variables. This paper studies the presence or...

Monetary and Banking Developments

India and Bangladesh share a common historical background, geographical proximity, institutional similarities, and a policy shift towards economic liberalization since the early 1990s. Inflation between these countries, however, often remains remarkably different, and the series of inflation...