The implementation of economic reforms under new economic policies in India was associated with a paradigmatic shift in … measures have also loomed over the global recession. This paper highlights the theoretical fallacies of monetarism and analyzes … the consequences of such policy measures in India, particularly during the period of the global recession. Not only did …

supply, interest rate (IR), and exchange rate (EXR) in India during the pre-economic crisis and economic crisis periods … short-run bidirectional causality between money supply and EXR, IR and price level, and IR and output in India during the …