Inflation Targeting in the Third World: A Kaleckian Perspective (Record no. 530405)
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| fixed length control field | 01614nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 250612b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Azad, Rohit and Chowdhury, Indranil |
| 245 ## - TITLE STATEMENT | |
| Title | Inflation Targeting in the Third World: A Kaleckian Perspective |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) | |
| Place of publication, distribution, etc | Economic and Political Weekly |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 60(22), May 31, 25: p.49-62 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | Monetary policy world over, in the post-monetarist era, is premised on targeting inflation, which assumes a trade-off between output and inflation. A rise in the policy rate, by bringing the level of activity down, can tame inflation. But what if the slope of the New Keynesian Phillips curve is indistinguishable from zero? Far from reducing inflation, it may lead to stagflation. On the expansionary side, the premise is that a fall in the interest rate will increase output by persuading firms and households to invest more in factories and residential assets, respectively. Yet again, unless the IS curve is responsive to the interest rate, especially a decline in it, monetary policy can hardly be expansionary. This paper attempts to test the New Keynesian macroeconomic framework empirically and present a Kaleckian alternative, both empirically and theoretically, which is more suited to third world economies such as India, where structural constraints play a key role. - Reproduced https://www.epw.in/journal/2025/22/money-banking-and-finance/inflation-targeting-third-world.html |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM | |
| Topical term or geographic name as entry element | inflation targeting, monetry policy, new keynesian macroeconomics, NKM |
| 9 (RLIN) | 54312 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Item type | Articles |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Permanent location | Current location | Date acquired | Barcode | Date last seen | Koha item type |
|---|---|---|---|---|---|---|---|---|---|---|
| Indian Institute of Public Administration | Indian Institute of Public Administration | 2025-06-12 | AR136260 | 2025-06-12 | Articles |