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100			_a Kumar, Rahul and Tripati Rao, D. _960308
245			_aUnpacking the black box: Heterogeneous impact of monetary policy shocks on sectoral output in INDIA
260			_aEconomic & Political Weekly
300			_a61(12), Mar 21, 2026: p.53-63
520			_aThe time-varying response of aggregate and sectoral output to monetary policy shocks is examined using a time-varying parameter vector autoregression model. The findings indicate that while most sectors respond to monetary policy through multiple monetary transmission channels, the magnitude and direction of impulse responses vary across time and economic conditions. Construction and manufacturing emerge as the most interest-sensitive sectors. The exchange rate and asset price channels exert relatively stronger sectoral efforts during periods of normal economic outlook. Given the redistributive implications of monetary policy, the effectiveness of the inflation targeting regime may require complementary income-supportive fiscal coordination. –Reproduced https://www.epw.in/journal/2026/12/special-articles/unpacking-black-box.html
773			_aEconomic & Political Weekly
942			_cAR