IMF paper examines drivers of India’s disinflation
‘Backward-looking’ expectations and domestic institutional structures amplified shocks, paper says
The "moderation" of inflation expectations and the "rationalisation" of minimum support prices for farm output have been more significant in driving disinflation in India than lower global oil prices, a working paper published by the International Monetary Fund finds.
Sajjid Chinoy, Pankaj Kumar and Prachi Mishra estimate an augmented Phillips Curve for India and use it to identify the extent to which different factors were responsible for the disinflation experienced between 2013 and 2015.
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