Quarterly Projection Model for India: Key Elements and Properties
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Summary:
This paper outlines the key features of the production version of the quarterly projection model (QPM), which is a forward-looking open-economy gap model, calibrated to represent the Indian case, for generating forecasts and risk assessment as well as conducting policy analysis. QPM incorporates several India-specific features like the importance of the agricultural sector and food prices in the inflation process; features of monetary policy transmission and implications of an endogenous credibility process for monetary policy formulation. The paper also describes key properties and historical decompositions of some important macroeconomic variables.
Series:
Working Paper No. 2017/033
Subject:
Central bank policy rate Financial services Food prices Inflation Inflation targeting Monetary policy Output gap Prices Production
English
Publication Date:
February 13, 2017
ISBN/ISSN:
9781475578706/1018-5941
Stock No:
WPIEA2017033
Pages:
41
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