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ABSTRACT:
Monetary policy is the regulatory policy used for economic management by the monetary
authority of a country, the central bank (in India Reserve Bank of India) to control the interest
rates and management of supply of money.
The key aim of monetary policy for most central banks is to keep inflation low and steady.
However, in a market-oriented economy, central banks cannot control inflation directly. They
have to use instruments such as interest rates, the effects of which on the economy are
uncertain. And they have to rely on incomplete information about the economy and its
prospects. Some central banks use money growth or the exchange rate as intermediate targets
to guide policy decisions. Others take a more eclectic approach and consider a range of factors.
Monetary policies play an important role in influencing private financial portfolios through
governmental intervention in markets for bank reserves and manipulation of interest rates, thus
changing private incentives, with the aim of securing better macroeconomic outcomes: lower
unemployment, high rates of GDP growth, lower inflation, and so forth.
The reforms in monetary and credit policies in India over time aimed at slowing down monetary
expansion and thereby controlling inflation. Since the onset of the reforms process, monetary
management in terms of framework and instruments has undergone significant changes,
reflecting broadly the transition of the economy from a regulated to liberalized and deregulated
regime. The aim of this study is to analyse the objectives, types and instrument of Monetary
Policies and how it affects the economic growth of the nation (India).
In India, monetary policy of the Reserve Bank of India (RBI) is aimed at managing the quantity
of money in order to meet the requirements of different sectors of the economy and to increase
the pace of economic growth.
The RBI implements the monetary policy through open market operations, bank rate policy,
reserve system, credit control policy, moral persuasion and through many other instruments.
Using any of these instruments will lead to changes in the interest rate, or the money supply in
the economy. Monetary policy can be expansionary and contractionary in nature. Increasing
money supply and reducing interest rates indicate an expansionary policy. The reverse of this
is a contractionary monetary policy.
The Reserve Bank of India (RBI) uses its credit policy to control the expansion of economy
i.e., high growth of economy and price stability. RBI works as the monetary authority of India
and there by operates the monetary policy. Reserve Bank of India announces Monetary Policy
every year in the Month of April. This is followed by three quarterly Reviews in July, October
and January. But, RBI at its discretion can announce the measures at any point of time. The
Annual Monetary Policy is made up of two parts viz. Part A: macroeconomic and monetary
developments; Part B: Actions taken and fresh policy measures. Monetary policy of the RBI
deals with almost all other vital topics such as financial stability, financial markets, interest
rates, credit delivery, regulatory norms, financial inclusion and institutional developments etc.
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Table of Contents
1. Review of Literature...4
2. Review of Monetary Policy....6
2.1 Objectives of Monetary Policy ......6
2.2 Types of Monetary Policy..7
2.3 Monetary Policy Stance.....7
2.4 RBIS Short Term Liquidity Management
Gained Importance in Post Reform India...8
3. Analysis of Monetary Policy......9
3.1 Instruments of Monetary Policy.....9
3.2 Recent changes in RBIs Monetary Policy...15
4. Result. ......16
4.1 Impact of Monetary Policy.......16
4.2 Current Result of 2016.............16
5. Discussion and Conclusion .........18
5.1 Limitations of Monetary Policy...........18
5.2 Effect of Monetary Policy on the Economic Growth..........18
6. References ..21
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1. REVIEW OF LITERATURE:
DEFINITION OF MONETARY POLICY- Monetary policy is the macroeconomic policy laid
down by the central bank. It involves management of money supply and interest rate and is the
demand side economic policy used by the government of a country to achieve macroeconomic
objectives like inflation, consumption, growth and liquidity.
Monetary policy is the process by which monetary authority of a country, generally a central
bank controls the supply of money in the economy by its control over interest rates in order to
maintain price stability and achieve high economic growth. In India, the central monetary
authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability
in the economy.
The contributions made by various scholars and experts in the field of Monetary Policy are
really praiseworthy. When the economy is in a crisis the Reserve Bank cannot sit back and say
it has done enough by reducing interest rates and supplying liquidity to the market. It needs to
operate on many fronts interest rates, general refinance, sector-specific refinance, directed
credit norms and moral suasion to introduce dynamism into the banks credit delivery system,
commends EPW Research Foundation (2001) (1). In the recent past, the RBI has been using
open market operations to sterilize the inflows of foreign capital so as to contain domestic
monetary expansion. Due to a rise in the income velocity of base money this has created an
incentive for the government to resort more to market borrowings from banks which has raised
real interest rates and which exerts a depressing impact on the growth of economic activity
along with creating pressures for the inflation rate to increase. The changed environment calls
for a reduction in government expenditures which, while reducing interest rates and enhancing
the level of economic activity, will also help nudge the economy to a lower inflation level
(Errol DSouza, 2001) (2). Kangasabapathy (2001) (3) captures the historical perspective in
respect of monetary policy underpinnings with particular reference to India. He also points out
the limitations and constraints in pursuing monetary policy objectives and throws light on
current mainstream economic thinking and perspective in the context of the changing economic
environment worldwide. In the recent times, due to the emergence of interest rate as an efficient
variable in the transmission mechanism, the RBI has begun placing greater reliance on indirect
instruments such as Repo, Bank rate, OMO etc., rather than the earlier practice of greater
dependence on CRR alone. Another issue debated in the context of Central Bank autonomy is
the separation of debt management and monetary management functions.
The paper written by Rangarajan (2001) (4) draws some important lessons from this
experience. Assigning to each instrument the most appropriate objective favours monetary
policy as the most appropriate instrument to achieve the objective of price stability. It is this
line of reasoning which has led to the single objective approach. A considerable part of the
relevant research effort has been devoted to the trade-off between economic growth and price
stability. According to the author, the efforts aimed at strengthening the institutional structure
are a necessary part of the functions of a central bank. With a series of monetary measures
undertaken by the Reserve Bank of India in the recent period combined with somewhat sharp
reductions of nominal interest rates on small savings, the overall structure of interest rates in
the economy has attained a state of relative stability and it can also be characterized as generally
well-balanced.
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EPW Research Foundation (2002) (5) commends that with all round downward movement of
rates of all types and maturities in the past three years, near-stability in the interest rates profile
has been achieved. RBI policies of low Bank rate, active management of liquidity and
signalling its preference for softening of interest rates have contributed to this development.
George Macesich (2002) (6) discusses the role of money and the performance of monetary
regimes within a national economy. Power and authority in monetary matters are shared
between the Finance Ministry and the Central bank. The inter-linkage between political power
structures and policy introduces an element of discretion in monetary policy. The exercise of
such discretion, according to the author, affects the conduct of monetary policy. The efficacy
of monetary policy can be substantially enhanced through imposition of constraints on the use
of discretionary authority in monetary affairs by bureaucracy and political elites.
Reddy (2002) (7) remarks that in order to gain greater effectiveness in money market
operations of the Reserve Bank through Liquidity Adjustment Facility, the automatic access of
refinance facility from the RBI to banks also have to be reassessed. Thus, as CRR gets lowered
and repo market develops, the refinance facilities may be lowered or altogether removed and
the access to the non-collateralized call money market restricted with the objective of imparting
greater efficacy to the conduct of monetary policy. Within the limits of an empirical framework
for the Indian Economy by examining four main issues.
Santosh Mehrotra (2010) (8) discusses the role of policy makers in ensuring sustained
economic growth, especially in an atmosphere of global economic crisis. The global economic
crisis hit the Indian economy at a time when it was riding a wave of unprecedented high growth.
He argues that while the global crisis has particularly impacted exports, and hence growth, and
worsened the fiscal balance, India is already returning to an 8 per cent per annual growth. This
limited impact, has been driven by the fact that both savings and investments have risen sharply
in the first decade of the millennium, and are likely to remain high. It is domestic
savings/investment as well as domestic markets that are driving the growth. The paper also
highlights a series of long-term challenges that policy-makers must address if rapid growth is
to be sustained, and poverty be reduced sharply.
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2. REVIEW OF MONETARY POLICY:
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The Monetary Policy of RBI consists not only of restriction on credit but also checks that
legitimate requirements for credits are met and ensures that at the same time the credit is used
in productive purpose and not in speculative and unproductive activities. Different types of
Monetary policy are stated below:
2.2 TYPES OF MONETARY POLICY:
In India, the legal framework of RBIs control over the credit structure has been provided under
Reserve Bank of India Act, 1934 and the Banking Regulation Act, 1949. Quantitative credit
controls are used to maintain proper quantity of credit of money supply in market.
Monetary policy can be either expansionary or contractionary. The expansionary monetary
policy aims to increase the total supply of money in the economy more rapidly than usual. It
combats the unemployment during recession by lowering the interest rates so that credit can
easily enter the business and aid in expanding business. On the other hand, the contractionary
monetary policy expands the money supply more slowly than usual and even shrinks it. It is
intended to slow inflation to avoid deterioration and distortion of assets value.
a) To speed up the economic development of the nation and raise the national income
and standard of living of the people.
b) Control and reduce the Inflationary pressure on the economy.
The requirement was an adequate financing of the economic growth programmes, and
at the same time containing the inflationary pressure and maintenance of price stability.
Thus this was a period of Controlled Expansion.
Since 1972, there is a rapid increase in the money supply with the public and banking
system. The expansion of the Bank credit to trade and industry also increased.
The early 1970s marked an era of serious inflationary situations. The frequent
fluctuations in the agricultural productions, defective government policies and global
inflationary pressures arising out of the oil prices etc. led the RBI to abandon the
controlled expansion and adopt a policy that is most suitable for retraining the credits.
This is called tight monetary policy and RBI has been successful with varying degree
of success. In summary, monetary policy stance is based upon the assessment of the
macroeconomic and financial conditions and monetary measures.
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2.4 RBIS SHORT TERM LIQUIDITY MANAGEMENT GAINED IMPORTANCE IN
POST REFORM INDIA
Liquidity Management of Central bank means supplying to the market the amount of liquidity
that is consistent with a desired level of short-term interest rate. It is defined as the framework,
set of instruments and the rules that the central bank follows in order to manage the amount of
money supply to control short term interest rates with the objective of price stability.
In RBIs overall management short term liquidity management occupies a very important place
due to following factors: -
1) In financial sector, in 1990s, many reforms were introduced. The important reforms are
deregulation of interest rates and exchange rates. Earlier these rates were determined by RBI,
after reforms, they are determined by demand and supply. RBI in absence of direct intervention
indirectly influences these rates by using multiple indicators approach.
2) Due to liberalization capital flows between countries have increased. From US $118 Million
during 1991-92, capital flows to India rose to US $15 billion in 2004-05.
3) Foreign capital flows have increased employment. It adds to the supply of foreign exchange
and have resulted into appreciation of domestic currency. With this, the exports have become
more expensive.
4) When capital inflows are converted into rupees, they get injected into the economy thereby,
increasing the money supply.
So to maintain price stability RBI has to manage the exchange rate and Interest rate. The RBIs
measures are:
Repo I Reverse Repo - To improve short term liquidity management, RBl introduced repos in
December 1992. Repo is Sale and Repurchase Agreement. It is a swap deal involving the
immediate Sale of Securities and simultaneously purchase of those securities at a future date,
at a predetermined price. Such deals take place between RBI and banks. Due to lack of demand
repos auctions were discontinued in March 1995, they were resumed again in 1997. Reverse
repo rate is the rate that banks get from RBI for parking their short term excess funds with RBI.
Interim Liquidity Adjustment Facility (ILAR) - To develop short term money market
Narasimham Committee 1998 recommended LAF. Accordingly, in 1999 RBI introduced
ILAF. It (ILAF) provided a mechanism for liquidity management through a combination of
repos, export credit refinance and collateralised lending facilities supported by Open Market
Operations.
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3. ANALYSIS OF MONETARY POLICY:
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This technique is superior to bank rate policy. Purchases inject money into
the banking system while sale of securities do the opposite.
If RBI sells securities in the open market, commercial banks and private
industry can purchase it. This decreases the existing money supply since the
money from these commercial banks get transferred to RBI.
On the other hand, if RBI purchases securities from the commercial banks
in the open markets, commercial banks sell it and regain the money that they
had invested. Thus, the stock of money increases in the economy.
During the inflation period, the RBI sells securities to reduce the purchasing
power and purchases securities during depression or recession to make more
money available in the economy through the banking system.
The limitation that affect OMO are underdeveloped security market,
indebtedness of commercial banks, excess reserves with commercial banks,
etc.
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5. REPO (REPURCHASE OPTION) AND REVERSE REPO RATES:
Repo is short term borrowing where banks sell approved government
securities to RBI and gets funds in exchange. Repo means Sale and
Repurchase Agreement.
Repo is a swap deal involving the immediate Sale of Securities and
simultaneous purchase of those securities at a future date, at a predetermined
price.
Repo rate helps commercial banks to acquire funds from RBI by selling
securities and also agreeing to repurchase at a later date.
RBI repurchases the government securities from commercial banks
depending upon the level of monetary supply it intends to keep in the
economy.
Reduction in repo rate will aid commercial banks in getting money at a
cheaper rate. Increase in repo rate will make bank borrowings more
expensive.
Reverse Repo is exactly the opposite of Repo. Reverse repo operations are
used by RBI in its Liquidity Adjustment Facility.
Reverse Repo Rate is the rate at which the RBI borrows money from the
commercial banks.
In this, commercial banks purchase government securities from the RBI and
lend money to banking regulators, thus earning interests. RBI contracts
credit by increasing the repo and reverse repo rates and by decreasing them
it expands credit.
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Repo rate was 6.75% in March 2011 and Reverse repo rate was 5.75% for
the same period. On May 2011 RBI announced Monetary Policy for 2011-
12. To reduce inflation, it hiked repo rate to,7.25% and Reverse repo to
6.25%.
Banks are interested to lend money to RBI since they are assured that the
money is in safe hands with good interests. Thus, the repo rate is always
higher than the reverse repo rate.
The current Repo rate is 6.25% and Reverse Repo Rate is 5.75%.
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SELECTIVE TOOLS/ QUALITATIVE INSTRUMENTS: The qualitative instruments
are also called as Selective tools of monetary policy. These tools are used for
discriminating between various uses of credit. Discrimination can be favouring exports
over imports or non-essential over essential credit supply. This method affects the
lender and the borrower of credit. Under Selective Credit Control, credit is provided to
selected borrowers for selected purpose, depending upon the use in which the control
tries to regulate the quality of credit - the direction towards the credit flows. The various
Selective Controls are stated below:
1. CEILING ON CREDIT:
Central bank RBI fixes credit amount to be given.
Credit is rationed by restricting the available amount for commercial banks.
The Ceiling on level of credit restricts the lending capacity of a bank to grant
advances against certain controlled securities.
For certain purposes, upper limits are fixed and banks are told to adhere to
these limits. This helps in lowering the banks credit to unwanted sectors.
2. MARGIN REQUIREMENTS:
A loan is sanctioned against Collateral Security. Margin means that
proportion of the value of security against which loan is not given.
It is the part of the loan that the borrower has to raise in order to get finance
for his purpose.
Margin against a particular security is reduced or increased in order to
encourage or to discourage the flow of credit to a particular sector i.e.,
encourage credit supply to needy sectors and discourage for non-needy
sectors.
It varies from 20% to 80%.
For example, if RBI feels more credit should be allocated to agricultural
sector, than it will reduce the margin and 85-90% loans can be given. Higher
the margin lesser will be the loan sanctioned.
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5. DIRECT ACTION:
RBI can impose action against the banks if banks not adhering to rules of
RBI.
It is too severe and is therefore rarely followed.
It may involve refusal by RBI to rediscount bills or cancellation of license,
if the bank has failed to comply with the directives of RBI.
RBI may refuse credit supply to those banks whose borrowings are in excess
to their capital and can penalize them.
6. MORAL SUASION:
It is the pressure exerted on commercial banks by RBI without any stict
adherence to the rules. Its just the suggestion by RBI and helps decrease
credit during inflation.
Under Moral Suasion, RBI issues periodical letters to bank to exercise
control over credit in general or advances against particular commodities.
Periodic discussions are held with authorities of commercial banks in this
respect. RBI can issue directives, suggestions and guidelines for commercial
banks regarding credit to speculative purposes.
7. PUBLICITY:
The central bank RBI publishes reports which are weekly or monthly
bulletin to inform the commercial banks what is good or bad in system.
The information is made public and information helps banks to supply credit
to those sectors.
Thus there are many general and selective methods to control the credit and monetary supply
but the right mix of them can be used to achieve the desired goals of monetary policy. But the
success of these tools is constraint by working of Non-Banking Financial Institutes (NBFIs),
undemocratic nature of these tools, availability of alternative sources of credit in economy, etc.
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3.2 RECENT CHANGES IN RBIs MONETARY POLICY:
Since 1991 RBIs monetary management has undergone some major changes which are stated
below:
MULTIPLE INDICATOR APPROACH:
Up to late 1990s, RBI used the Monetary targeting approach to its monetary policy.
Monetary targeting refers to a monetary policy strategy aimed at maintaining price
stability by focusing on changes in growth of money supply. After 1991 reforms this
approach became difficult to follow. So RBI adopted Multiple Indicator Approach in
which it looks at a variety of economic indicators and monitor their impact on inflation
and economic growth.
EXTERNAL SECTOR:
With globalisation large amount of foreign capital is attracted. To provide stability in
financial markets, RBI uses sterilization and LAF to absorb the excess liquidity that
comes in with huge inflow of foreign capital.
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EXPECTATION AS A CHANNEL OF MONETARY TRANSMISSION:
Traditionally, there were four key channels of monetary policy transmission :-Interest
rate, credit availability, asset prices and exchange rate channels. Interest rate is the most
dominant transmission channel as any change in monetary policy has immediate effect
on it. In recent years fifth channel, Expectation has been added. Future expectations
about asset prices, general price and Income levels influence the four traditional
channels.
4. RESULT:
4.1 IMPACT OF MONETARY POLICY: As explained earlier, monetary policy impacts
are given below:
Impact on cut in CRR on interest rates.
Impact of change in SLR on interest rates.
Impact on domestic industry and exporters.
Impact on stock market and money supply.
Impact of money supply on jobs and wages.
Inflation 6.00%
CRR 4.00%
SLR 20.75%
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Inflation remains a concern: Ebbing of inflation pressures for two consecutive months to
March after a period of steady rise was interrupted once again in April. Retail inflation
measured by the consumer price index (CPI) rose sharply due to more than seasonal jump in
food prices. "The inflation surprise in the April reading makes the future trajectory of inflation
somewhat more uncertain," the central bank said in the policy statement. "The inflation
projections given in the April policy statement are retained, though with an upside bias," RBI
said. A higher inflation will act as a hurdle in any move by the central bank to cut interest rates
further.
RBI maintains accommodative stance: In its bimonthly money policy statement of April
2016, RBI stated that it would watch macroeconomic and financial developments in the months
ahead with a view to responding as and when the space opens up, but it maintained an
accommodative stance. " Given the uncertainties, RBI will stay on hold, but the stance of
monetary policy remains accommodative. RBI will monitor macroeconomic and financial
developments for any further scope for policy action," the RBI note said.
Outlook on growth: Domestic conditions for growth are improving gradually, mainly driven
by consumption demand, which is expected to strengthen with a normal monsoon and the
implementation of the Seventh Pay Commission award. On a reassessment of balance of risks,
therefore, the GVA growth projection for 2016-17 has been retained at 7.6 per cent with risks
evenly balanced.
More monetary transmission needed: RBI pushed for more monetary transmission from
banks to support the revival of growth which continues to be critical.
"The government's reform measures on small savings rates combined with the Reserve Bank's
refinements in the liquidity management framework should help the transmission of past policy
rate reductions into lending rates of banks," the central bank said.
RBI will shortly review the implementation of the marginal cost of lending rate framework by
banks. Timely capital infusions into constrained public sector banks will also aid credit flow.
Global growth remains a concern: Since the first bimonthly statement of the financial year
in April 2016, global growth is uneven and struggling to gain traction. "World trade remains
muted in an environment of weak demand," said the RBI statement. In the United States,
growth was slow once again in Q1 because of contracting industrial activity and exports.
Recent indicators of labour market activity have also weakened. The US dollar continues to
mirror changes in expectations of monetary policy action by the Fed. In the euro area, by
contrast, Q1 GDP rose strongly on the back of robust consumer spending and recovering
employment and business conditions. In Japan, growth surprised on the upside in Q1, with the
economy escaping a technical recession, but industrial activity remains weak and deflationary
pressures are building.
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5. DISCUSSION AND CONCLUSION:
CONCLUSION:
Thus, from above we can say that despite several problems RBI has made a good effort for
effective implementation of the monetary policy in India.
The central bank tries to maintain price stability through controlling the level of money supply.
Thus, monetary policy plays a stabilizing role in influencing economic growth through a
number of channels. However, the scope of such a role may be limited by the concurrent pursuit
of other primary objectives of monetary policy, the nature of monetary policy transmission
mechanism, and by other factors, including the uncertainty facing policy makers and the stance
of economic policies.
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In addition, the concurrent target of intermediate goals may have implications on the attainment
of the ultimate objective of achieving sustainable growth. The contribution that monetary
policy makes to sustainable growth is the maintenance of price stability. Since sustained
increase in price levels is adjudged substantially to be a monetary phenomenon, monetary
policy uses its tools to effectively check money supply with a view to maintaining price
stability in the medium to long term. Theory and empirical evidence in the literature suggest
that sustainable long term growth is associated with lower price levels. In other words, high
inflation is damaging to long-run economic performance and welfare.
Monetary policy has far reaching impact on financing conditions in the economy, not just the
costs, but also the availability of credit, banks willingness to assume specific risks, etc. It also
influences expectations about the future direction of economic activity and inflation, thus
affecting the prices of goods, asset prices, exchange rates as well as consumption and
investment.
A monetary policy decision that cuts interest rate, for example, lowers the cost of borrowing,
resulting in higher investment activity and the purchase of consumer durables. The expectation
that economic activity will strengthen may also prompt banks to ease lending policy, which in
turn enables business and households to boost spending. In a low interest-rate regime, stocks
become more attractive to buy, raising households financial assets. This may also contribute
to higher consumer spending, and makes companies investment projects more attractive. Low
interest rates also tend to cause currency to depreciate because the demand for domestic goods
rises when imported goods become more expensive. The combination of these factors raises
output and employment as well as investment and consumer spending.
Unanticipated changes in monetary policy will produce both price (substitution) and income
effects.
For example, suppose monetary authorities begin a program of expansionary (easy) monetary
policy, we would then expect the following sequence of events to occur with regard to the price
effect:
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In summary, the price effect of an expansionary monetary policy is to lower the exchange rate,
weaken the financial account and strengthen the current account. A restrictive monetary policy
would be expected to result in the opposite: a higher exchange rate, a stronger financial account
and a weaker current account (a more negative, or a less positive balance of trade)
With a program of expansionary (easy) monetary policy, the following sequence of events
would be expected to occur with regard to the income effect:
In summary, the income effect of expansionary monetary policy tends to lower the domestic
currency exchange rate, weaken the current account and work to improve the financial account.
A restrictive monetary policy tends to cause the opposite due to the income effect. The domestic
currency exchange rate increases, the current account improves and the financial account
weakens.
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7. REFERENCES
1. EPW Research Foundation, 2001. Imparting Dynamism to credit Delivery.
Economic and Political Weekly, October 20, pp.3963-3967.
2. Errol DSouza, 2001. The Changing Monetary Environment. Economic and
Political Weekly, January 27, pp.299-301.
3. Kangasabapathy, R. 2001. Monetary Policy Underpinnings A perspective.
Economic and Political Weekly, January 27, pp.303-310.
4. Rangarajan, C. 2001. Some critical Issues in Monetary Policy. Economic and
Political Weekly, June 16, pp.2139-2146.
5. EPW Research Foundation, 2002. Credit Policy: Beyond Expansionary Signals.
Economic and Political Weekly, March 16-22, Vol.37(11), p.992
6. George Macesich, 2002. Money and Monetary Regimes: Struggle for Monetary
Supremacy. Greenwood Publishers, CT, U.S.A. p.332
7. Reddy, Y.V. 2002. Monetary and Financial Sector Reforms in India; A
practitioners Perspective. RBI Bulletin, May. www.rbi.org.in
8. Mehrotra, Santosh, 2010, India and the Global Economic Crisis, (This paper was
presented at UK Development Studies Association Conference, U.K),
www.iamrindia.gov.in
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http://economictimes.indiatimes.com/definition/monetary-policy
https://craytheon.com/charts/rbi_base_rate_repo_reverse_rate_crr_slr.php
https://en.wikipedia.org/wiki/Monetary_policy_of_India
http://www.civilservicesstrategist.com/monetary-policy-meaning-objectives-and-
instruments.html
http://www.economicsdiscussion.net/money/top-6-objectives-of-monetary-policy/4684
http://www.gktoday.in/blog/rbis-monetary-policy/
http://shodhganga.inflibnet.ac.in/bitstream/10603/3659/7/07_chapter%201.pdf
http://www.phil.vt.edu/dmayo/personal_website/PhilEvRelReg/Hoover%20Abstract.pdf
http://apjor.com/files/1389274526.pdf
http://economictimes.indiatimes.com/markets/stocks/news/top-five-key-takeaways-from-rbis-
monetary-policy-meet/articleshow/52632176.cms
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