Central banks in emerging and developing economies (EMDEs) have been modernizing their monetary policy frameworks, often moving toward inflation targeting (IT).

We examine the strength of monetary transmission in India, using a conventional structural VAR methodology. We find that a tightening of monetary policy is asso

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial mar

We show that firms’ market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross

Developing countries now use monetary policy as part of their adjustment programmes but its targets, the tools, and the theory were developed for advanced count