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.
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|Size: ||2.7 MB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2017|
|ISBN: ||9781475584226 (DRM-EPUB)|
|Read Aloud: ||not allowed|