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COVID-19 and Fiscal-Monetary Policy Coordination: Empirical Evidence from India

Levy Economics Institute, Working Papers Series 1002 (2022)

19 Pages Posted: 8 Feb 2022

See all articles by Lekha Chakraborty

Lekha Chakraborty

Bard College - The Levy Economics Institute; National Institute of Public Finance and Policy

S Harikrishnan

Independent Analyst

Date Written: February 7, 2022

Abstract

Against the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy coordination. The shrinking fiscal space due to revenue uncertainties has led to a theoretical plausibility of a reemergence of finite monetization of deficits in India. However, the empirical evidence confirms no direct monetization of the deficit.

Keywords: Fiscal-Monetary Policy Coordination, Fiscal Deficits, Monetization, COVID-19

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JEL Classification: E58, E62, E63

Suggested Citation

Chakraborty, Lekha S. and Harikrishnan, S, COVID-19 and Fiscal-Monetary Policy Coordination: Empirical Evidence from India (February 7, 2022). Levy Economics Institute, Working Papers Series 1002 (2022), Available at SSRN: https://ssrn.com/abstract=4028927 or http://dx.doi.org/10.2139/ssrn.4028927

Lekha S. Chakraborty (Contact Author)

Bard College - The Levy Economics Institute ( email )

New York

National Institute of Public Finance and Policy ( email )

New Delhi
India

S Harikrishnan

Independent Analyst ( email )

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