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Covid 19 and Fiscal-Monetary Policy Co-ordination: Empirical Evidence from India

Chakraborty, Lekha S and S, Harikrishnan (2021): Covid 19 and Fiscal-Monetary Policy Co-ordination: Empirical Evidence from India.

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Abstract

Against the backdrop of covid-19 pandemic, the paper analyses the economic stimulus packages announced by the national government in the context of India and tries to identify the plausible fiscal and monetary policy co-ordination. The shrinking fiscal space due to revenue uncertainties has led to a theoretical plausibility of a re-emergence of finite monetisation of deficits in India. However, the empirical evidence confirms no direct monetisation of deficit.

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