Managing the Macroeconomy

Ramkishen S. Rajan is Professor of International Economic Policy at the School of Policy, Government and International Affairs, George Mason University, USA. He is also Visiting Professor and Adjunct Senior Research Fellow at the Asia Competitiveness Institute based in Lee Kuan Yew School of Public Policy, National University of Singapore, Singapore.Venkataramana Yanamandra graduated with a PhD in Public Policy from the School of Policy, Government and International Affairs, George Mason University, USA. She is currently employed as a consultant with the World Bank Group in Washington, DC, USA. Previously she was a researcher with the National Council of Applied Economic Research, New Delhi, India.

• Preface and Introduction Acknowledgements 1. Macroeconomic Overview of the Indian Economy 2. Effectiveness of Monetary Policy in India: The Interest Rate Pass-through Channel 3. Understanding Exchange Rate and Reserve Management in India Estimating 4. Impact of Exchange Rate Pass-through to Inflation in India 5. Rupee Movements and India's Trade Balance: Exploring the Existence of a J-Curve 6. External Financing in India: Sources and Types of Foreign Direct Investment (FDI)

“The book has covered the important macroeconomic policy issues with a strong conceptual framework, comprehensive literature survey, and robust empirical analysis. The book is strongly recommended for researchers, students, policy makers, practitioners, and analysts interested in India’s macroeconomic management–particularly monetary and external-sector management.” (R. K. Pattnaik, Journal of Economic Literature, Vol. 55 (1), March, 2017)