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Abstract
Channels of monetary transmission likely to work in an emerging market (EM) are presented. The Indian accommodative policy cycle, and the papers in this special issue, is used to analyse unconventional aspects of EM monetary policy. It is argued that conditions used to justify unconventional monetary policy in advanced economies routinely hold in EMs.
Disclosure statement
No potential conflict of interest was reported by the author.
Notes
1. This is further developed from Goyal (Citation2002).
2. After the global financial crisis inflation did not fall in mature economies despite a slowdown. IMF (Citation2013) attributes this partly to the better anchoring of inflation expectations.
Additional information
Notes on contributors
Ashima Goyal
Ashima Goyal, professor IGIDR, Mumbai, is widely published in institutional and open economy macroeconomics, international finance and governance; has received many fellowships, national and international awards; is active in the Indian public debate and has served on several boards and policy committees.