II. FISCAL-MONETARY CO-ORDINATION – THEORY AND INTERNATIONAL EXPERIENCE

Auerbach, A., and M. Obstfeld (2005),“The Case for Open-Market Purchases in a Liquidity Trap,” American Economic Review, Vol.95(1).

Bank of England, “Monetary Policy Roundtable”, Quarterly Bulletin 2010 Q3.

Bank of International Settlements (2011), Annual Report 2010-11, June.

Bean, Charles (2003), “Asset Prices, Financial Imbalances and Monetary Policy: Are Inflation Targets Enough?” BIS Working Paper No. 140.

Bernanke, B. S. (2003), “Constrained Discretion and Monetary Policy”, BIS Review, 5/2003.

Bernanke, B. S. and M. Gertler (2001), “Should Central Banks Respond to Movements in Asset Prices?” American Economic Review, Vol.91(2), 253-257.

Bernanke, B. S. (2012), “Five Questions about the Federal Reserve and Monetary Policy” Remarks at the Economic Club of Indiana Indianapolis, Indiana October 1,

Blanchard O.J. and F. Giavazzi (2004), “Improving the SGP Through a Proper Accounting of Public Investment”, CEPR Discussion Paper Series No. 4220.

Blinder, A. S. (1983), “Issues in the Coordination of Monetary and Fiscal Policy”, Monetary Policy Issues in the 1980s, Federal Reserve Bank of Kansas City.

Borio, Caludio and P. Lowe (2002), “Asset Prices, Financial and Monetary Stability: Exploring the Nexus”. BIS Working Paper No. 114.

Buiter, W. H. (2000), “The Fiscal Theory of the Price Level: A critique”, Economic Journal, Vol.112(481), 459–480.

Buiter, W.H and and Nikolaos Panigirtzoglou (1999), “Liquidity Traps: How to Avoid Them and How to Escape Them,” CEPR Discussion Papers 2203.

Buiter, W.H. and Anne C. Sibert (2001), “ Designing a Monetary Authority”, in Anthony M. Santomero, Staffan Viotti, and Anders Vredin (Eds.), “Challenges for Central Banking”, Kluwer Academic Publishers, Boston.

Canzoneri, M, R. Cumby and B. Diba (2001), “Is the Price Level determined by the Needs of Fiscal Solvency?”American Economic Review, Vol.91 (5),1221–38.

Caruana, Jaime (2011), “Financial and Real Sector Interactions: Enter the Sovereign Ex Machina”, Speech at the First CAFRAL-BIS International Conference on Financial Sector Regulation for Growth, Equity and Stability in the Post-Crisis World, November.

Cecchetti, S.G. (2002), “The Problem with Fiscal Policy”, Occasional Essays on Current Policy Issues No. 18, January.

Cecchetti, S.G, H. Genberg, J. Lipsky and S. Wadhwani (2000). “Asset Prices and Monetary Policy”. ICMBCEPR Report No.2.

Cecchetti, Stephen G, M. S. Mohanty and Fabrizio Zampolli (2011), “The real effects of debt”, BIS Working Paper No. 352.

Christiano, Lawrence, Martin Eichenbaum, and Sergio Rebelo (2009), When is the Government Spending Multiplier Large, Northwestern University, August 2009.

Cochrane, J. (1998), “A frictionless view of US inflation”, in B. Bernanke and J. Rotemberg (Eds), NBER Macroeconomics Annual, pp 323–84.

Cochrane, John. H. (2011), “Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic”, European Economic Review, Vol.55, 2–30.

Cogan, John F., Tobias Cwik, John B. Taylor, and Volker Wieland (2010), “New Keynesian versus Old Keynesian Government Spending Multipliers,” Journal of Economic Dynamics and Control, 34(3), 281-295. Revised version of NBER Working Paper No. 14782, March 2009.

Committee on the Global Financial System (2011), “The impact of Sovereign Credit Risk on Bank Funding Conditions. CGFS Papers No. 43, July.

Cottarelli, Carlo (2009), “Fiscal Rules—Anchoring Expectations for Sustainable Public Finances”, December 16. IMF.

Crockett, Andrew (2001), “Monetary Policy and Financial Stability”, BIS Speeches, February 13.

Cukierman, A. (1992), “Central Bank Strategies, Credibility and Independence”, The MIT Press.

Davig, Troy and Eric M. Leeper (2009), “Monetary-Fiscal Policy Interactions and Fiscal Stimulus”, NBER Working Paper No. 15133.

Dixit, A. and L. Lambertini (2000), “Fiscal Discretion Destroys Monetary Commitment”,
http://dipeco.economia.unimib.it/workemu/workingpapers/pdf/lambertinifiscdisc.pdf

Dragutinovic, Diana. (2009), “Monetary and Fiscal Policy Mix in Serbia: 2002-2007” in Gill Hammond, Ravi Kanbur and Eswar Prasad (Eds.) Monetary Policy Frameworks for Emerging Markets, Cheltenham, UK: Edward Elgar Publishing.

European Central Bank (2012), “Monetary and Fiscal Policy Interactions in a Monetary Union”, ECB Bulletin July 2012.

Filardo, A. (2004), “Monetary Policy and Asset Price Bubbles: Calibrating the Monetary Policy Trade-offs”. BIS Working Papers No. 155, June 2004.

Friedman, M. (1968), “The Role of Monetary Policy”, American Economic Review, Vol.58 (1).

Gagnon, Joseph E. and Marc Hinterschweiger (2011), “The Global Outlook for Government Debt over the Next 25 Years: Implications for the Economy and Public Policy”, Policy Analyses in International Economics 94, Peterson Institute for International Economics, Washington, D.C (June).

Gaidar, Yegor (1999), “Lessons of the Russian Crisis for Transition Economies”, Finance and Development, Vol. 36, No.2, International Monetary Fund.

Gameiro, Isabel Marques, Carla Soares and João Sousa (2011), “Monetary Policy and Financial Stability: An Open Debate”, Issue of Discussion 7, available at http://www.bportugal.pt/en-US/BdP%20 Publications%20Research/AB201100_e.pdf

Giannone, D., M. Lenza and L. Reichlin (2010), “Non-Standard Monetary Policy Measures and Monetary Developments”, Centre for Economic Policy Research, Discussion Paper Series No. 8125, November.

Goodfriend, M. (2000). “Overcoming the Zero Bound on Interest Rate Policy,” Journal of Money, Credit and Banking, Vol.32(4), 1007-35.

Goodfriend, Marvin (2004), “Understanding the Transmission of Monetary Policy,” manuscript, Federal Reserve Bank of Richmond. Presented at Joint China-IMF High Level Seminar on China’s Monetary Policy Transmission Mechanism, Beijing, May 2004.

Goodfriend, Marvin and Eswar Prasad (2005), “Monetary Policy Implementation in China”, BIS Papers No. 31.

Goodfriend, Marvin and Eswar Prasad (2006), “A Framework for Independent Monetary Policy in China”, IMF Working Paper 06/111.

Goodhart, C.A.E. (2010), “The Changing Role of Central Banks”, BIS Working Papers No. 326, November.

Gordon, David B. and Eric M. Leeper (2005), “Are Countercyclical Fiscal Policies Counterproductive?,” NBER Working Papers 11869, National Bureau of Economic Research, Inc.

Hagen, Jürgen von and Susanne Mundschenk (2002), “Fiscal and Monetary Policy Coordination in EMU”, Central Bank of Chile Working Paper No. 194, December.

International Monetary Fund (2009a), “Fiscal Implications of the Global Economic and Financial Crisis”, IMF Staff Position Note SPN/09/13, June 9.

International Monetary Fund (2009b), Article IV Consultation with the People’s Republic of China, Public Information Notice, PIN No.09/87, July 22.

International Monetary Fund (2011), Russian Federation—Concluding Statement for the 2011, Article IV Consultation Mission.

Issing, O. (2005), “The Role of Fiscal and Monetary Policies in the Stabilisation of the Economic Cycle”. Speech at the International Conference on “Stability and Economic Growth: The Role of the Central Bank” at Mexico City, 14 November.

Issing, O. (2003), “Monetary and Financial Stability: Is There a Trade-Off?” BIS Paper No.18, September 2003.

Khatiwada, S. (2009), “Stimulus Packages to Counter Global Economic Crisis: A Review”, International Institute for Labour Studies, Discussion Paper No.DP/196/2009.

Krugman, Paul (1998), “Japan’s Trap”, at http://web.mit.edu/krugman/www/japtrap.html

Leeper, E. (1991), “Equilibria under ‘Active’ and ‘Passive’ Monetary Policies”, Journal of Monetary Economics 27(1), 129–147.

Levy, Joaquim Vieira (2010), “The First Time You Never Forget: The Success of Brazil in the 2009 Crisis and the Need for Third-generation Reforms”, Paper presented at Banca d’Italia workshop held in Perugia, 25-27 March, 2010.

Lipsky, John (2011), “US Fiscal Policy and the Global Outlook”, Speech by the First Deputy Managing Director, International Monetary Fund at the American Economic Association Annual Meetings, Roundtable on “The United States in the World Economy” Denver, January 8, 2011.

Lombardo, G and A. Sutherland (2004), “Monetary and Fiscal Interactions in Open Economies”, Journal of Macroeconomics, Vol.26, 319-347.

MacFarlane, Helen and Paul Mortimer-Lee (1994), “Inflation over 300 years”, Quarterly Bulletin, Bank of England, May.

Mishkin, F. (1996), “Understanding Financial Crises: A Developing Country’s Perspective”. NBER Working Paper No. 5600.

Mohanty, M. and Turner, P. (2011), “Monetary Policy in Over-indebted Economies”,
http://www.hkimr.org/cms/upload/seminar_app/sem_paper_0_424_Paper_2011%2011%2021.pdf

Mohanty, M.S. and Klau, M. (2004), “Monetary Policy Rules in Emerging Market Economies: Issues and Evidence”, BIS Working Paper, No.149, March.

Nordhaus, W. D., C. L., Schultze, and S. Fischer (1994), “Policy Games: Coordination and Independence in Monetary and Fiscal Policies”, Brookings Papers on Economic Activity, 1994 (2)

Ornellas, R. and M. S. Portugal (2011), “Fiscal and Monetary Interaction in Brazil”, at
http://www.bcu.gub.uy/Comunicaciones/Jornadas%20de%20Economa/t_portugal_marcelo_2011_.pdf

Pigou, A.C. (1943), “The Classical Stationary State”, Economic Journal, Vol.53 (212), pp. 343–351

Plosser, Charles I. (2011), “Some Observations on Fiscal Imbalances and Monetary Policy”, The Philadelphia Fed Policy Forum on “Budgets on the Brink: Perspectives on Debt and Monetary Policy”, Federal Reserve Bank of Philadelphia, December 2.

Reddy, Y.V. (2009), India and the Global Financial Crisis: Managing Money and Finance, Orient Blackswan Publication.

Romer, C. and J Bernstein (2009), “The Job Impact of the American Recovery and Reinvestment Plan,” January 8, 2009.

Sargent, Thomas J. and Neil Wallace (1981), “Some Unpleasant Monetarist Arithmetic,’’ Quarterly Review, Federal Reserve Bank of Minneapolis, 5 (Fall).

Schwartz, Anna J. (1995), “Why Financial Stability Depends on Price Stability”. Economic Affairs, Autumn.

Sims, C. A. (1994), “A Simple Model for Study of the Determination of the Price Level and the Interaction of Monetary and Fiscal Policy”. Economic Theory, Vol.4(3), 381–399.

Stark, Jürgen (2009), “Monetary and Fiscal Policy: Criteria and Timing for the Phasing Out of Crisis Measures”, Speech at 80th Kieler Konjunkturgespräch in Berlin, 15 September.

Subbarao, D. (2009), “Global Financial Crisis Questioning the Questions”, JRD Tata Memorial Lecture delivered at the meeting of The Associated Chambers of Commerce and Industry of India, New Delhi, RBI Bulletin, August.

Taylor, John B. (2009), “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong”, NBER Working Paper No.14631.

Taylor, John B. (1982a), “Establishing Credibility: A Rational Expectations Viewpoint,’’ American Economic Review, Vol.72 (May).

Woodford, M. (1994), “Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy”, Economic Theory, Vol.4, No.3.

Woodford, Michael (2003). “Comment on ‘Multiple-Solution Indeterminacies in Monetary Policy Analysis,’” Journal of Monetary Economics, Vol.50(6), 1177−1188.

World Bank (1990), Financial Sector Policies and Institutional Development: China. A World Bank Country Study.

Yellen, Janet L. (2011), “The Federal Reserve’s Asset Purchase Program”, BIS Central Bankers’ Speeches, January 8.

Zoli, E. (2005), “How Does Fiscal Policy Affect Monetary Policy in Emerging Market Countries?” BIS Working Papers No 174.

III. FISCAL-MONETARY CO-ORDINATION IN INDIA: AN ASSESSMENT

Aghevli and Khan (1978), “Government Deficits and the Inflationary Process in Developing Countries”, IMF Staff Papers, Vol.25, 383–416

Ashra, Sunil, Saumen Chattopadhyay and Kousik Chaudhuri (2004), “Deficit, Money and Price: The Indian Experience”, Journal of Policy Modelling, Vol. 26, 289-299.

Barro, R, (1978), ‘Unanticipated Money, Output, and the Price Level in the United States.” Journal of Political Economy, Vol.86, Issue 14.

Bevilaqua, Afonso S. and Marcio G.P. Garcia (2002), “Debt Management in Brazil: Evaluation of the Real Plan and Challenges Ahead”, International Journal of Finance and Economics, Vol.7,15-35.

Bohn, Henning (1998), “The Behaviour of U.S. Public Debt and Deficits”, The Quarterly Journal of Economics, Vol.113, No.3, 949-963.

Cagan P. (1965): Determination and Effects of Changes in the Stock of Money, NBER, New York.

Dholakia, Ravindra H., Jeevan K. Khundrakpam and Dhirendra Gajbhiye (2009), “An Outline of Post 2009 FRBM Fiscal Architecture of the Union Government in the Medium Term”, DRG Study No. 31, Reserve Bank of India.

Eaton, Jonathan (1981), “Fiscal Policy, Inflation and the Accumulation of Risky Capital”, The Review of Economic Studies, Vol.48, No.3, 435-445.

Fosu, Oteng-Abayie Eric and Frimpong Joseph Magnus (2006), “Bounds Testing Approach to Cointegration: An Examination of Foreign Direct Investment, Trade and Growth Relationships”, American Journal of Applied Sciences, Vol. 3, No.11, 2079-2085.

Giannaros, D.S. and B.R.Kolluri, (1985), ‘Deficit Spending, Money and Inflation: Some International Empirical Evidence’, Journal of Macro Economics, Vol.7, Issue 3.

Grilli, Vittorio, Donato Masciandaro, Guido Tabellini, Edmond Malinvaud and Marcopagano (1991), “Political and Monetary Institutions and Public Financial Policies in the Industrial Countries”, Economic Policy, Vol.6, No.13, 341-392.

Government of India (2010), ‘Report of the Expert Group on a Viable and Sustainable System of Pricing of Petroleum Products’ Chairman: Kirit S. Parikh, New Delhi.

Government of India (GoI) (2011), ‘Economic Survey 2010-11’ New Delhi.

Hamburger, M.J and B Zwick, (1981), ‘Deficit, Money and Inflation’, Journal of Monetary Economics, Vol. 7, Issue 1.

Jadhav, Narendra and B. Singh (1990), “Fiscal Monetary Dynamic Nexus in India: An Econometric Model”, Economic and Political Weekly, January 20: 159-165.

Joines, DH, (1985),’Deficits and Money Growth in the United States: 1872-1983’, Journal of Monetary Economics, Vol.16, Issue 3.

Karras, G. (1994). Macroeconomic Effects of Budget Deficit: Further International Evidence. Journal of International Money and Finance. Vo. 13, Issue 2.

Kia, A, (2006),’Deficits, Debt Financing, Monetary Policy and Inflation in Developing Countries – Internal or External Factors: Evidences from Iran’, Journal of Asian Economics, Volume 17, Issue 5.

King, RG and Plosser, CI (1985) Money, deficit and inflation, in Understanding Monetary Regimes, Carnegie- Rochester Confer- ence Series on Public Policy, 22,

King, Robert G. (1985), “Money, Deficits and Inflation”, Carnegie-Rochester Conference Series on Public Policy, Vol. 22, 147- 196.

Kirsanova, T, C. Leith and S Wren-Lewis, (2009), “Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the Light of Recent Developments”, The Economic Journal, Vol. 119: 482- 496

Khundrakpam, Jeevan K. and Rajan Goyal (2008), “Is the Government Deficit in India still Relevant for Stabilisation?”, Reserve Bank of India Occasional Papers, Vol. 29, No. 3: 1-21.

Lombardo, Giovanni and Alan Sutherland (2004), “Monetary and Fiscal Interactions in Open Economies”, Journal of Macroeconomics, Vol. 26, 319-347.

Metin, K (1998),’ Relationship between Inflation and Budget Deficit in Turkey’, Journal of Business and Economic Statistics, Vol.16, Issue 4.

Mishra, P.K., U.S. Mishra and S.K. Mishra (2010), “Money, Price and Output: A Causality Test for India”, International Research Journal of Finance and Economics, Issue 53, 26-36.

Mitra, Pritha (2006), “Has Government Investment Crowded out Private Investment in India?”, The American Economic Review, Vol. 96, No. 2, 337-341.

Mohanty, D. (2010), “Perspectives on Inflation in India”, Speech delivered at the Bankers Club, Chennai, RBI Bulletin, October.

Niskanen, W.A., (1978), ‘Deficits, Government Spending and Inflation: What is Evidence’, Journal of Monetary Economics, Vol.4.

Nordhaus, William D., Charles L. Schultze, and Stanley Fischer (1994), “Policy Games: Coordination and Independence in Monetary and Fiscal Policies”, Brookings Papers on Economic Activity, Vol. 1994, No.2, 139-216.

Parida, Purna Chandra, Hrushikesh Mallick and Maathai K. Mathiyazhagan (2001), “Fiscal Deficits, Money Supply and Price Level: Empirical Evidence from India”, Journal of Indian School of Political Economy, Vol.13, No.4, 583-593.

Reserve Bank of India (2010), Annual Report 2009-10, Mumbai.

Rother, P. (2004), “Fiscal Policy and Inflation Volatility” ECB Working Paper Series No.317/2004, March accessed from <>

Sargent, T. and N. Wallace (1981), “Some Unpleasant Monetarist Arithmetic”, Federal Reserve Bank of Minneapolis Quarterly Review, Fall, 1–17.

Shanmugam, Bala, Mahendhiran Nair and Ong Wee Li (2003), “The Endogenous Money Hypothesis: Empirical Evidence from Malaysia (1985-2000)”, Journal of Post Keynesian Economics, Vol. 25, No. 4, 599-611.

Sharma R. (1984), “Causality Between Money and Prices in India”, Indian Economic Review, Vol.19(2):213- 221.

Sikken, BJ and J De Haan, (1998), ‘Budget Deficits, Monetisation and Central Banks’ Independence in Developing Countries’, Oxford Economic Papers, Vol.50, Issue 3.

Spaventa, Luigi (1987), “The Growth of Public Debt: Sustainability, Fiscal Rules and Monetary Rules”, IMF Staff Papers, Vol. 34, No. 2, 374-399.

Tekin-Koru, Ayca and Erdal Ozmen (2003), “Budget Deficits, Money Growth and Inflation: The Turkish Evidence”, Applied Economics, Vol. 35, No. 5, 591-596.

Tobin, J (1963): “An essay on principles of debt management”, in Essays in Economics – Volume 1: Macroeconomics, North Holland.

IV. FISCAL OPERATIONS AND THE RESERVE BANK’S BALANCE SHEET

Adler Gustavo, Pedro Vastro and Camilo E.Tovar (2012), “Does Central Bank Capital Matter for Monetary policy?, IMF Working paper, February.

Al-Jasser, M. and A. Banafe (2002), “The Development of Debt Markets in Emerging Economies: The Saudi Arabian experience”, BIS Papers, no 11, 178-82.

Baltensperger, Ernst and Thomas J. Jordan (1998), “Seigniorage and the Transfer of Central Bank Profits to the Government”, Kyklos, Vol.51, 73-88.

Bank for International Settlements (2009), Issues in the Governance of Central Banks, Basel.

Cottarrelli (1993), “Limiting Central Bank Credit to Government – Theory and Practise”, IMF Occasional Paper (110), December.

Drazen A. (1985), “A General Measure of Inflation Tax Revenues”, Economics Letters, 17, 327-330.

European Central Bank (2011), Convergence Report 2011, available at http://www.ecb.int.

Hannoun, H (2010), “The Expanding Role of Central Banks Since the Crisis: What are the Limits?” Speech at the 150th Anniversary of the Central Bank of the Russian Federation, Moscow, 18 June, available at http://www.bis.org/speeches

Hawkins, John (2003), “Central Bank Balance Sheets and Fiscal Operations”, BIS Working papers, No. 20.

Horakova, Martina (2011), “Central Bank Capital Levels: Do They matter and What can be Done?”,Central Banking Journal, June 2.

Hochreiter, Eduard and Riccardo Rovelli (2002), “The Generation and Distribution of Central Bank Seigniorage in the Czech Republic, Hungary and Poland”, Banca Nazionale del Lavaro, Quarterly Review No. 223, December, pp. 391-415

Jadhav, Narendra, Partha Ray, Dhritidyuti Bose and Indranil Sengupta (2003), The Reserve Bank of India’s Balance sheet, Analytics and Dynamics of Evolution, RBI Occasional Papers.

Jadhav, Narendra, Partha Ray, Dhritidyuti Bose and Indranil Sengupta (2005), “Financial Sector Reforms and the Balance Sheet of the Reserve Bank of India”, Economic and Political Weekly, Vol. 40, No.12, March 19-25.

Kurtzig, J. and B. Mander (2003), “Survey of Central Bank Accounting Practices”, in N. Courtis and B Mander (Eds.), Accounting Standards for Central Banks, London: Central Banking Publications.

Mohanty, Deepak (2011), “Lessons for Monetary Policy from the Global Financial Crisis: An Emerging Market Perspective”, paper presented in the Central Banks Conference of the Bank of Israel, Jerusalem, April 1.

Mohanty Deepak and A. K. Mitra (1999), “Experience with Monetary Targeting in India”, Economic and Political Weekly, January 16-23.

Mohanty, Deepak (2010), “Monetary Policy Framework in India: Experience with Multiple Indicators Approach”, RBI Bulletin, February.

Quirk, P., G. Hacche, V. Schoofs and L. Weniger (1988), “Policies for Developing Forward Foreign Exchange markets”, IMF Occasional Papers, no. 60, June.

Reddy, Y.V. (1997), Financial Sector Reforms and RBI’s Balance Sheet Management, Speech given at the Vysya Bank 11th Annual Lecture on Banking at Bangalore, November 14.

Reserve Bank of India (2004), Report of the Working Group on Instruments of Sterilisation.

Reserve Bank of India Annual Report, Various Issues.

Reserve Bank of India (2006), Report on Currency and Finance, 2004-05, Mumbai.

Reserve Bank of India (2010), Report on Currency and Finance, 2008-09, Mumbai.

Singh, A., S.L. Shetty and T.R. Venkatachalam (1982), “Monetary Policy in India: Issues and Evidence”, Supplement to the RBI Occasional Papers, 3.

Schaechter Andrea, Tidiane Kinda, Nina Budina and Anke Weber (2012), “Fiscal Rules in Response to the Crisis—Toward the “Next-Generation” Rules. A New Dataset, IMF Working Paper, WP/12/187.

Subbarao, Duvvuri (2011), “Implications of the Expansion of Central Bank Balance Sheets”, Comments by Governor of the Reserve Bank of India at the Special Governors’ Meeting, Kyoto, January 31.

Sweidan, Osama D. (2011), “Central Bank Losses: Causes and Consequences”, Asian-Pacific Economic Literature, Volume 25, May.

Van’t dack, J. (1999), “Implementing Monetary Policy in Emerging Market Economies: An Overview of Issues”, in BIS Policy Papers no 5, pp 3–72.

V. FISCAL-MONETARY POLICY CO-ORDINATION AND INSTITUTIONAL ARRANGEMENTS FOR GOVERNMENT DEBT AND CASH MANAGEMENT – A MEDIUM-TERM OUTLOOK

Aisen, A. And D. Hauner (2008), “Budget Deficits and Interest Rates: A Fresh Perspective”, IMF Working Paper WP/08/42.

Blommenstein, H. and P. Turner (2011), “Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability”, OECD Working Papers on Sovereign Borrowing and Public Debt Management No. 3.

Cochrane, J. (1999), “Long term Debt and Optimal Policy in the Fiscal Theory of the Price Level”, Econometrica.

Committee on the Global Financial System (2011), “Interactions of Sovereign Debt Management with Monetary Conditions and Financial Stability”, CGFS Papers No. 42, BIS, May.

Cross, M., P. Fischer and O. Weeken (2010), “The Bank’s Balance Sheet during the Crisis”, Bank of England Quarterly Bulletin, Q1.

Goodhart, C. (2010), “The Changing Role of Central Banks”, BIS Working Papers 326, November.

Government of India (2008), “Report of the Internal Working Group on Debt Management”, October 31.

Hoogduin, L., B. Öztürk and P. Wierts (2010), “Public Debt Managers’ Behaviour: Interactions with Macro Policies”, DNB Working Papers, 273.

International Monetary Fund (2012), Fiscal Monitor, October.

Melitz, J. (1997), “Some cross-country evidence about debt, deficit and the behaviour of monetary and fiscal authorities”, CEPR Discussion paper no. 1653.

Melitz, J. (2002), “Debt, deficits and the behaviour of monetary and fiscal authorities”, in M. Buti, J. von Hagen and C. Martinez-Mongay, “The behaviour of fiscal authorities - Stabilization, growth and institutions”, Palgrave.

Mohanty, D. (2012), “Evidence on Interest Rate Channel of Monetary Policy Transmission in India”, Paper presented at the Second International Research Conference organised by the RBI on February 1-2, 2012, at Mumbai.

Mohanty, M.S. and M. Scatigna (2003), “Countercyclical Fiscal Policy and Central Banks” in “Fiscal Issues and Central Banking in Emerging Countries”, BIS Paper No.20, October

Mu, Y. (2006), “Government Cash Management: Good Practice & Capacity-Building Framework”, Financial Sector Discussion Series, World Bank, May.

Muscatelli, V.A., P. Tirelli and C. Trecroci (2002), “Monetary and Fiscal Policy Interactions over the Cycle: Some Empirical Evidence”, CESifo Working Paper No.817, December.

Raj, J., J. K. Khundrakpam and D. Das (2011), “An Empirical Analysis of Monetary and Fiscal Policy Interaction in India”, RBI Working Paper No.15.

Reserve Bank of India (2005), Report on Currency and Finance, Mumbai: Reserve Bank of India.

Reserve Bank of India (2009), Report of the Committee on Financial Sector Assessment.

Sargent T.J. and N. Wallace (1981), “Some Unpleasant Monetarist Arithmetic”, Quarterly Review No.531, Federal Reserve Bank of Minneapolis.

Singh, B. (2010), “Monetary Policy Behaviour in India: Evidence from Taylor-Type Policy Frameworks”, RBI Staff Studies No.2.

Subbarao, D. (2011), “Central Bank Governance Issues – Some RBI Perspectives”, Comments at the meeting of the Central Bank Governance Group, Bank for International Settlements, Basel, 9 May 2011.

Subbarao, D. (2012), “Price Stability, Financial Stability and Sovereign Debt Sustainability – Policy Challenges from the New Trilemma”, Inaugural Speech at the Second International Research Conference of the Reserve Bank of India at Mumbai on February 1, 2012.

Taylor, J. (1993) “Discretion versus policy rules in practice”, Carnegie-Rochester Conference Series on Public Policy 39, November.

The World Bank and the International Monetary Fund (2001), “Developing Government Bond Markets: A Handbook”

Tillmann, P. (2011), “Parameter Uncertainty and Nonlinear Monetary Policy Rules”, Macroeconomic Dynamics, 15.

Togo, E. (2007), “Coordinating Public Debt Management with Fiscal and Monetary Policies: An Analytical Framework”, Policy Research Working Paper No.4369, The World Bank.

Williams, M. (2010), “Government Cash Management: Its Interaction with Other Financial Policies,” International Monetary Fund, Technical Note and Manuals, July.

Woodford, M. (1995), “Price level determinacy without control of a monetary aggregate”, Carnegie-Rochester Conference Series on Public Policy.

Wyplosz, C. (1999), “Economic policy coordination in EMU: Strategies and institutions”, in “Financial Supervision and Policy Coordination in the EMU”, ZEI (Centre for European Integration Studies), Working Paper No. B11-1999.

Zoli, E. (2005), “How Does Fiscal Policy Affect Monetary Policy in Emerging Market Countries?” BIS Working Paper No.174, April.

VI. LESSONS AND FUTURE CHALLENGES

Blommenstein, H. and P. Turner (2011), “Interactions Between Sovereign Debt Management and Monetary Policy Under Fiscal Dominance and Financial Instability”, OECD Working Papers on Sovereign Borrowing and Public Debt Management No. 3.

Jordan, Thomas J. (2012), “Some Lessons for Monetary Policy from the Recent Financial Crisis”, International Journal of Central Banking, Vol. No. 8. Supplement 1, January.