An Outline of the Existing Literature on Monetary Economics in India

As per the researchers on monetary economics, a detailed account of the changing role of money from Walrasian and Non-Walrasian settings to the more recent theories on the dynamics of the relationships between money, inflation and growth with reference to their historical evolution are available in Friedman et al. ed. (1998) and such type of theoretical work did not happen in India. There is a tendency among the Indian researchers to apply the theories developed abroad to up to date empirical data in econometrics models and then, with the help of econometric techniques and compare the results. For example Dash and Goal (2001) applied the theory of Foster (1992) and Chona (1976) applied the theory of Ahrensdorf and Thasan (1960). This paper dealt with such applications, their lacunae and attempts to resolve the issues unaddressed till 2005.monetary policy, money, interest rate, Keynes, monetarist, neo Keynesian, Quantity Theory, LM curve, Nachane, Brahmananda, Tobin, post Keynesian, endogenous, money supply, financial markets, bank, credit, loan