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The objective of this study is to provide empirical evidence on the short-and long-run relationships between the short-term interest rate, London interbank offered rate (LIBOR) and macroeconomic policy objectives, such as price stability, economic growth, and stability of the exchange rate market. For this purpose, we deploy quarterly frequency dat...
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Context 1
... the maximum eigenvalue test can be statistically allowed to run the ordinary least square (OLS) regression at various levels without falling into spurious regression. The results of the OLS regression appear in Table 5. Notes: ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. ...Context 2
... distribution of theF-statisticis not known but is often used to conduct an informal test of the null hypothesis. The results of the Breusch-Godfrey LM test with a lag of 2 appear in Table 5. The results in Table 6 suggest that the null hypothesis of no serial correlation up to order two cannot be rejected. ...Similar publications
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Citations
Inflation is the turn down of purchasing command of a given currency over time or in other words, it is a wide-ranging climb in the price plane in an economy. Sovereign government of any nation tries to curb it by adopting various means in which revision in interest rates through monetary policy are assumed to be effective way. In this study, efforts has been made to analysis whether revision in interest rate prove to be a successful tool available to any sovereign to have control over price level. Secondary data from year 2011 to 2020 has been taken for inflation. (measured by Consumer Price Index and Wholesale price Index) and Interest rates (Cash Reserve Ratio, Statutory Liquidity Ratio, Marginal Standing Facility Rate, Repo Rate, Reverse Repo Rate and Bank Rate). For analytical purpose, Regression analysis, ANOVA and Correlation have been applied. The results of the study show that revision in interest rates does have an influence over prevailing inflation in the country. Revision in interest rates affects liquidity in the market, which in turn influences the purchasing power of people that helps in controlling the level of inflation.
