Paper Title
Analysing the Asymmetric Impact of Monetary Policy on Inflation in India

Abstract
This study analyses the asymmetric impact of monetary policy (MP) in controlling the inflation rate inan emerging economy India. We divided the sample period into two regimes, the first regime between 2001M04 to 2011M12, when the policy rate was relatively high, and the second regime between 2012M01 to 2021M12 when the policy rate was relatively low. For estimation purposes, we employed the structural vector autoregressive (SVAR) and threshold regression (TR) techniques. The study finds that MP is found to havea higher impact in controlling the inflation in a relatively low policy rate compared to the first period where the average policy rate was high. This asymmetric impact could be associated with the enhanced credibility ofa central bank in fighting inflation and structural changes taken by the policymakers, i.e., the adoption of inflation targeting. Keywords - Inflation, Monetary policy, SVAR JEL - E31, E42, E52