Theoretical and Applied Economics
No. 2 / 2023 (635), Summer
Quest of dynamic linkages between monetary factors and food inflation in India
Birla Global University, Bhubaneswar, India
Ajit Kumar DASH
Birla Global University, Bhubaneswar, India
Amba AGARWAL
Jaypee Institute of information technology, Noida, India
Abstract. This study attempts to investigate the dynamic linkages between the monetary factor and food inflation from an Indian macroeconomic perspective, based on time series data from 1991 to 2022. The outcome of the present investigation reveals that a narrow and broad money supply have a significant impact on food inflation. Furthermore, the result of causality analysis in current research reveals that a narrow money supply does not cause food prices to rise in the short run. However, the broad money does. Finally, the relevant outcome reveals that both narrow and broad money supplies jointly cause food inflation in India. In terms of policy implications, current research emphasises the role of monetary factors in controlling food inflation in the context of India.
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