Abstract
This study explores the relationship between monetary policy instruments and India’s demographic structure, to understand how these instruments interact with the population composition. To trace the relationship, this study has considered annual data from 1993-2018. Using the structural vector autoregression (VAR) with restrictions and considering various macroeconomic variables, the study shows a significant relationship between the monetary policy variable represented by the repo rate and the demographic structure represented by the working-age population. Overall, the study concludes that demographic shifts affect monetary policy effectiveness.
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