印度央行印度储备银行（RBI），离开其关键利率在8%不变，这一令人意外的举动。大多数分析师和观察家们预测，随着经济增长放缓，银行将降低借款成本。印度的经济增长在一月和三月之间的年利率5.3%，九年来的最低水平。然而央行表示，降息会对物价施加压力。”中央银行在一份声明中说，我们对当前增长通胀动态的评估是，有几个因素导致了活动的放缓，特别是在投资方面，利率的作用相对较小。因此，在这个关键时刻，进一步减少政策利率，而不是支持增长，可能会加剧通胀压力。”
bank, the Bank of India (RBI), has left its key rate at 8% in a move. Most and had the bank would drop the cost of amid . grew at an rate of 5.3% and March, its pace in nine years. the RBI said that a cut in rates would have put on . "Our of the - is that there are for the in , in , with the role of rates being small," the bank said in a . ", in the rate at this , than , could ."
act 微妙的平衡
不断上涨的消费价格一直是印度政策制定者在过去两年中最大的担忧之一。央行采取了各种措施，以控制价格上涨，包括提高利率自3月13日以来的2010倍。虽然近几个月通胀率略有回落，但仍高于其他新兴经济体。根据上周公布的数据，印度的批发价格指数，该国居民消费价格的关键指标，5月份同比增长7.55%。分析人士表示，经济增长放缓和高通胀的组合，使得央行很难制定政策。”央行显然认为通胀压力仍然太强，进一步放松货币政策从这里，” 说，这是一个微妙的平衡行为，因为增长势头很差，政策在我们看来仍然过于严格，特别是考虑到较弱的国际背景。
have been one of the for India's over the past two years. The bank took in a bid to the , rates 13 times since March 2010. While the rate has come down in , it still than many of the other . to data last week, India's price index, the key of in the , rose by 7.55% in May from a year . said the of and high had made it for the bank to its . "The RBI feels that too to ease from here," said of . "It's a act , as is poor and too in our view, given the ."
信贷前景的展望
Also on , Fitch its for debt from "" to "". This a move by and Poor's in April. Both India's at BBB-, which is the of -grade debt. It is that the from Fitch and S&P are a to a full . That would make India the first G20 to have its debt to "junk" , which a high-risk or .
Bank of India (RBI) kept the level of rates [1] at 8% . rates [2] (AD) and AD two big : [3] and [4] . An in the rates would lead to less and more , less . , there is an rates and the AD but the the AD and the and is ; table 2.1 shows this . 2.1 shows that an in the AD from AD to AD1 would in an in both the price level ( rate) and the in short-run. A rate is to the it leads to a in the power of , fewer for , and rates. On the other hand, is not good for and it may mean no in the but it is still as . In this , to do the right thing, RBI know the of and in the 2.1 and the costs using any [5] .
, in long-run, are among two of : and Neo-. In the model, long-run (LRAS) is at first of the of the spare by in the ( 2.2 red part), then after a point, the spare is to used up so the LRAS is - ( 2.2 green part), and after the level of full , it is ( 2.2 part). On the other hand, Neo- do not in the the of the and the price level, they think that the LRAS is (also 2.2 part). in the red part, an from AD1 to AD2 would only real from Y1 to Y2 and have no on the price level (it would be still P1). In this case, since the is , the bank the AD by rates. , in the green part, an from AD3 to AD4 would both the real from Y3 to Y4 and the price level from P2 to P3; the bank the that are in the short-run, a in this case. , in the part that both the model last part and the Neo- model, an in from AD5 to AD6 would only the price level from P4 to P5 and have no on the level (it would be still Y5). of the , the RBI use to the .
