ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Black Money and Effectiveness of Monetary Policy

Black Money and Effectiveness of Monetary Policy V Pandit K Sundaram IN their latest communication on the question of black money and the effectiveness of monetary policy (EPWt September 8, 1984), Acharya and Madhur (hereafter AM) have sought to defend their modelling of the question and, despite their own doubts about the robustness of their empirical results, have stated that they "continue to subscribe" to their earlier conclusions. Their faith in the one regression equation estimated by them must indeed be overwhelming. For their reply to our critique not only does not squarely face the questions raised in our critique but also fails to recognise the implications of their 'caveats'for the issues at hand.

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