The widespread impacts of global financial crisis (2008-09) reinstate the need for better assessment of the macro-financial linkages for forecasting and policy evaluation. Our paper contributes to the relevant literature with evidence from the Indian financial sector. Following Castelnuovo (2013), a New Keynesian model with macro-financial linkages is estimated by the Bayesian technique for the sample period 2004: Q3 to 2019: Q1. We find that, in an Emerging Market Economy like India, business cycle leads financial cycle through the channel of expectations. Further, our results show that the linkages are heterogeneous in size depending on the financial market segment and market-specific shocks.

JEL Codes: C11, E44, G10

全球金融危机（2008-09年）的广泛影响再次表明，需要更好地评估宏观金融联系以进行预测和政策评估。我们的论文为相关文献做出了贡献，并获得了印度金融业的证据。继Castelnuovo（2013）之后，采用贝叶斯技术估计了2004年第3季度至2019年第1季度的样本具有贝纳斯技术的宏观金融联系的新凯恩斯模型。我们发现，在像印度这样的新兴市场经济中，商业周期通过预期渠道主导金融周期。此外，我们的结果表明，取决于金融市场领域和特定于市场的冲击，这些联系的规模是不同的。

JEL代码： C11，E44，G10