| Variables | Description | Sources of Data |
| e | INR/USD | RBI Database |
| m | M3 | RBI Database |
| m* | M2 | The U.S. Federal Reserve System Database |
| y | Index of Industrial Production | RBI Database |
| y* | Industrial Production Index | The U.S. Federal Reserve System Database |
| i | 91-days T-Bill rates | RBI Database |
| i* | 3-months Treasury Bill rates | The U.S. Federal Reserve System Database |