Monetary Policy in India
A modern macroeconomic perspective
Chetan Ghate and Kenneth M Kletzer (editors)
Springer India, 2017
652 pages; Rs 15,000
Over the past five years, India has seen something of a revolution in terms of the formulation of monetary policy. Today, we have a central bank with a clear mandate, to control inflation — and the government has formally signed on to this mandate. Monetary policy is set by a committee, half of the members of which are independent economists. This is also the period in which, partially but not wholly coincidentally, inflation has fallen considerably.
It is clear, however, that in spite of
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