....The impact of monetary policy actions on inflation has been "modest" and with a lag effect, another working paper published by Reserve Bank of India said. The subdued impact of the monetary policy has been largely due to structural factors that guided the increase in food prices, along with the increase in global commodity prices, it said. "The impact of monetary policy actions on inflation is modest and subject to lags," the report, authored by Muneesh Kapur and Harendra Behera, said. Inflation remained in double digits for close to two years till 2011......
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