...........For instance, in response to a question on whether the Reserve Bank of India (RBI) should continue or abandon its tight monetary policy which, intended to tame inflation, has seemingly stifled growth, Stiglitz say:
“In my view, (the) adverse effects of inflation are a bit exaggerated. 8% inflation is normal in a developing country whereas growth has the ability to keep millions (fed), creating jobs and opportunities. Raising interest rates is unlikely to make a ‘big’ dent on inflation. In a trade-off between growth and moderate inflation, I would plump for growth.”.........
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