.......The question is whether the central bank can put the inflation genie back into the bottle, after having unleashed it in the wake of the Lehman crisis. Clearly, the expansionary policies of the government and RBI in 2008-09 were a panicky overreaction to the international financial crisis and unwarranted by domestic circumstances..........
The author is an economic consultant, former officer-in-charge, Department of Economic Analysis and Policy, Reserve Bank of India, and Adviser to National Bank of Kyrgyzstan and Bank of Sierra Leone
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