Will Raghuram Rajan Do a Volcker?

...........Mr. Volcker bucked political pressure to keep rates low and instead hiked benchmark rates to record levels to curb high inflation. But while inflation came under control in the early 1980s, it also left but the U.S. economy in a recession. Some economists say that a similarly drastic step may be needed if Indian authorities are unable to arrest the rupee’s slide soon..................

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