..........As the new RBI governor, Raghuram Rajan, prepares his first monetary policy review statement, he should keep this confusion in mind. It has always been Dr Rajan's stated belief - and the consensus in the macro-economic profession - that central banks should focus on one instrument to control monetary policy, and that good communication and transparency are crucial to achieving a central bank's ends. The RBI's recent actions have not been satisfactory when judged from that point of view. A plethora of confusing and contradictory instruments have been used, some of which have unknown consequences; and transparency has suffered alongside............
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