This is a wow speech from Deepak Mohanty of RBI. It is worth a Phd theses by itself.. The speech compares the operating framework of monetary policy of three top central banks with RBI. We usually look at monetary policy as a policy which changes rates to manage inflation. That is surely the purpose but mechanics of implementing the policy differ vastly across central banks. This mechanics is called the operating framework which includes liquidity facilities, bank reserves, ways to change policy rates etc.
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