RBI and memories of the 2008-09 central bankers panic

.....This should be a lesson for the Reserve Bank of India. It should forget about trying to prop up the rupee and allow it to float completely freely. Instead the RBI needs to focus on a clear and well-defined nominal target. I would prefer a nominal gross domestic product (NGDP) target, but even a strict inflation target or a price level target would be preferable to the RBI’s present stop-go policies..............

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