.........Yes. I think this is partly the reason behind Rajan’s first policy move - to raise interest rates. That was partly reflection of the fact that we already know that inflation is a problem for the country. If you wanted to kill inflation, it can be done through monetary policy. If you raised rates high enough, you will bring inflation down and there is hardly a country in the world – I cannot think of a single country in the world that has been able to bring down inflation without some pain.........
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