Monetary Policy, Sovereign Debt and Financial
Stability: The New Trilemma edited by Deepak
Mohanty (New Delhi: Reserve Bank of India, Foundation
Books, Cambridge University Press India), 2014, pp xiv +
370, Rs 995.
........It is not clear from the paper whether the new framework implies the jettisoning of flexible inflation targeting or better fine tuning; or whether, as suggested in the Urjit Patel Committee report commissioned by Rajan in his new capacity as Governor of the Reserve Bank of India (RBI), inflation targeting is more relevant now for developing country central banks where inflation remains an issue even as “there is a consensus gathering internationally that monetary policy should move away from its narrow focus on inflation towards a multiple...............
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