...........This would represent a major departure from the current ad hoc arrangement, wherein RBI targets some combination of a number of different nominal variables, such as nominal gross domestic product (GDP), the exchange rate, Wholesale Price Index, and so on, and in which the central bank is not obliged to reveal to the public exactly what it is targeting and why. While there is much debate on whether CPI targeting is appropriate for an emerging economy such as India, that is for another time. Here, I would like to explain what is meant by "inflation targeting" in the first place, and where this policy - now used by leading central banks around the world - originates...........
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