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...Movements in both the Consumer Price Index for all items (CPI) and Whole Price Index (WPI) show declines much below the average inflation target of 4%. In the circumstances, it is no wonder the chief economic adviser to the ministry of finance (MoF), Arvind Subramanian, has strongly pitched for a rate cut. Bank of America-Merrill Lynch strongly favours rate cuts. A number of other commentators have taken the same position. However, the amount of rate cut is not under any serious discussion at this point in time. Do money and asset markets care for monetary policy announcements now? Don’t they have solutions, digital or otherwise, to counter the different scenarios of rate cut and constancy of the rate? More From Livemint » If markets anticipate policies correctly, then the RBI will not have a cause to pat itself on the back. ...Live Mint on July 19, 2017, 11:27 p.m.
...The Indian situation is different. Many Indian economic/business analysts hold a favourable view of the functioning of the Reserve Bank of India (RBI), right from the institution of the new policy framework and the formation of the monetary policy committee (MPC) to the use of regulatory reach to stabilize financial markets and commercial banks. Is such optimism justifiable in the present uncertain economic and political situation? Let us raise a few analytical questions for introspection. Firstly, how well do we know the effect of the official interest rate on consumption? The answer is, one suspects, not definitive since the effectiveness of the transmission channels of monetary policy is not known in India at this point in time. Not unsurprisingly, transmission mechanisms are found to be not effective even in most advanced economies (AEs). ...Live Mint on Oct. 11, 2016, 11:57 p.m.