This Tenth Nani A. Palkhivala Memorial lecture lecture centres around the role and responsibility of a central bank in a democratic structure. Central banks make macroeconomic policy that influences the everyday life of people; yet they are managed by unelected officials appointed by the...

Using a model of O-ring production function, the paper demonstrates how certain communities can get caught in a low-literacy trap in which each individual finds it not worthwhile investing in higher skills because others are not high-skilled. The model sheds light on educational policy. It is...

This Statement sets out the Reserve Bank’s assessment of the current macroeconomic situation and projections. URL:[http://rbidocs.rbi.org.in/rdocs/notification/PDFs/APS030511F.pdf].

This policy review is set in the context of a highly uncertain global environment and a delicately poised domestic balance between growth and inflation. It should be read and understood together with the detailed review in Macroeconomic and Monetary Developments released yesterday by the Reserve...

The paper attempts to analyse the emerging contours of regulation of financial institutions with an emphasis on the emerging challenges and dynamics. [Paper prepared for Financial Stability Review of Bank of France].

Presentation shows the global financial crisis, the difference between US, Europe and India, RBI’s policy response and impact, lessons from the crisis, medium-term issues and challenges. [Speech delivered at London Business School].

The nature of the financial turbulence that happened recently in US and Europe, why it happened, where it happened, and the implications for central banks. Some of the forces that led up to and characterized the recent spate of events, the specific responses of central banks and some challenges...