Li, Shanjun; Eichengreen, Barry; Gupta, Poonam; … - 2020
This paper provides an assessment of India's inflation-targeting regime. It shows that the Reserve Bank of India is … best characterized as a flexible inflation targeter: contrary to criticism, it does not neglect changes in the output gap … when setting policy rates. The paper does not find that the Reserve Bank of India became more hawkish following the …