After introducing digital currency, the central bank emerges as a monopolist bank. It then faces an "impossible trinity". To achieve price stability and financial stability, optimal consumption allocation is sacrificed. In this paper, I show that fiscal policy designed in coordination with the...

This paper examines the emerging challenges to the art of monetary policymaking using the case study of the Reserve Bank of India (RBI) in light of developments in the Indian economy during the last decade (2003-04 to 2013-14). The paper uses Hyman P. Minsky's financial instability hypothesis as...

The current crisis, at the time of writing, has had a profound impact on the financial world, introducing the need for creative approaches to revitalizing the economy at the micro level as well as the macro level. In this informal analysis and design proposal, we describe how infrastructure for...