Success and failure of monetary policy since the 1950s / David Laidler -- What have economists learned over the past 50 years? / Lars E.O. Svensson -- Will monetary policy become more of a science? / Frederic S Mishkin -- Monetary policy, labour markets and fiscal policy / Olivier Blanchard.

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...