focussed on inflation targeting may not necessarily be effective in India where inflation and inflationary expectations … of past experience and international best practices. It confirms that food inflation has been the driver of domestic … inflation. The paper studies the recommendations of the Urjit Patel Committee and comments that monetary policies predominantly …

This paper investigates the time-varying effects of monetary policy on aggregate, sectoral, and disaggregate inflation … in India from 1997 to 2017 using a large dataset of 439 variables. We find that the effectiveness of a contractionary … monetary policy in controlling aggregate inflation has improved over time. This improvement in the policy's effectiveness can …