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 transition to inflation-targeting; to the contrary, adjusting for inflation and the output gap, policy...
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2020/10/05
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Documento de trabalho sobre pesquisa de políticas
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WPS9422
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1
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1
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2020/10/05
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Disclosed
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Inflation Targeting in India : An Interim Assessment
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inflation
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