Capital flows and the Raghuram Rajan hypothesis11 min read 01 Oct 2016, 11:23 PM IST
Rajan opened up new frontiers of academic inquiry with his theory on the challenges of monetary policy in an emerging economy after the 2008 crisis
Several commentators have rightly extolled the role that former Reserve Bank of India (RBI) governor Raghuram Rajan played in establishing the new inflation-targeting monetary policy regime. But amid the encomia, it was perhaps forgotten that Rajan’s contribution was as much intellectual as it was institutional. In particular, in theorizing about the challenges of conducting monetary policy in an emerging economy such as India in a post-crisis global economy, he opened up new frontiers of academic inquiry.
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