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Today the Reserve Bank of India placed on its website a Working Paper titled Monetary Policy Transparency and Anchoring of Inflation Expectations in India under the Reserve Bank of India Working Paper Series.*The Paper is authored by G.P. Samanta and Shweta Kumari. This paper constructs an index of monetary policy transparency for India and examines the role of transparency in anchoring inflation expectations. Empirical results show that the degree of policy transparency has indeed increa
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FAQ :
The paper focuses on monetary policy transparency in India and its role in anchoring inflation expectations.
The paper was authored by G.P. Samanta and Shweta Kumari.
Yes, empirical results show a substantial increase in policy transparency since the adoption of Flexible Inflation Targeting (FIT) in 2016.
Empirical evidence suggests that inflation expectations of professional forecasters and households were anchored in a weak form during the post-FIT period, though household expectations sometimes exceeded the tolerance band.
During the transition period, both realised inflation and expectations declined, showing a positive association between them.
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