RBI economists attempt to pin down India’s natural rate
Policy rate has recently closed gap with natural rate
Economists at the Reserve Bank of India (RBI) have attempted to model the country's natural rate of interest, as a step towards better monetary policy-making, presenting their results in a working paper published today (October 14) by the central bank.
In their paper Natural interest rate: assessing the stance of India's monetary policy under uncertainty, authors Harendra Kumar Behera, Sitikantha Pattanaik and Rajesh Kavediya illustrate the difficulty of pinning down the natural rate by making
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