Rajan sets out ‘idealistic' vision for international monetary policy co-ordination
RBI governor's ‘modest proposal' would see central banks incorporate spillovers into mandates
An independent multilateral agency charged with monitoring the international spillover effects of unconventional monetary policy actions around the world is too "idealistic" to work, according to Reserve Bank of India (RBI) governor Raghuram Rajan - who today also offered a more modest proposal to respond to the problem of spillovers.
Speaking on a panel at the Bank of Japan's Institute of Monetary and Economic Studies (IMES) conference on Monetary Policy in a Post-Financial Crisis Era, Rajan
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