Bernanke and Rajan cross swords over policy spillovers

Raghuram Rajan, Reserve Bank of India

The former chairman of the Federal Reserve, Ben Bernanke, and the governor of the Reserve Bank of India (RBI), Raghuram Rajan, clashed yesterday (April 10) over the degree to which central banks ought to consider spillover effects when setting monetary policy.

Speaking at an event hosted by the Brookings Institution, Rajan argued the rationale for unconventional monetary policy was that, while the effects were uncertain, the costs were low and the benefits were great. He said, however, this calc

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