RBI research examines debt management conflict of interest


A working paper published by the Reserve Bank of India today (July 26) assesses whether the central bank's pursuit of both monetary and debt management objectives is damaging to the bank's price stability mandate.

The authors, Sunil Kumar and Rajendra Kumar, use monthly economic data from 2004–11 and quarterly data from first-quarter 2000 to fourth-quarter 2011 to produce a regression of inflation, the output gap and government borrowing on the central bank policy rate. The paper finds that the

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