Rajan and Mishra lay down rules of the monetary game

Raghuram Rajan
Raghuram Rajan, RBI

Reserve Bank of India (RBI) governor Raghuram Rajan and co-author Prachi Mishra set out their ideas for tackling "destructive beggar-thy-neighbour strategies", in a working paper published today (March 29) by the RBI.

Rules of the monetary game offers a more formal treatment of an approach Rajan laid out in a speech earlier this month. The authors recommend monetary policies be grouped according to the severity of their spillovers, using a ‘traffic light' system of green, amber and red

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