RBI paper tracks impact of rising transparency on expectations

India currency

The greater transparency of Indian monetary policy in recent years has helped anchor inflation expectations at a lower level, a Reserve Bank of India working paper finds.

Researchers G P Samanta and Shweta Kumari use text mining to construct an index of the RBI’s transparency from 2009 to 2019. They find transparency increased in steps and the move towards flexible inflation targeting (FIT) “enhanced greatly” the degree of transparency.

The authors break the period of study into pre-FIT

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