{"product_id":"tamil-nadu-human-development-report-2017-copy","title":"Macroeconomics of Central Banking in India","description":"\u003cdiv\u003e\n\u003cmeta charset=\"utf-8\"\u003e \u003cmeta charset=\"utf-8\"\u003e\n\u003c\/div\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\u003cspan\u003eAbout the Book\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv class=\"more\"\u003e\n\u003cp\u003eHow does a central bank interpret economic turbulence, frame policy responses, and steer an economy through uncertainty?\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eMacroeconomics of Central Banking in India: Issues and Evidence\u003c\/em\u003e\u003cspan\u003e \u003c\/span\u003eoffers a rare and authoritative insider’s view of contemporary central banking in one of the world’s most dynamic emerging economies. Drawing on deep professional experience, including his tenure as Deputy Governor, Reserve Bank of India, Dr Michael Debabrata Patra presents a compelling narrative of India’s macroeconomic evolution—from inflation management and financial stability to external sector dynamics and monetary policy transmission.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003eBlending theory with lived policy experience, this volume examines how strategies are designed, debated, and deployed in real time against the backdrop of global upheavals and domestic transitions. The analytical essays illuminate the intellectual foundations of policymaking while revealing the practical challenges of balancing growth, stability, and credibility in a complex economy.\u003c\/p\u003e\n\u003cp\u003e \u003c\/p\u003e\n\u003cp\u003eIndispensable for policymakers, economists, financial market professionals, and students alike, this book stands as both a scholarly contribution and a practitioner’s handbook—illuminating the craft of central banking with clarity, authority, and real-world perspective.\u003c\/p\u003e\n\u003cspan class=\"morecontent\"\u003e\u003cspan\u003e\u003c\/span\u003e \u003c\/span\u003e\n\u003c\/div\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\n\u003cspan\u003e\u003c\/span\u003e\u003cbr\u003e\n\u003c\/h2\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\u003cspan\u003ePraise for this book\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv\u003e\n\u003cdiv\u003e“This collection of essays from Dr Michael Debabrata Patra, a leading central banker of our times, presents a ringside, yet dispassionate, view of the intellectual edifice and praxis of Indian monetary policy. This is an ultimate go-to resource for the students and the experts of Indian monetary policy and macroeconomics.” \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cstrong\u003e—\u003cspan\u003e \u003c\/span\u003ePartha Ray\u003c\/strong\u003e \u003cspan\u003e \u003c\/span\u003e\u003cem\u003eDirector, National Institute of Bank Management, Pune\u003c\/em\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e“A masterpiece on evidence-based macroeconomics, that advances our understanding of how the Indian economy works and how policies are crafted and communicated to achieve the intended goals, during both crisis and normal times. A must-read to learn from one of the very best in our profession; preserve it to go back to when in doubt.”\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cstrong\u003e—\u003cspan\u003e \u003c\/span\u003eSitikantha Pattanaik\u003c\/strong\u003e   \u003cem\u003eChief Economist, National Bank for Agriculture and Rural Development (NABARD) and Former Executive Director, \u003c\/em\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e\u003cem\u003eReserve Bank of India\u003c\/em\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e“In this book, Michael Patra has lucidly examined—in a balanced way—various sides of complex macroeconomic policy issues of great relevance such as inflation, growth and the external sector and the role of the central bank in managing these important development issues. What is more, he arrives at clear conclusions and policy suggestions. This volume is a testimony to the excellence of his work, particularly at the RBI, and to the sincerity of his commitment to macroeconomic stability and development”.\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cstrong\u003e—\u003cspan\u003e \u003c\/span\u003eS. Mahendra Dev\u003c\/strong\u003e   \u003cem\u003eChairman, Economic Advisory Council to the \u003c\/em\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e\u003cem\u003ePrime Minister (EAC-PM); Former Director and Vice-Chancellor, \u003c\/em\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cem\u003eIndira Gandhi Institute of Development Research, Mumbai\u003c\/em\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e“An excellent volume that presents complex monetary policymaking—especially during highly turbulent times—in a most simplistic and artistic way… and could have been done only by Dr Patra, one of the most respected central bankers of our times… the volume also gives an insider view of how pragmatic Reserve Bank of India was in successfully navigating the economy during a period of great uncertainty….this volume is a must read by researchers, public policymakers—and especially the critics of the RBI…” \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cstrong\u003e—\u003cspan\u003e \u003c\/span\u003eN.R. Bhanumurthy\u003c\/strong\u003e \u003cspan\u003e \u003c\/span\u003e\u003cem\u003eDirector, Madras School of Economics, Chennai\u003c\/em\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003ch1 class=\"d_normalheder\"\u003e\n\u003cspan\u003e\u003c\/span\u003e\u003cbr\u003e\n\u003c\/h1\u003e\n\u003ch2 class=\"d_normalheder\"\u003e\u003cspan\u003eAbout the Author(s) \/ Editor(s)\u003c\/span\u003e\u003c\/h2\u003e\n\u003cdiv\u003e\n\u003cp\u003e\u003cstrong\u003eMichael Debabrata Patra\u003c\/strong\u003e\u003cspan\u003e \u003c\/span\u003eis an economist and a career central banker for four decades. He has worked in the International Monetary Fund as Senior Advisor during 2008-12. As Deputy Governor of the Reserve Bank of India (RBI) from 2020 to 2025, he has been responsible for monetary policy, financial markets, financial stability, economic and policy research, statistics and information management, international relations and corporate strategy, besides overall coordination. He has also been a founder member of the Monetary Policy Committee of the RBI, which is entrusted with monetary policy decision-making in India. Educated in the Utkal University, Bhubaneswar; the Indian Institute of Technology, Bombay; and Harvard University, he has served in leadership roles in a number of organisations such as Chairman of the Board of Directors of the Deposit Insurance and Credit Guarantee Corporation; member of the Boards of Directors of the National Bank for Agriculture and Rural Development (NABARD); and the Exim Bank. He has also served in a number of academic institutions in board-level positions such as the Indira Gandhi Institute of Development Research, Mumbai; the Centre for Advanced Financial Research and Learning, Mumbai; the National Institute of Bank Management, (NIBM) Pune; the Indian Institute of Bank Management (Chairman of the Governing Board), Guwahati; and the Bankers Institute of Rural Development, Lucknow. He is currently the Chairman of the Board of Governors, Institute of Economic Growth (IEG), Delhi.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\u003cbr\u003e\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\u003cbr\u003e\u003c\/div\u003e\n\u003cdiv class=\"glossymenu\"\u003e\u003cbr\u003e\u003c\/div\u003e\n\u003ch2 class=\"glossymenu\"\u003eContents in Detail\u003c\/h2\u003e\n\u003cdiv class=\"glossymenu\"\u003e\n\u003ca class=\"menuitem submenuheader\" href=\"https:\/\/academicfoundation.org\/#\"\u003e\u003cspan class=\"accordsuffix\"\u003e\u003c\/span\u003e\u003c\/a\u003e\n\u003cdiv class=\"submenu\"\u003e\n\u003cdiv\u003eAcknowledgements\u003c\/div\u003e\n\u003cdiv\u003eList of Tables and Charts\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eINTRODUCTION\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003eMacroeconomics of Central Banking in India: Issues and Evidence\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eSection I\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eThe Goals of Monetary Policy in India\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e1.\u003cspan\u003e \u003c\/span\u003eIs the Phillips Curve in India Dead,\u003cbr\u003e    Inert and Stirring to Life or Alive and Well?\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e2.\u003cspan\u003e \u003c\/span\u003eMonetary Policy:\u003c\/div\u003e\n\u003cdiv\u003e\u003cspan\u003e    Confronting Supply-driven Inflation\u003c\/span\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e3.\u003cspan\u003e \u003c\/span\u003eAnatomy of Inflation’s Ascent in India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e4.\u003cspan\u003e \u003c\/span\u003eRecent Regime Reversal in Inflation:\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e    \u003c\/span\u003e\u003cspan\u003eThe Indian Experience\u003c\/span\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e5.\u003cspan\u003e \u003c\/span\u003eAre Food Prices the ‘True’ \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e    \u003c\/span\u003eCore of India’s Inflation?\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e6.\u003cspan\u003e \u003c\/span\u003eAre Food Prices Spilling Over?\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eSection II\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eThe Operating Procedure: Monetary Policy Transmission\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e7.\u003cspan\u003e \u003c\/span\u003eMonetary Policy Transmission in India: \u003c\/div\u003e\n\u003cdiv\u003e\u003cspan\u003e    The Recent Experience\u003c\/span\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e8.\u003cspan\u003e \u003c\/span\u003eRevisiting the Determinants \u003c\/div\u003e\n\u003cdiv\u003e    of the Term Premium in India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e9.\u003cspan\u003e \u003c\/span\u003eA Macroeconomic View of the Shape of \u003c\/div\u003e\n\u003cdiv\u003e   India’s Sovereign Yield Curve\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e10.\u003cspan\u003e \u003c\/span\u003eWhat is the Yield Curve \u003c\/div\u003e\n\u003cdiv\u003e      Telling Us About the Economy?\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eSection III\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eMonetary Policy Communication\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e11.\u003cspan\u003e \u003c\/span\u003eWhen Circumspection is the \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003eBetter Part of Communication\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e12.\u003cspan\u003e \u003c\/span\u003eMeasuring Monetary Policy Communication:\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003e\u003cspan\u003eThe Indian Experience\u003c\/span\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eSection IV\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eMeasurement and Economic Modelling\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e13.\u003cspan\u003e \u003c\/span\u003eA Recalibrated Quarterly Projection \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003eModel (QPM 2.0) for India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e14.\u003cspan\u003e \u003c\/span\u003eA Prototype Dynamic Stochastic \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003eGeneral Equilibrium Model for India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e15.\u003cspan\u003e \u003c\/span\u003eMeasuring Supply Chain Pressures on India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e16.\u003cspan\u003e \u003c\/span\u003eMeasuring Uncertainty: An Indian Perspective\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e17.\u003cspan\u003e \u003c\/span\u003eThe Shape of Growth Compatible Fiscal Consolidation\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eSection V \u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e\u003cstrong\u003eExternal Sector dynamics\u003c\/strong\u003e\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e18.\u003cspan\u003e \u003c\/span\u003eA Suite of Approaches for Estimating Equilibrium \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003eExchange Rates for India 1.0\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e19.\u003cspan\u003e \u003c\/span\u003eA Suite of Approaches for Estimating Equilibrium \u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003eExchange Rates for India 2.0\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e20.\u003cspan\u003e \u003c\/span\u003eCapital Flows at Risk: India’s Experience\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e21.\u003cspan\u003e \u003c\/span\u003eGeopolitical Risk and Trade and Capital Flows to India\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e22.\u003cspan\u003e \u003c\/span\u003eForeign Exchange Intervention:\u003c\/div\u003e\n\u003cdiv\u003e\n\u003cspan\u003e      \u003c\/span\u003e\u003cspan\u003eEfficacy and Trade-offs in the Indian Experience\u003c\/span\u003e\n\u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003e \u003c\/div\u003e\n\u003cdiv\u003eIndex\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003ctable width=\"100%\" style=\"width: 100%; height: 78.3752px;\"\u003e\n\u003ctbody\u003e\n\u003ctr style=\"height: 19.5938px;\"\u003e\n\u003ctd style=\"width: 51.6006%; height: 19.5938px;\"\u003ePublisher\u003c\/td\u003e\n\u003ctd style=\"width: 47.9553%; height: 19.5938px;\"\u003eAF Press\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 19.5938px;\"\u003e\n\u003ctd style=\"width: 51.6006%; height: 19.5938px;\"\u003ePublication Date\u003c\/td\u003e\n\u003ctd style=\"width: 47.9553%; height: 19.5938px;\"\u003e\n\u003cmeta charset=\"utf-8\"\u003e \u003cspan\u003e2026\u003c\/span\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 19.5938px;\"\u003e\n\u003ctd style=\"width: 51.6006%; height: 19.5938px;\"\u003eNumber of Pages\u003c\/td\u003e\n\u003ctd style=\"width: 47.9553%; height: 19.5938px;\"\u003e538\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr style=\"height: 19.5938px;\"\u003e\n\u003ctd style=\"width: 51.6006%; height: 19.5938px;\"\u003eISBN\u003c\/td\u003e\n\u003ctd style=\"width: 47.9553%; height: 19.5938px;\"\u003e\n\u003cmeta charset=\"utf-8\"\u003e \u003cmeta charset=\"utf-8\"\u003e \u003cspan\u003e9789332707207\u003c\/span\u003e\u003cbr\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e","brand":"Michael Debabrata Patra","offers":[{"title":"Hardcover \/ ENG- English \/ Economics","offer_id":51373360152897,"sku":null,"price":2995.0,"currency_code":"INR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0938\/9067\/5009\/files\/Macroeconomics_front.png?v=1770358107","url":"https:\/\/www.academicfoundation.com\/products\/tamil-nadu-human-development-report-2017-copy","provider":"Academic Foundation | AF Press","version":"1.0","type":"link"}