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Inflation Targeting

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Meeting No: 158 246 2680
Password: inflation


For an inflation targeting Central Bank, a precise estimate of the threshold inflation in the economy is important. Existing studies provide estimates without any coherent theory of growth and threshold inflation and hence suffer from several limitations about concept and measurement. The presentation attempts to develop such a theory to establish a stable steady state growth solution. It also operationalises the theory through a model with support from the Indian data for specific components of the model to derive the required functional form. Now that there is an opportunity to revise the inflation target for the period after March 2021, the presentation argues for choosing from the menu of internally consistent options to avoid unnecessary costs.

About the Speaker

Professor Ravindra Dholakia is a former RBI Chair Professor, IIM, Ahmedabad and the former Member of the Monetary Policy Committee. He was also a member of the Sixth Central Pay Commission (2006-08) deciding revision of the pay and pension of more than 10 million employees in India. His expertise as demonstrated through his various assignments lies in macroeconomic policy making both at the national and state level; measurement and estimation of crucial macroeconomic aggregates at the national and state level; academic research on economic development issues including regional disparity, block-level planning, productivity growth, employment studies, energy, health and education; teaching of microeconomics, macroeconomics, economic development and growth, public finance, international economics, and quantitative methods; human resource issues in mergers of large companies; and academic institution building.

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