Subir Gokarn. File photo.

Subir Gokarn

Subir was an outstanding macroeconomist who brought a keen sense of the market to bear on RBI policies

Subir Gokarn, a sharp macroeconomist and a wonderful human being

Business Standard

D Subbarao

The decision has the potential to deliver enduring gains, provided the measure is followed to its logical closure, he says

Full text of former RBI governor D Subbarao's views on demonetisation

The crisis over the last five years has reopened some fundamental questions about central banks - their mandates, the limits to their autonomy and the mechanisms through which they render accountability. These questions are playing out in India too. Several committees have suggested that the mandate of the Reserve Bank of India (RBI) should be narrowed on the argument that its currently broad mandate is diluting its focus on price stability - the core concern of monetary policy. The Financial Sector Legislative Reforms Commission which submitted its report to the government in March this year has argued that the mandate of the RBI should be restricted to monetary policy and regulation of banks and the payment system.In the context of the mandate of central banks, one needs to keep in mind that the global financial crisis was a powerful rebuke to central banks for neglecting financial stability in the pursuit of price stability. In the immediate aftermath of the crisis, which saw the US

D Subbarao

D Subbarao

D Subbarao

Subir Gokarn, a sharp macroeconomist and a wonderful human being

Full text of former RBI governor D Subbarao's views on demonetisation

'Thank God, the Reserve Bank of India exists'