Contents;
Overview;
Section I;
Macroeconomic Stability: The Rationale;
1. lndia's Macroeconomic Performance in the Nineties;
Shankar Acharya r
2. Opportunities for lndia in a Changing World;
Nicholas Stern
3. The RBI's Assessment of Indian Economic Reforms;
C P Chandrasekhar and Jayati Ghosh
4. Don't Mix Monetary and Fiscal Policy:
Why Return to an Old, Flawed Framework?
Mickey D Levy
Section II;
Monetary Policies in India;
5. Commentary: Monetary Policy in the Information Economy;
Mervyn King
6. Conducting Monetary Policy;
Edward M Gramlich
7. Parameters of Monetary Policy in India;
Dr Y VReddy
8. The Impact of Inflation;
Rebecca Hellerstein
9. Current Issues in the Design and Conduct of Monetary Policy;
Mohsin S Khan
10. Foreign Exchange: Far Excessive Reserves?
T Aparna
Section III;
Fiscal Policies in India;
11. Fiscal Policy Rules for India?
George Kopits
12. Has the Budget Lost its Relevance?
Debate: E A S SarlJla and S K Goyal
13. The Fiscal Deficit Conundnun;
A Seshan
14. Why India Survives High Fiscal Deficits?
Swaminathan S Anklesaria Aiyar