Tracking Tool: Real-time Assessment of the Reserve Bank of India's Credibility [Updated through 2020Q2]
For details, see paper: Assessing Central Bank Commitment to Inflation Targeting: Evidence from Financial Market Expectations in India (with Aeimit Lakdawala, Rajeswari Sengupta)
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The figure shows the inflation coefficient in the market-perceived monetary policy rule estimated for every quarter across the cross-section of forecasters in the Consensus Economics survey for India. The gray shaded area represents the 90% confidence interval. The dashed pink line shows the mean of the inflation coefficient in the pre-FIT (Jan 2010--Feb 2015) and post-FIT samples (Mar 2015--Feb 2020).
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