Archive for July 1st, 2013

Who should communicate on exchange rates…RBI or FinMin?

July 1, 2013

Ashok Bhattacharya (AB) of BS sums up the issue nicely in his BS column.

AB says FinMin guys were actively trying to shore up rupee slide last week. Everyone from FinMin was trying to calm markets. RBI which is responsible for the curreny hardly talked barring a few scribes.

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Monetary policy committees and communication..

July 1, 2013

A nice short note on the topic by Jan F. Qvigstad (along with Ingimundur Fridriksson and Nina Langbraaten) of Norges Bank.

A country has only one central bank. It is therefore logical to compare it with central banks of other countries. There is broad agreement on the objective of monetary policy – price stability – and on central bank independence in the use of policy instruments to reach that objective. According to international best practice, monetary policy decisions should be made by committee[1], but neither theory nor practice provides any clear answers as to which committee type is the right one or which form of work practice is best. There is broad international agreement that monetary policy decisions should be transparent. However, the way transparency and central bank communication work in practice will depend among other things on whether the monetary policy committee is collegial or individualistic.

It discusses in brief how diff. central banks have different kinds of MPCs and the way they communicate. Nice summary..

Multinational Strategies and Developing Countries in Historical Perspective

July 1, 2013

A nice paper from Geoffrey Jones, Professor of Business History at Harvard Business School.

We talk about history of globalization but centres around economies. Role of firms which play a major role. This is the case for much of economic history as well. This is where business historians help and they help us figure what was going on in much detail:

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