| LIST OF BOXES |
| Sr. No. | Particulars |
| I.1 | Insights from Country Framework Reviews |
| I.2 | Evolution of Ideas on Inflation Targeting in India |
| II.1 | Trend Inflation in India |
| II.2 | Estimates of Threshold Inflation for India |
| II.3 | Stabilisation of Inflation Expectations during FIT in India |
| III.1 | Monetary Policy Process of the Monetary Policy Committee |
| III.2 | Inflation and Growth Projection Process |
| III.3 | Transmission of Food and Fuel Shocks to Core Inflation |
| IV.1 | Liquidity Management Framework |
| IV.2 | Volatility of WACR – Key Determinants |
| IV.3 | Policy Transmission to the Operating Target |
| IV.4 | Transmission to other Markets |
| IV.5 | Impediments to Monetary Policy Transmission during FIT |
| V.1 | Drivers of INR Volatility |
| V.2 | Sensitivity of INR to Risk Premia |
| V.3 | Sterilisation Effectiveness during FIT |
| V.4 | Exchange Rate Pass-Through during FIT |
| V.5 | Open Economy Taylor Rule Estimates for India |
| LIST OF TABLES |
| Sr. No. | Particulars |
| I.1 | Monetary Policy Reaction Function (2000-01 to 2010-11) |
| I.2 | Transition to FIT in India |
| I.3 | Headline Inflation – Key Summary Statistics |
| I.4 | CPI-C Inflation Components, Agricultural Growth and International Crude Oil Prices – Level and Volatility |
| I.5 | Core and Non-Core Inflation Dynamics |
| I.6 | Key Macroeconomic Indicators under FIT – Level and Volatility |
| I.7 | Monetary Policy Reaction Function (First MPC’s Tenure) |
| II.1 | Inflation Target and Tolerance Band for EMEs |
| II.2 | Trend Inflation Estimates of India |
| II.3 | Threshold Inflation Estimates of India |
| II.4 | Performance of Different Food Sub-Groups during Pre and Post - FIT |
| II.5 | Accuracy, Unbiasedness, Efficiency and Autocorrelation of Inflation Forecasts over Forecast Horizons |
| II.6 | Estimates of Inflation Persistence |
| II.7 | Correlation between Inflation Expectations (IE) and Actual Inflation |
| II.8 | Average GDP Growth and Related Indicators |
| III.1 | Voting Records of the MPC Members on the Policy Rate |
| III.2 | Voting Records of the MPC members on Monetary Policy Stance |
| III.3 | The MPC Voting Summary (October 2016-March 2020) |
| III.4 | EG index for RBI Pre-FIT and FIT |
| III.5 | Structure of Monetary Policy Decision Making Committees |
| III.6 | MPC Decision Making Process |
| III.7 | Monetary Policy Transparency and Communication across Central Banks |
| III.8 | Accountability Mechanism |
| III.9 | Shut Period Practices: Major Central Banks |
| III.10 | Tenure of Committees for Monetary Policy Decision Making |
| III.11 | Contents of the Communication Policy Document |
| III.12 | Timing of Policy Announcement |
| III.13 | Central Banks Providing Guidance on Policy Rate Path |
| III.14 | Definition of Failure |
| III.15 | Episodes of High Food Price Inflation |
| III.16 | Episodes of Low Food Price Inflation |
| IV.1 | Reforms in the Operating Framework |
| IV.2 | Share in Overnight Money Market Volume |
| IV.3 | Operating Target and Monetary Marksmanship |
| IV.4 | Liquidity Management Instruments |
| IV.5 | Fine-Tuning Operations |
| IV.6 | Key Liquidity Indicators (period averages) |
| IV.7 | Policy Rate Changes |
| IV.8 | Policy Transmission to Financial Market Segments |
| IV.9 | Transmission from Repo Rate to Banks' Deposit and Lending Interest Rates |
| IV.10 | Transmission across Bank Groups -Tightening and Easing Policy Cycles |
| IV.11 | Market Timings |
| IV.12 | Proportion of Loans linked to Internal and External Benchmarks |
| V.1 | India's External Vulnerability Indicators |
| V.2 | Episodes of Excess Capital Inflows |
| V.3 | Reserve Money and Drivers of Durable Liquidity |
| V.4 | ERPT Estimates from Select Studies in the Indian Context |
| LIST OF CHARTS |
| Sr. No. | Particulars |
| I.1 | Key Policy Rates in Select Economies |
| I.2 | Global Commodity Prices, Domestic Inflation and GDP Growth |
| I.3 | Inflation and Growth – India vs. Global |
| I.4 | Liquidity, Asset Prices and Inflation |
| I.5 | Growth in IIP: Old and Revised Series |
| I.6 | WPI Inflation, CPI Inflation and Inflation Expectations |
| I.7 | Historical Decomposition of WPI Non-food Non-fuel Inflation |
| I.8 | Policy Rate, CRR and SLR |
| I.9 | Estimated Policy Rates (with WPI and CPI) |
| I.10 | Implications of Delayed Policy Response (Difference between response with delay and without delay) |
| I.11 | WPI and GDP Deflator |
| I.12 | Return on Assets and Household Savings |
| I.13 | GFD, Public Investment, CAD and Gold Import |
| I.14 | Movement in Exchange Rate and Forex Reserves |
| I.15 | Repo Rate, MSF Rate and WACR |
| I.16 | Scenarios – Transitory and Persistent Food Price Shocks |
| I.17 | Headline Inflation vis-à-vis Glide Path/Inflation Target |
| I.18 | Central Government Gross Fiscal Deficit |
| I.19 | QPM – Feedback Mechanism and Transmission |
| I.20 | Kernel Density of CPI Headline and Sub-groups Inflation |
| I.21 | Domestic CPI and Global Commodity Price Inflation |
| I.22 | Domestic CPI Core and Global Non-food Commodity Price Inflation |
| I.23 | Relative Food Prices |
| I.24 | State-wise Inflation Differential and its Kernel Density Function |
| I.25 | CPI Inflation: Rural vs. Urban |
| I.26 | Trend GDP Growth and Saving-Investment Rates |
| I.27 | Growth in Bank Deposit, Money and Credit |
| I.28 | Employment and Capital Stock and their Contributions to GVA |
| I.29 | Labour Force Participation and Labour Productivity in India |
| I.30 | Incremental Capital Output Ratio (ICOR) |
| I.31 | Demographic Developments |
| I.32 | External Drag on Growth |
| I.33 | Movement in Headline Inflation |
| I.34 | Degree of Disagreement in MPC Voting Pattern |
| I.35 | Contribution of Inflation Gap and Output Gap to Policy Rate Deviations |
| II.1 | Inflation Targets in IT countries |
| II.2 | Evolution of Inflation Targets |
| II.3 | Changes in Inflation Target and Tolerance Band |
| II.4 | Reformulation of Inflation Target |
| II.5 | Estimates of Trend Inflation |
| II.6 | Structural Breaks in CPI Inflation |
| II.7 | Distribution of Major Components of CPI Inflation in India |
| II.8 | Contribution to Headline Inflation |
| II.9 | Contribution to Volatility in Headline Inflation |
| II.10 | High Volatility and Asymmetric Pass-through of Fuel Prices |
| II.11 | Supply Shocks and their Impact on Inflation |
| II.12 | Distribution of Cyclical Component of Inflation |
| II.13 | Inflation Trend, Persistence and Volatility |
| II.14 | Inflation Expectations in select EMEs |
| II.15 | Inflation Expectations in select Advanced Economies (AEs) |
| II.16 | Inflation Perception of Households Vs. Actual Inflation |
| II.17 | Inflation Expectations: Households vis-à-vis Other Agents |
| II.18 | CPI Inflation and Inflation Expectations during pre- and post-FIT Period |
| II.19 | Output-gap and Real Policy Rate |
| II.20 | Passive Tolerance of Inflation (Shock: One Percentage points) |
| III.1 | Share of Inflation and Growth Discussions in the MPC Members' Statements |
| III.2 | Word Clouds across Monetary Policy Stances, October 2016 - March 2020 |
| III.3 | Distribution of Inflation and Growth Word Count across the MPC Policy Stances |
| III.4 | Policy Meetings and the MPC Dissent Votes |
| III.5 | Actual versus Projected Inflation during FIT |
| III.6 | Inflation Projection Errors during FIT across Projection Horizons |
| III.7 | Revision in GDP Growth |
| III.8 | Actual versus Projected GDP Growth during FIT |
| III.9 | GDP Growth Projection Errors across Projection Horizons |
| III.10 | EG Transparency Index of Central Banks |
| III.11 | 1-Month and 3-Month OIS Rate: Pre-FIT and FIT |
| III.12 | Repo Rate: SPF Projections versus Actuals |
| III.13 | Media Sentiment One Day Prior to Policy Day |
| IV.1 | Corridor Marksmanship |
| IV.2 | Corridor Width and WACR Volatility |
| IV.3 | Evolution of Corridor Width |
| IV.4 | Reserve Maintenance |
| IV.5 | Estimated Volatility (IGARCH) of WACR |
| IV.6 | WACR vis-a-vis the Policy Corridor |
| IV.7 | Cost of Deposit/Funds and Policy Repo Rate |
| V.1 | India's Openness Indicators |
| V.2 | Net Capital Flows to EMEs |
| V.3 | India's Foregn Trade during FIT |
| V.4 | Volatility in Capital Flows in India |
| V.5 | Exchange Rate Volatility |
| V.6 | Differential in Short-term Interest Rates (India-US) and INR Exchange Rate |
| V.7 | Interest Rate Differentials and Forward Premia on USD/INR |
| V.8 | Share of Foreign Currency Assets in Total Assets |
| V.9 | Movement in MCI |