Includes bibliographical references and index.

CAUSES OF INFLATION. Inflation dynamics in India: what can we learn from Phillips Curves? / Roberto F. Guimarães and Laura Papi -- Reconsidering the role of food prices in inflation / James P. Walsh -- Food inflation in India / Prachi Mishra and Devesh Roy -- Understanding India's food inflation through the lens of demand and supply / Rahul Anand, Naresh Kumar, and Volodymyr Tulin ; CONSEQUENCES OF INFLATION. Does inflation slow long-term growth in India? / Kamiar Mohaddes and Mehdi Raissi -- Inflation and income inequality in China and India: is food inflation different? / James P. Walsh and Jiangyan Yu -- Transmission of India's inflation to neighboring countries / Sonali Das, Adil Mohommad, and Yasuhisa Ojima ; POLICIES TO AFFECT INFLATION. Monetary policy transmission in India / Sonali Das -- Food inflation in India: what role for monetary policy? / Rahul Anand and Volodymyr Tulin -- Inflation and monetary policy in small open economies / Paul Cashin and Agustín Roitman.

"This boo is a timely look at an important Indian macroeconomic issue - inflation. High and persistent inflation has been a serious macroeconomic challenge for India, particularly in the past decade. India's high rates of inflation have been underpinned ciefly by high and persistent rates of food price inflation, which cascade quickly into rural and urban wages and into nonfood inflation. Well-entrenched inflation expectations have also been a key driver of India's high inflation rates. This book documents and analyzes India's long-ongoing quest to bring inflation down. It grew out of the IMF staff's ongoing policy dialogue with the Indian authorities, in particular at the Reserve Bank of India and the Ministry of Finance. The focus of several of the chapters evolved from the exchange of views with officials from these agencies, and with the many Indian academics interested in these issues." -- page v.

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