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Ex-RBI chief: Look through oil shocks, act only if they last

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Gulf News
“Ex-RBI chief: Look through oil shocks, act only if they last”

Dubai: Central banks should look through oil shocks at first and tighten only when the shock persists, says Duvvuri Subbarao, former Governor of the Reserve Bank of India. In an interview with Gulf News , he outlined the playbook that global economies should resort to when faced with supply shocks. Monetary policy works on demand, growth and exchange rates, so it does little against a supply shock. “Fighting a supply shock with monetary policy can cost in terms of growth and employment. But…

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