ABSTRACT. Bhattacharya says that, among country-specific studies on monetary policy frameworks, a study on India would be important. Gerlach and Gerlach-Kristen write that even though monetary policy makers in both economies have enviable records in delivering on their objectives, macroeconomic outcomes have differed and have at times been adverse. Ito holds that the Japanese financial system was stabilized by the second capital injection to large banks at the end of March 1999. Mariano and Villanueva claims that the last 15 years have seen extensive use of monetary policy approaches that are rules-based, but with considerable judgments factored in.



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