On the impact of RBI’s communication on financial markets, the most notable contribution has been in generating a better understanding, debates and sensitivities among the market participants and analysts, of the issues involved in money, finance and macro-stability.
4  BIS central bankers’ speeches  Graph 5  Graph 6  While this aggregate picture is pretty clear, it hides very significant differences across industries (Graph 7). These differences largely arise because of differences in productivity growth across industries as well as movements in world prices.