Contrary to popular perception, we have used both quantity and price based variables to moderate debt flows. There is a ceiling on the extent of FII investment in sovereign and corporate debt (quantity variable) and there is also a withholding tax (price variable). External commercial borrowings (ECB) by corporates come in through both an automatic route and an approval route.
The Reserve Bank of Australia and the U.S. Federal Reserve have pursued dual mandates since post-war times, as has the Reserve Bank of New Zealand since a year ago. However, making monetary policy decisions that take labor markets into account does not require a dual mandate.