Some of these instruments including changes in reserve requirements, standing facilities and OMOs were meant to affect the quantum of marginal liquidity, while changes in policy rates, such as the Bank Rate and reverse repo/repo rates were the instruments for changing the price of liquidity. 15. An assessment of macroeconomic outcomes suggests that the multiple indicator approach served fairly well from 1998–99 to 2008–09.
During this period, average domestic growth rate 3/6  BIS central bankers' speeches  improved to 6.4 per cent and WPI based inflation moderated to 5.4 per cent. 2013–2016: Preconditions Set for Inflation Targeting 16. In the post-global financial crisis period (i.e., post-2008), however, the credibility of this framework came into question as persistently high inflation and weakening growth began to coexist.