In the light of the Finance Minister’s budget statement, RBI has transmitted proposals for legislative changes in the Reserve Bank of India Act, which is under the consideration of the Government. These proposals if endorsed by the Parliament would accord greater operational flexibility to the RBI for conduct of monetary policy.
6  One could argue that given the Germans experienced hyperinflation and the Americans, the Great Depression, the lessons policy makers in those two countries have drawn may be somewhat different. BIS Review 111/2010  3  not be relevant to model estimation today because there has been a major structural change. So perhaps history can be too long, as well as too short.