References Brainard, William (1966), Uncertainty and the Effectiveness of Policy, American Economic Review, Vol. LVII, No. 2, May. Estrella, Arturo, and Frederic S Mishkin, Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty, NBER Working Paper 6518, April. Federal Reserve Board (2000a), Humphrey Hawkins Testimony of the Chairman Alan Greenspan, 17 February.
Although global experience – with financial stability as an added policy objective – is still evolving, the Reserve Bank has always been giving due importance to financial stability risks through active use of macro-prudential policy tools. 10. The FIT framework has served us well since its inception in 2016  even as the economy faced a sequence of shocks in this period.