From my vantage position, I cannot really say that the regulatory regime that a foreign investor seeking to engage with the Indian markets faces is as simple or transparent as one would wish it to be. There are many reasons for the complexity of the regulatory regime that obtains today. Let me mention just two.
[2] DSGE models can replicate the effects of interest rate changes found in the macro data, shedding some light on the transmission mechanism of monetary policy. [3]  Early micro evidence on the effects of policy rates With the advent of more and more granular data, research shifted its focus to micro data on prices.