It is argued that the Fed did not detect the productivity slowdown in the USA, which started in the mid-  1  See Clarida, Galí and Gertler (2000). 2  See Orphanides (2003, 2004). BIS Review 82/2008  5  1960s, in real time.
Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the RBI Act, 1934 (the Act). This marked the culmination of the prolonged efforts, to set up a central bank in the country.