Paper Title
Evolution and Effectiveness of Monetary Policy Frameworks in India Since 1985

Abstract
The paper studies the evolution and effectiveness of Monetary Policy Frameworks in independent India since 1985.The chapter looks into how the Reserve Bank of India coped with changing macro-paradigms that decided paths of Monetary Policy Frameworks.This study seeks to fill this gap by exploring the interplay between Monetary Policy and Inflation in the Indian context. The approach of the study is based on a Historical analysis approach along with the empirical study of key monetary variables. Via the Historical analysis approach, the study tries to identify, locate and explain how Monetary Policy Frameworks changed during this period of study. Via empirical analysis, the paper finds a weak linkage between the monetary policy based on broad money as an instrument and inflation.Flexible inflation targeting treats repo rate as the instrument in controlling CPI-based inflation. It is further seen that impact of repo rates on the targeted variable is weak. Keywords - Monetary Policy, Inflation, Policy rates, Inflation Targeting, Money Growth Targeting, Multiple Indicators Approach, Reserve Bank of India