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Suggestions for a new international monetary architecture
May 26, 2015
The Reserve Bank of India thinks conventionally of itself as a central
bank and refuses to stray beyond its role; so most of its publications
are deadly boring. Its internal proceedings must be even more so. How
does an intelligent man like Raghuram Rajan endure the boredom?
How does
he resist the temptation of jumping out of his window on the 18th
floor? One of the things he does to stay sane is do economics - read it,
think it, and even utter it sometimes. He was a good macroeconomist
before he stumbled into babudom; he stretches and exercises his
intellectual muscles once in a while.
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