Rahul Anand

Mr. Eswar Prasad

Boyang Zhang

In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open economy model with incomplete financial markets to show that headline inflation targeting improves welfare outcomes. We also compute the optimal price index, which includes a positive weight on food prices but, unlike headline inflation, assigns zero weight to import prices.

What Measure of Inflation Should a Developing Country Central Bank Target?

Ms.Kalpana Kochhar

Mr.Saurabh Mishra

Structural transformation depends not only on how much countries export but also on what they export and with whom they trade. This paper breaks new ground in analyzing India’s exports by the technological content, quality, sophistication, and complexity of the export basket. We identify five priority areas for policies: (1) reduction of trade costs, at and behind the border; (2) further liberalization of FDI including through simplification of regulations and procedures; (3) improving infrastructure including in urban areas to enhance manufacturing and services in cities; (4) preparing labor resources (skills) and markets (flexibility) for the technological progress that will shape jobs in the years ahead; and (5) creating an enabling environment for innovation and entrepreneurship to draw the economy into higher productivity activities.

Which Exports Can Drive the Next Wave of Growth?

Make in India

Ms.Longmei Zhang

Mr.Kevin C. Cheng

Sidra Rehman

Using three distinct approaches—statistical filtering, production function, and multivariate model— this paper estimates potential growth for China, India, and five ASEAN countries (Indonesia, Malaysia, the Philippines, Thailand, and Vietnam) during 1993–2013. The main findings include: (i) both China and India have recently exhibited a slowdown in potential growth, largely reflecting a decline of total factor productivity (TFP) growth; (ii) by contrast, trend growth for the five ASEAN countries has been rather stable and might even have increased marginally, with the notable exception of Vietnam;(iii) over the longer term, demographic factors will be much more supportive in India and some ASEAN economies than in China, where working-age population should start shrinking, with the overall dependency ratio climbing by the end of this decade. Improving or sustaining potential growth calls for broad structural reforms.

Potential Growth in Emerging Asia

Kamlesh Chauhan

Reading comprehension solving is a skill. It is different from literature in the sense that it is independent of interpretation. There is no subjectivity in RC questions. The art of solving can be learnt by mastering the topic at three levels – The ability to read, to eliminate options and to build mistake patterns to learn from them. These three levels lie at the core of "Algorithmic Reading Comprehension" – an approach to build expertise in RC solving. This approach was created by my team and me over the past 6 years of training thousands of students for the Reading comprehension section for CAT-GMAT and other aptitude-based entrance examinations. The book deals with two major aspects of reading, "Central Idea" and "Contextual Word Learning". It moves on to discuss the meaning of different question types asked across exams and provides elimination frameworks to tackle tricky options. Finally, students get many passages arranged in levels and then in a practice chapter to practice and to learn from. Welcome to the world of flawless RC learning!

Rahul Anand

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