Testimonials of Tumultuous Times

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This book is an important contribution to our understanding of how monetary policy and policymaking impact our lives and economies. The book succinctly describes the dilemmas and trade-offs faced by central banks in fulfilling their core mandate in a fast-changing macroeconomic environment characterized by unprecedented shocks and heightened uncertainties. The original blend of theory and practice, summed up aptly under the four broad themes of the book, is essential reading for anyone interested in how economies and policymaking work and can also be a complementary guide to textbook economics for students and academics. All in all, this true practitioner's perspective on monetary policy and financial stability in the face of global spillovers, technological innovations and climate change stands out in a subtle amalgamation of knowledge and experience. A must.

Alvaro Pereira, Chief Economist and G20/G7 Finance, Economics Department, Organisation for Economic Co-operation and Development, Paris, France

As the name Testimonials of Tumultuous Times suggests, this book by Dr. Michael Patra neatly presents the trials and the tumult that mark the 21st century from a central banker's perspective. It delves into the intricacies of monetary policy making in uncertain times and the conflicts and challenges that central banks face. The book is equally a snapshot of India's journey through these eventful times and the role that it can play in reshaping the global economy by being the voice of the global south. This book is a testimony to the excellence of Dr. Patra's work and sincerity of his commitment. Through the lens of India's experience in managing policy trade-offs amidst unprecedented and overlapping shocks, it provides a useful framework to guide practical policy making, which could serve as a template for emerging economies and as a valuable reference material in academic institutions.

S. Mahendra Dev, Professor and Chairman, Institute for Development Studies, Andhra Pradesh, India