Recent research on model uncertainty has focused mainly on closed economies. Levin and Williams confirm the existence of robust rules across competing closed economy models. In this paper, we evaluate three small open economy models exhibiting different degrees of inflation and output gap...

This paper reviews some of the more critical policy dilemmas facing the Reserve Bank of India (RBI) in its pursuit of inflation stabilization and balanced growth objectives. The challenge in meeting these objectives further increased in the mid-2000s with the advent of large capital flows into...