&imwidth=800&imheight=600&format=webp&quality=medium "Former RBI Governor Raghuram Rajan, 2 other Indian-origin experts join US Fed Reserve's task forces")
The US Federal Reserve has appointed former Reserve Bank of India (RBI) Governor Raghuram Rajan and two other India-origin people - Delhi-born American economist Raj Chetty and senior Microsoft executive Asha Sharma - in its newly constituted task forces which will play a key role in the broad reforms to review its monetary policymaking framework.They will be responsible for the task forces announced by US Fed Reserve chairman Kevin Warsh. Former Bank of England Governor Mervyn King, former Walmart CEO Doug McMillon, Nobel laureate Thomas Sargent, and Silicon Valley venture capitalist Marc Andreessen are also part of these teams , apart from the Indian-origin experts.
What will be Raghuram Rajan's role?
According to Indian news agency PTI, Rajan will serve on the balance sheet policy task force. This group, which also comprises of Harvard economist Karen Dynan and former Federal Reserve Governor Jeremy Stein, will examine the costs, benefits, and institutional implications of the Federal Reserve's current balance sheet regime, including its asset holdings and their role in implementing monetary policy.
The Fed chairman said that the groups would examine five core areas of the Fed's work: communications, balance sheet policy, the use of economic data, productivity and jobs, and the inflation framework. It's a move towards transparency and new ideas. "Our purpose here is to make better decisions in the conduct of monetary policy and put these years of high inflation behind us," Warsh said on Thursday (Jul 16).
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Rajan served as RBI governor from 2013 to 2016. Chetty is a Harvard University economist and will co-lead the data task force. Sharma is Wisconsin-born and is the executive vice president of Microsoft and CEO of Xbox. She will serve on the Productivity and Jobs task force alongside venture capitalist Andreessen and Stanford economist Charles I. Jones. Chetty will have McMillon and the University of Chicago economist, Kevin Murphy in his team.
