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Rigmarole on Monetary Projections

Deena R. Khatkhate
Economic and Political Weekly
Vol. 7, No. 34 (Aug. 19, 1972), pp. 1747-1750
Stable URL: http://www.jstor.org/stable/4361703
Page Count: 4
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Rigmarole on Monetary Projections
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Abstract

Monetary projection exercises in India have served, on the whole, a very useful purpose in that they have provided a logical basis, however imperfect, for the policymaker's hunches and judgments. This paper argues that most of the criticisms directed against these projections are misplaced for the reason that they attempt to place them in a strait-jacket of preconceived ideas and theories. The author also examines the hidden assumptions underlying these exercises. Once these assumptions are relaxed, a whole host of problems arise which have to be at least recognised, if not solved, if the monetary projection exercises have to have any operational significance. This caution is warranted, particularly because the impression is likely to be created, not consciously perhaps, that the projections are inviolate truths. [The views expressed in this article are those of the author and not of the International Monetary Fund.]

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