Oxford University Press

This series of OUP brings out books with respect to Indian studies which are concise and stimulating. The book under review has these qualities. To begin with, Ray raises and answers a simple question: what is monetary policy? He says that the ability of the central banks to influence the behaviour of commercial banks paved the way for the emergence of monetary policy. Price stability has been an important object of monetary policy. This apart, stabilizing output and ensuring employment are important goals. More recently, financial stability has been added as another goal.