WPS (DEPR): 01 / 2016 RBI WORKING PAPER SERIES Challenges of Effective Monetary Policy in Emerging Economies* Amartya Lahiri and Urjit R. Patel DEPARTMENT OF ECONOMIC AND POLICY RESEARCH FEBRUARY 2016 * This paper is a contribution to an edited volume: Monetary Policy in India: A Modern Macroeconomic Perspective. (Eds.) Chetan Ghate and Ken Kletzer. Springer Verlag: India. Forthcoming, 2016