We quantitatively analyse the monetary policy statements of the Reserve Bank of India (RBI) between 1998-2018, across five governor regimes. Using natural language processing tools, we show that there has been a persistent semantic shift in RBI's monetary policy communication since adoption of inflation targeting. We construct measures of linguistic and structural complexity that capture governor-specific trends in communication. RBI's communication is linguistically complex on average, but the length of monetary policy statements has gone down and readability has improved significantly recently. Our results indicate that lengthier statements are linked to higher volatility in equity and currency markets, but not bond markets.JEL classification: E52, E58, G12, G14
Climate change education and awareness are essential for any effective action on climate change. While regulatory policies and taxes influence consumer behavior, these measures are significantly more successful when the stakeholders are made aware of the larger policy objective underlying such measures, especially the exact extent and nature of the impact of climate change, if Greenhouse Gas (GHG) emissions continue unabated as also the significant effect small everyday individual choices can have on reducing the individual GHG emissions. This paper will examine the extent of awareness regarding the causes and consequences of climate change as also the government programs and policies for climate change mitigation and adaptation. It will also evaluate the effect of climate literacy on individual consumption habits and attitudes towards climate change mitigation and adaptation. The methodology adopted in this research paper will be empirical and analytical and the authors will collect primary data through the means of a questionnaire administered to a random sample of 300 respondents belonging to the age group of 18 – 75 years, selected from urban areas in India. The research paper shall show the relationship between lack of climate literacy and high GHG emissions through individual consumption habits and behavior and make recommendations for increasing climate literacy in India through effective outreach programs.Keywords: Climate Literacy, Individual Carbon Emissions, Consumption Behavior, Attitudes to Climate Change
The world is presently facing a climate catastrophe of its own making through the unabated increase in greenhouse gas emissions. Global consumption patterns are to blame, as presently, the global annual demand for resources outpaces the annual rate of the earth's ability to regenerate those resources. Thus, there is an urgent need to reduce the global demand for resources to a sustainable level, through the adoption of a circular economy. Individual consumption behavior habits form the basis of global consumption patterns, and therefore, adoption of sustainable consumption habits and lifestyles are necessary for addressing the climate crisis. In this chapter, the authors assess the potential for addressing the climate crisis through the adoption of a circular economy and sustainable consumption behavior. The authors also evaluate the extent of adoption of sustainable consumption behavior in India and make recommendations for adopting a circular economy in India.
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