Click titles for some abstracts/papers

Publications 2015-2023

    Articles in Journal

  1. 'New perspectives on the rise and fall of global imbalances: Evidence from large emerging market economies' (with Krittika Banerjee), Review of World Economics. Forthcoming. 2023.
    [Earlier version]

  2. 'Disaggregated Indian industrial cycles: a spectral analysis' (with Ritabrata Bose), Journal of Indian School of Political Economy. Forthcoming. 2023.
    [Earlier version]

  3. 'Lessons from outperformance in the Indian financial sector.' Global Policy. Published online on 06 July 2023
    [Available here]

  4. 'Chorus in the cacophony: dissent and policy communication of India's monetary policy committee' (with Rounak Sil, Unninarayanan Kurup, Apoorva Singh & Rajendra N Paramanik), Applied Economics Letter. Published online: 07 May 2023.
    [Available here]

  5. 'Working of expectations channel of monetary policy in India' (with Prashant Parab), Journal of International Commerce, Economics and Policy, 14(1): 1-38. 2023.
    [Available here]

  6. 'Cross border flows, financial intermediation and interactions of policy rules in a small open economy' (with Akhilesh Verma), Quarterly Review of Economics and Finance, 89 (June 2023): 369-393. 2022.
    [Available here]

  7. 'Global shocks and international policy coordination' (with Rupayan Pal), Global Policy, 13(4): 458-468. 2022.
    [Available here]

  8. 'IUPJAE Interview: An Interview with Professor Ashima Goyal' (with GRK Murty), The IUP Journal of Applied Economics, 21(1): 84-109. 2022
    [Available here]

  9. 'Central Bank Communications and Professional Forecasts: Evidence from India' (with Prashant Parab), Journal of Emerging Market Finance, 20(3): 308-336. 2021.
    [Available here]

  10. 'News, noise, and Indian business cycle' (with Abhishek Kumar), Bulletin of Economic Research, 74(2): 503-538. 2021.
    [Available here]

  11. 'External shocks, cross-border flows and macroeconomic risks in emerging market economies' (with Akhilesh Verma & Rajeswari Sengupta), Empirical Economies, 62, pp. 2111-2148. 2021.
    [Available here]

  12. 'Liquidity management and monetary transmission: empirical analysis for India' (with Vikas Charmal), Journal of Economics Studies, 49(5): 850-875. 2021.
    [Available here]

  13. 'Asymmetry, terms of trade and the aggregate supply curve in an open economy model' (with Abhishek Kumar), The Journal of economic Asymmetries , Volume 24, November 2021, e00206.
    [Available here]

  14. 'Behavioural equilibrium real exchange rates and misalignments: Evidence from large emerging markets' (with Krittika Banerjee), Economic Analysis and Policy, 70, June, 414-436. 2021.
    [Available here]

  15. 'What influences aggregate inflation expectations of households in India?' (with Prashant Parab), Journal of Asian Economics , Volume 72, February 2021, 101260.
    [Available here]

  16. 'Monetary spillsovers and real exchange rate misalignments in emerging markets' (with Krittika Banerjee), International Journal of Emerging Markets, 17(2): 452-484. 2020.
    [Available here]

  17. 'Post Covid-19: Recovering and Sustaining India's Growth', Indian Economic Review, 55(1): 161-181. 2020.
    [Available here]

  18. 'A DSGE Model-Based Analysis of the Indian Slowdown' (with Abhishek Kumar), Journal of International Commerce, Economics and Policy, 11(1). February. 2020.
    [Available here]

  19. 'Policy Transmission in Indian Money Markets: The Role of Liquidity' (with Deepak Kumar Agarwal), The Journal of Economic Asymmetries, 21. June 2020 e00137. 2019.
    [Available here]

  20. 'Indian Growth is not Overestimated: Mr. Subramanian You Got it Wrong' (with Abhishek Kumar), Macroeconomics and Finance in Emerging Market Economies, 13(1): 29-52. 2020.
    [Available here]

  21. 'Correlated Shocks, Hysteresis, and the Sacrifice Ratio: Evidence from India' (with Gagan Goel), Emerging Markets Finance and Trade, 57(10): 2929-2945. 2019.
    [Available here]

  22. 'Modeling Consumers' Confidence and Inflation Expectations' (with Prashant Parab), Economics Bulletin, 39(3): 1817-1832. 2019.
    [Available here]

  23. 'Estimating the Relationship between the Current Account, the Capital Account and Investment for India' (with Vaishnavi Sharma), Foreign Trade Review, 54 (1): 29-45. 2019.
    [Available here]

  24. 'Money and Business Cycle: Evidence from India' (with Abhishek Kumar), The Journal of Economic Asymmetries, vol. 18. November. 2018.
    [Available here]

  25. 'Portfolio Composition and Valuation Effects in Emerging Market Economies' (with Vaishnavi Sharma), International Economic Journal, 32(3): 307-330. 2018.
    [Available here]

  26. 'Evaluating India's Exchange Rate Regime under Global Shocks', Macroeconomics and Finance in Emerging Market Economies, 11(3): 304-321. 2018.
    [Available here]

  27. 'The Indian Fiscal-Monetary Framework: Dominance or Coordination?', International Journal of Development and Conflict, 8(1): 01-13. 2018.
    [Available here]

  28. 'Slowdown in Bank Credit Growth: Aggregate Demand or Bank Non-performing Assets?' (with Akhilesh Verma), Margin: The Journal of Applied Economic Research, 12 (3): 257-275. 2018.
    [Available here]

  29. 'Government Expenditure in India: Composition, Cyclicality and Multipliers' (with Bhavya Sharma), Journal of Quantitative Economics, 16(1): 1-39. 2018.
    [Available here]

  30. 'Active Monetary Policy and the Slowdown: Evidence from DSGE based Indian Aggregate Demand and Supply' (with Abhishek Kumar), Journal of Economic Asymmetries, 17, pp. 21-40. June. 2018.
    [Available here]

  31. 'The Effect of Oil Shocks and Cyclicality in Hiding Indian Twin Deficits' (with Abhishek Kumar), Journal of Economic Studies, 45(1). 2018.
    [Available here]

  32. 'Multiple Reserve Currencies and Renminbi Use' (with Satyendra Kumar Gupta), Journal of International Commerce, Economics and Policy, 8(2): 1-35. June. 2017.
    [Available here]

  33. 'Intervention and Signaling: Interaction Between Central Banks and FX Markets in an Emerging Market', The Singapore Economic Review, 63(1): 193-225. 2017.
    [Available here]

  34. 'Why Tax Effort Falls Short Of Tax Capacity in Indian States: A Sstochastic Frontier Approach' (with Sandhya Garg and Rupayan Pal), Public Finance Review, 45(2): 232-259. 2017.
    [Available here]

  35. 'Estimating the Indian Natural Interest Rate: A Semi-structural Approach' (with Sanchit Arora), Economic Modelling, 58, 141-153, November 2016.
    [Available here]

  36. 'Conditions for Inclusive Innovation with Application to Telecom and Mobile Banking', Innovation and Development, 7(2): 227-248. 2017.
    [Available here]

  37. 'Banks and Corporate Debt Risks in India', IMI Konnect, Special Issue on Corporate Finance, 5(2), April. 2016.

  38. 'Financial Stability: Underlining Context', in symposium on "Safeguarding Financial Stability in an Era of Financial Fragility: An Indian Perspective, a Public Lecture by D.M. Nachane. Journal of Indian School of Political Economy, 27(2-4): 441-444. April-December. 2015.
    [Earlier version]

  39. 'Payment Systems to Facilitate South Asian Integration', South Asia Economic Journal, 16(2), pp. 102S118S, September. 2015.
    [Available here]

  40. 'Understanding High Inflation Trend in India', South Asian Journal of Macroeconomics and Public Finance, 4(1) 1-44. 2015.
    [Available here]

  41. 'Sustaining Indian Growth: Interests versus institutions', India Review, 14(3): July-September.2015.
    [Available here]

  42. 'Separating Shocks from Cyclicality in Indian Aggregate Supply' (with Shruti Tripathi), Journal of Asian Economics, 38, pp. 93-103. 2015.
    [Available here]

  43. In Books

  44. 'What drives Indian inflation? Demand or supply' (with Abhishek Kumar), chapter in Practical Economic Analysis and Computation - A Festschrift in Honor of Professor Kirit Parikh, Rajbans Talwar, Probal Pratap Ghosh and Sureshbabu Syamasundar Velagapudi (eds.). New Delhi: Springer Nature. Forthcoming, 2023.
    [Earlier version]

  45. 'What Explains the Volatility of India's Catch-up Growth?', chapter in Perspectives on the Contemporary Indian Economy, Soumyen Sikdar (ed.). Orient Blackswan. Forthcoming, 2023.
    [Earlier version]

  46. 'Insights from Behavioral Economics on Current Policy Issues', chapter in India Beyond 2020, P.G. Babu, S.Mahendra Dev, and A. Ganesh Kumar (eds.). Orient Blackswan. Forthcoming, 2023.
    [Earlier version]

  47. 'Indian Banks and the Prevention of Corruption Act: Freedom and Discipline', chapter in India Development Report 2019, S. Mahendra Dev (ed.). New Delhi: IGIDR and Oxford University Press. pp. 175-186. 2022.
    [Earlier version]

  48. 'Hetrogeneity of inflation Expectations: An Analysis using IESH data' (with Prashant Parab), chapter 24 Recent Developments in Asian Economics, in William A. Barnett and Bruno S. Sergi (eds.). Volume 28, Massachusetts, United States.
    [Available here]

  49. 'Emerging Markets Perspectives on G-20 Led Financial Reforms' (with Akhilesh Verma), chapter 1 20 Years of G20: From Global Cooperation to Building Consensus, in Rajat Kathuria and Prateek Kukreja (eds.). pp. 19-36, Springer: Singapore. 2019.
    [Available here]

  50. 'After Liberalizing Reforms: The Importance of Domestic Demand' (with Pulapre Balakrishnan), chapter in The Concise Handbook of Indian Economy in the 21st Century, Goyal, A. (ed.). Second edition. pp. 35-63. 2019.
    [Available here]

  51. 'Monetary Policy Transmission in India', Chapter 3 in India Development Report 2017. Mahendra Dev (ed.). New Delhi: IGIDR and Oxford University Press, pp. 35-48. 2017.

  52. 'Emergence of Cross-border Taxation and Firm Behaviour' (with Sandhya Garg), Chapter 4 in Base Erosion and Profit Shifting (BEPS): The Global Taxation Agenda. Parthasarathi Shome (ed.). Mohalli, Punjab: Wolters Kluwer (India) Pvt Ltd, pp. 73-93. 2017.
    [See details]

  53. 'Propagation Mechanisms in Inflation: Governance More Than Wages', Chapter 1 in Sustaining High Growth in India. Pradeep Agarwal (ed.). New Delhi: Cambridge University Press, pp. 1-30. 2017.

  54. 'Foreign Exchange Markets, Intervention and Exchange Rate Regimes', Chapter 23 in International Trade and International Finance: Explorations on Contemporary Issues. Malabika Roy and Saikat Sinha Roy (eds.). New Delhi: Springer India, pp. 469-492. DOI: 10.1007/978-81-322-2797-7_23. 2017.
    [See details]

  55. 'External shocks', in S. Mahendra Dev (ed.), India Development Report 2015, New Delhi: IGIDR and Oxford University Press. 2015.
    [Earlier version]

  56. 'Growth Drivers: ICT and Inclusive Innovations', Chapter in Reviving Growth in India, Pradeep Agarwal (ed.). New Delhi: Cambridge University Press. 2015.
    [Earlier version]

  57. In Economic and Political Weekly

  58. 'Union Budget 2023-24 - The long review', Economic and Political Weekly, 58(12):27-33. 2023.
    [Available here]

  59. 'What does the COVID-19 experience tell us about Indian growth drivers?', Economic and Political Weekly, 57(37): 52-59. September 10, 2022.
    [Available here]

  60. 'Post-Covid-19 Paths to Fiscal Consolidation Using the Snowball Effect', Economic and Political Weekly, 56(31), 31 July. 2021.
    [Available here]

  61. 'Inflation Convergence and Anchoring of Expectations in India' (with Prashant Parab), Economic and Political Weekly, 55(47), 28 November. 2020.
    [Available here]

  62. 'How Far is the Indian Nominal Exchange Rate from Equilibrium?' (with Krittika Banerjee), Economic and Political Weekly, 55(11), 14 March. 2020.
    [Available here]

  63. 'Overreaction in Indian Monetary Policy' (with Abhishek Kumar), Economic and Political Weekly, 54(12): 12-14, March. 2019.
    [Available here]

  64. 'Government Securities Market: Price Discovery, Monetary Management and Government Borrowing', Economic and Political Weekly, 54(13): 44-58, 30 March. 2019.
    [Available here]

  65. 'Demand-led Growth Slowdown and Inflation Targeting in India', Economic and Political Weekly. Special issue on Money, Banking and Finance, 53(13): 79-88. 2018.
    [Available here]

  66. 'Macroeconomic Policy for an India in Transition', Economic and Political Weekly, 52(47): 31-37. 2017.
    [Available here]

  67. 'Abductive Reasoning in Macroeconomics', Economic and Political Weekly, 52(33): 77-84. 2017.
    [Available here]

  68. 'Indian Banking: Perception and Reality', Economic and Political Weekly, Special Issue on Money, Banking and Finance, 52(12): 77-84. 2017.
    [Available here]

  69. 'Measuring Indian Growth: Why Data Should be Doubted Less', Economic and Political Weekly, 50 (32): 66-69, August 8. 2015.
    [Available here]

  70. 'Psychology or Cyclicality: Rural Wage and Inflation Dynamics in India' (with Akash Kumar Baikar), Economic and Political Weekly, 50(23): 116- 125, June. 2015.
    [Available here]

  71. In Economic Magazines

  72. 'Financial Sector Reforms Agenda for India's Economic Revival', Future of Indian Economy in Post COVID-19 World, J. Vij, A. Khanna, P. Srivastava (eds.). pp. 46-51. Federation of Indian Chambers of Commerce and Industry and Konrad-Adenauer-Stiftung, Mumbai, 2020.

  73. 'Budgeting for Inclusive Growth in the Current Macroeconomic Context', Analytique, 8(4): 25-26. October-December. 2016.

  74. 'REXIT and the Ideal for an RBI Governor', MEDC Economic Digest, 46. 5th July. 2016.
    [See details]

  75. 'Analysing Economic Health', Yojana, Special issue on Union Budget 2015-16, 59, pp. 24-28. March. 2016.
    [See details]

  76. Occasional Pieces

  77. 'Exchange rate volatility and its impact on borrowing costs' (with Sritama Ray), T20 Policy Brief. June 2023.
    [Available here]

  78. 'The pattern of global macroprudential regulations and its impact on borrowing costs' (with Sritama Ray), T20 Policy Brief. June 2023.
    [Available here]

  79. 'Transforming Government for Growth', Chapter in A Five Trillion Dollar Economy, Published by Bombay Chamber of Commerce and Industry, pp. 26-27. 2022.
    [Available here]

  80. 'Economic Growth: Beating Expectations', article in Highlights of Activities 2019-20 & 2020-21, edited and published by Bharat Chamber of Commerce, pg. 30. 2021.

  81. 'Indian Growth: Why the Future can Differ from the Past', in Quarterly Journal of Economics - CII Artha, Issue 1, December, pp. 8-9. 2021.
    [Available here]

  82. 'Indian Banks and the Prevention of Corruption Act: Freedom and Discipline', pamphlet of keynote lecture delivered as Chief Guest at the 14th M.R. Pai Memorial Award Function, September 10. 2018.
    [Earlier version]

  83. 'Foreword', in Analyzing the Relationship between Corporate Social Responsibility and Foreign Direct Investment. M. Ojo (ed.). ISBN13: 9781522503057; EISBN13: 9781522503064. USA: IGI Global, 2016.
    [Available here]

  84. 'Introduction: Unconventional Monetary Policy in Emerging Markets', in Macroeconomics and Finance in Emerging Market Economies. Special issue on 'Unconventional Monetary Policy in Emerging Markets.' 9(2): 101-108. June. 2016.

  85. 'Introduction: Handling Complexity', in Macroeconomics and Finance in Emerging Market Economies. Special issue on 'Policy Complexity, Rate Volatility and Potential Buffers. 8 (1 & 2). 2015.
    [Available here]




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    Publications 2009-2014

      Aricles in Journal

    1. 'Stability and Transitions in Emerging Market Policy Rules'(with Shruti Tripathi), Indian Economic Review, 49 (2), pp. 153-172, July-December 2014.
      [Available here]

    2. 'Optimality of Base Rate System of Loan Pricing of Developing and Emerging Market Economies: An Evaluation', (with Jugnu Ansari) Banks and Bank Systems. vol 3. 2014. [Available here]

    3. 'Macroeconomic Policy: Implications for Inclusive Growth', Special issue of Margin: The Journal of Applied Economic Research. S. Bhide and Parida (eds.), 8(4). 2014. [Available here]

    4. 'Purchasing Power Parity, Wages and Inflation in Emerging Markets', Foreign Trade Review, 49(4), 2014. [Available here]

    5. 'Banks, Policy, and Risks: How Emerging Markets Differ', International Journal of Public Policy, 10(1,2,3), pp. 4-26. 2014. [Available here]

    6. 'Evaluating India's Exchange Rate Evolution', Gitam Review of International Business, 5(2), pp. 39-58. 2013.

    7. 'Inferring India's Potential Growth and Policy Stance' (with Sanchit Arora), Journal of Quantitative Economics, 11(1 & 2). January-July, 2013. [Available here]

    8. 'Assessing Changes in the Global Financial Architecture from an Emerging Market Perspective', Foreign Trade Review, 48 (4). 2013. [Available here]

    9. 'Monetary Operating Procedures: Principles and the Indian process', Journal of Social and Economic Development, Special Issue on Indian Macroeconomics, 15(2) July-Dec, 2013. [Earlier version]

    10. 'Relative Prices, the Price Level and Inflation: Effects of Asymmetric and Sticky Adjustment' (with Shruti Tripathi), The IUP Journal of Applied Economics, 12 (2), April, pp. 41-61, 2013. [Available here]

    11. Regulations and Price Discovery: Oil Spot and Futures Markets' (with Shruti Tripathi), International Review of Applied Financial Issues and Economics, 4(3). September, 2012. [Available here]

    12. 'Panel: Asian Financial Integration' (with Joseph Cherian, Bejoy Das Gupta, Syetarn Hansakul, Veerathai Santiprabhob and Peter Wolff), in special issue of Macroeconomics and Finance in Emerging Market Economies, on 'Emerging Markets and Capital Flow Volatility'. Ashima Goyal, Subrata Sarkar and Sushanta Mallick (eds), 5(2). September, 2012. [Available here]

    13. 'The Future of Financial Liberation in South Asia', Asia-Pacific Development Journal, 19(1), pp. 63-96. June, 2012. [Available here]

    14. 'The Indian Exchange Rate and Central Bank Action: An EGARCH Analysis' (with Sanchit Arora ), Journal of Asian Economics, 23(1), February, 2012. [Available here]

    15. 'India's Fiscal and Monetary Framework: Growth in an Opening Economy', Macroeconomics and Finance in Emerging Market Economies, 5(1), March 2012 and chapter 12 in Macroeconomics and Markets in India: Good luck or good policy? Ashima Goyal (ed). Routledge- UK, 2012. [Available here]

    16. 'New Keynesian Aggregate Supply in the Tropics: Food Prices, Wages and Inflation' (with Shruti Tripathi), International Journal of Monetary Economics and Finance, 4(4), pp. 330-354, 2011. [Available here]

    17. 'A General Equilibrium Open Economy Model for Emerging Markets: Monetary Policy with a Dualistic Labor Market', Economic Modelling, 28(2), pp. 1392-1404, 2011. [Available here]

    18. 'Inflationary Pressures in South Asia', Asia-Pacific Development Journal, 17(2), pp. 1-42, December, 2010. A policy brief based on the article is published as Box 2.3 in the UNESCAP Economic and Social Survey 2011 pp. 92-93. [Available here]

    19. 'Developing Women: Why Technology Can Help', Journal of Information Technology for Developmen, 17(2), pp. 112-132, April, 2011. [Available here]

    20. 'Sustainable Debt and Deficits in Emerging Markets', International Journal of Trade and Global Markets, 4(2), pp. 113-136, 2011.[Available here]

    21. 'Global Financial Architecture: Past and Present Arguments, Advice, Action', Margin: The Journal of Applied Economic Research, 4(2), pp. 233-247, 2010.[Available here]

    22. 'Making the Politician and the Bureaucrat Deliver: Decentralization and Interlinked Tasks' Indian Economic Journal, 57(4), Jan-March. 2010. [Available here]

    23. 'Financial Crises: Reducing Procyclicality', Macroeconomics and Finance in Emerging Market Economies, 2(1), pp: 213-223, March 2009. [Available here]

    24. Articles in Books

    25. 'India' in South Asia 2015': 12th Edition. Routledge. Europa Publications. Edited the entry in 2014. [See details]

    26. 'Banks Competition, Managerial Efficiency and the Interest Rate Pass-through in India' (with Jugnu Ansari), Chapter in Risk Management Post Financial Crisis: A Period of Monetary Easing, Jonathan A Batten, Niklas F Wagner (eds.), CSEFA 96. 2014. [See details]

    27. 'Institutions, Incentives and Interests in Indian Democracy', Chapter 5 in Politics Trumps Economics, B. Jalan and P.Balakrishnan (eds.). 2014.

    28. 'Closing the Gap between Potential and Performance in ICT', Chapter 17 in Growth and Governance: Essays in Honour of Nandan Nilekani, Sameer Kochhar (ed.). 49(4): 243-258, 2014.

    29. 'Introduction and Overview',in Handbook of Indian Economy in the 21st century: Understanding the Inherent Dynamism, Ashima Goyal (eds.) New Delhi: OUP, pp: xxix. 2014.

    30. 'Financial Regulation and the G20: Options for India', in Parthasarthi Shome (ed), The G20 Macroeconomic Agenda: India and the Emerging Economies, Cambridge University Press- New Delhi. 2014. [See details]

    31. 'Propagation Mechanisms in Inflation: Governance as Key', chapter 3 in S. Mahendra Dev (ed.), India Development Report 2012, pp. 32-46, New Delhi: IGIDR and Oxford University Press. 2012. [Available here]

    32. 'Inflows and Policy: Middling Through', India Development Report 2011, D.M.Nachane (ed.), pp. 131-140, New Delhi: IGIDR and Oxford University Press. [Available here]

    33. 'Exchange Rate Regimes and Macroeconomic Performance in South Asia', chapter 10 in (ed.) Raghbendra Jha. Routledge Handbook on South Asian Economies. pp. 143-155, Oxon and NY: Routledge, 2011. [View working paper]

    34. 'Evolution of India's Exchange Rate Regime', chapter 14 in Sameer Kochar (ed.) Growth and Finance: Essays in Honour of C. Rangarajan. 2011. [View working paper]

    35. 'Improving India's Public Transport Systems: Comparing Governance in Indian Railways and in Air-India', chapter 21 in S. Sriraman (ed.) Transportation System Studies and Policy Analysis. pp 276-290, Himalaya Publishing House: Mumbai. 2010. [See details]

    36. 'The Structure of Inflation, Information and Labour Markets: Implications for monetary policy', in Pradeep Agrawal, Biswanath Goldar and Pulin Nayak (eds.), India's Economy and Growth: Essays in Honour of V.K.R.V. Rao, New Delhi: Sage, 2010. [View Working Paper]

    37. 'Insecurities of the Old and Marginalized: Inflation, Oil Shocks, Speculation and Social Security', chapter 16 in Moneer Alam and Armando Barrientos (eds.) in Demographics, Employment and Old Age Security: Emerging Trends in South Asia. pp. 284-300, New Delhi: Macmillan India, 2010. [View Working Paper]

    38. 'The Natural Interest Rate in Emerging Markets',in Bhaskar Dutta, Tridip Roy, and E. Somanathan (eds.), New and Enduring Themes in Development Economics, World Scientific Publishers, 2009. [View Working Paper]

    39. `Rupee: Changing trends' published in Economic and Political Weekly, 39, 23, 2335--2337, June 5, 2004. Updated as 'The Rupee in 2008: Changing Trends', forthcoming in A.K.Sohani (ed.) Indian Rupee, ICFAI Press. [Available here]

    40. 'Assignment Problem' entry in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan, Kenneth A. Reinert (eds.), Princeton, NJ: Princeton University Press, 2009. [See details]

    41. 'Hedging' entry in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan, Kenneth A. Reinert (eds.), Princeton, NJ: Princeton University Press, 2009. [See details]

    42. 'Hot money and sudden stops' entry in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan, Kenneth A. Reinert (eds.), Princeton, NJ: Princeton University Press, 2009 (with Ilan Noy and Ramkishen Rajan). [See details]

    43. 'Swan Diagram' entry in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan, Kenneth A. Reinert (eds.), Princeton, NJ: Princeton University Press, 2009. [See details]

    44. In Economic and Political Weekly

    45. 'The Exchange Rate and Growth', Economic and Political Weekly, 48 (26 & 27). June 29. Book review of Devaluing to Prosperity: Misaligned Currencies and Their Growth Consequences, Oxford University Press, New Delhi, Surjit Bhalla (ed.). 2013. [Available here]

    46. 'Regulatory Structure for Financial Stability and Development', published in InWent-ICRIER conference proceedings, November, 2009, Economic and Political Weekly, XLV(39), pp: 51-61. September 25, 2010. [Available here]

    47. 'Assessing the Fiscal Capacity of Indian Governments', Economic and Political Weekly, XLV(13), pp: 46-55. March, 2010. [View Working Paper]

    48. In Economic Magazines

    49. 'Union Budget 2014-15: Marginal Realignment of Tactics to Strategy', Yojana . 2014. [Earlier version]

    50. 'Balance of Payments and Imperatives of Capital Inflows', in MEDC Economic Digest- Challenges of India's Balance of Payments, 42(8): pp 16-19. June, 2013. [Available here]

    51. 'Room for Recovery: Political Logjam Vitiates Space for Economic Reforms', India Today, September 7, 2012. [Available here]

    52. 'An Appraisal of Five Year Plans and the Future', in Yojana, special issue on 'An Approach to 12th Five Year Plan- Issues and Challenges, January, 2012. [Available here]

    53. 'Competition in Capital Markets', in FICCI's 8th Annual Capital Markets Seminar booklet on Developing Capital Markets to Develop the Economy, pp. 21-23, 2011.

    54. 'Two Decades of Economic Reforms: A Critical Assessment', in Maharashtra Economic Development Council's monthly Economic Digest, 40(10) pp. 12-14, 2011. [See details]

    55. 'Mumbai as an IFC- Role of Commodity Exchange', Commodity Insights Yearbook 2010, pp 30-37. 2010. [Available here]

    56. 'U.K. Sinha report & Capital Account Convertibility', Maharashtra Economic Development Council, 40(1), pp: 8-9. November, 2010. [See details]

    57. 'India on the Growth Turnpike', Inclusion, 1(1) pp: 44-45. April-June, 2010. [Available here]

    58. 'Deepening Participation in Markets'. CAPAM 2010 brochure, FICCI's 7th Annual Capital Markets Conference. pp: 3-5, April 20, 2010.

    59. 'Emerging Markets: changing leaders', Financial Market Review 2009. pp: 70-71.

    60. 'Transforming the Public Sector in India', Economic Digest, Maharashtra Economic Development Council, 39(1), pp: 5-7, November 2009. [See details]

    61. Occasional Pieces

    62. 'The benefits and Costs of Financial Market Liberalization', Macroeconomics and Finance in Emerging Market Economies. Special issue on 'Liberalization and Financial Markets', 7(2), 2014. [Available here]

    63. 'Introduction: Understanding Volatility in Emerging Markets', Special issue on 'Emerging Markets: Structure and Shocks', in Ashima Goyal (ed.), Macroeconomics and Finance in Emerging Market Economies, 7(1). March, 2014. [See details]

    64. 'India's growth undershoots: is this a new normal?', 'East Asia Forum', 2 January, 2013. [Available here]

    65. 'Introduction: The Risks and Rewards of Emergence' , in special issue of Macroeconomics and Finance in Emerging Market Economies, on 'Emerging Markets and Capital Flow Volatility'. Ashima Goyal, Subrata Sarkar and Sushanta Mallick (eds), 5(2). September, 2012. [See details]

    66. 'Problems Persist', The Hindu Survey of Indian Industry 2012, March, 2012.

    67. 'Introduction: Good luck or good policy?', Introduction to Special Issue on Indian Macroeconomic Policy and Market Development, Macroeconomics and Finance in Emerging Market Economies, 2(2), September 2009. [Available here]

    68. 'Avoiding handicaps: Assessing global policy advice for India', Economic and Political Weekly, XLIV(18), pp: 61-63. May 2-8, 2009. [Available here]

    69. 'Editorial', Macroeconomics and Finance in Emerging Market Economies, 2(1), pp: 213-223, March 2009. [See Issue]




      [Top, Home]

      Publications 2008-2004

        Articles in Journals

      1. 'Incentives from Exchange Rate Regimes in an Institutional Context', Journal of Quantitative Economics, 6(1&2), pp: 101-121, January&July, 2008. [Earlier Version]

      2. 'Data and definitions: Underestimating savings and investment in an open economy', Journal of Income and Wealth, 30(1), pp. 3-10. January-June, 2008. [Earlier Version]

      3. 'The Impact of ICT in Making Global Markets More Inclusive', IIMB Management Review, 20(4), pp: 345-357. December, 2008. [Earlier Version]

      4. 'Incentive Structures for Growth with Equity: National Rural Employment Guarantee Scheme', The Icfai University Journal of Rural Management, 1(2), pp.1-26. October, 2008. [View paper]

      5. 'Improving the Past, Downgrading the Future?' Comments on Ramchandra Guha (2007), India After Gandhi: The History of the Worlds Largest Democracy, Journal of Quantitative Economics 5(2), pp. 185-188, July, 2007. [View issue]

      6. 'Tradeoffs, Delegation, and Fiscal-Monetary Coordination in a Developing Economy', Indian Economic Review, 42(2), pp: 141-164, July-Dec, 2007. [Available here]

      7. 'Women Making Choices: Masked but Aware', Indian Journal of Gender Studies, 14(3), pp: 409-437. September-December 2007. [Available here]

      8. 'Governing a Democracy: Constrained Discretion for Macroeconomic Policy', Indian Economic Journal, 55(1), pp: 79-103, April-June, 2007. [Available here]

      9. 'Through a Glass Darkly: Deciphering the Impact of Oil Price Shocks', (with Arjun Singh), Margin-The Journal of Applied Economic Research, 1(2), pp: 139-166, 2007. [Available here]

      10. 'Distant Labour Supply, Skills and Induced Technical Change', Information Analysis and Policy, 19(2), pp: 133-150, June 2007. [Available here]

      11. `Transitional Exchange Rate Policy in a Low Per Capita Income Country' ICFAI Journal of Monetary Economics, 4(3), pp: 37-56, August, 2006. [Available here]

      12. 'Exchange Rate Regimes: Middling Through', Global Economic Review, 35(2), pp: 153-176, June, 2006. [Available here]

      13. 'Corporate Social Responsibility as a Signaling Device for FDI', International Journal of the Economics of Business, 13(1), pp: 145-163, February, 2006. [Available here]

      14. 'New Technology and Labour Markets: Entrants, Outsourcing, and Matching', The Indian Journal of Labour Economics, 48(4), pp: 853-868, October-December, 2005. [Available here]

      15. 'Asian Reserves and the Dollar: Is Gradual Adjustment Possible?', Global Economic Journal, 5(3), Article 3, September, 2005. [Available here]

      16. 'Risk and Asian Exchange Rates', (with Ankita Agarwal), Global Economic Review, 34(3), pp: 321-329, September 2005. [Available here]

      17. 'Identifying Long-run Supply Curve In India', (with Ayan Kumar Pujari), Journal of Quantitative Economics, Old Series Volume 19, No. 2, July 2003. New Series Volume 3, No.2, July 2005. [Available here]

      18. 'Analyzing Core Inflation in India: A Structural VAR Approach', (with Ayan Kumar Pujari), ICFAI Journal of Monetary Economics, III(2), pp: 76-90, May, 2005. [See details]

      19. `The Impact of Structure and Openness on the Causal Ordering of Interest, Inflation and Exchange Rates', Journal of Quantitative Economics, Special Issue in Memory of M.J. Manohar Rao, 2(2), pp: 223-242, July, 2004. [Available here]

      20. Articles in Books

      21. 'Asian Reserves and the Dollar: Issues in an Enlarged ASEAN' in Tran Van Hoa and Charles Harvie (eds.)Regional Trade Agreements in Asia, Cheltenham, UK, Northhampton, MA, USA: Edwar Elgar, 2008 [See details]

      22. 'Macroeconomic Policy and the Exchange Rate: working together?' chapter 7 in India Development Report 2008, R. Radhakrishna (ed.), pp. 96-111, New Delhi: IGIDR and Oxford University Press, 2008. [See details]

      23. 'Hedging and Indian Foreign Exchange Markets' in India's Transforming Financial Sector, Manoranjan Sharma (ed.) New Delhi: Atlantic Publishers and Distributors, 2007. [View issue]

      24. 'ICT and the Technological U-Turn for Women' in Urban Women in a Changing India: A Reader, Rehana Ghadially (ed.), New Delhi: Sage, 2007. [View issue]

      25. 'International Finance in India' entry in Oxford Companion to Economics in India, K. Basu (ed.), New Delhi: OUP, 2007. [View details]

      26. 'NREGS, Local Infrastructure and Governance' Box 1.6, Chapter 1 in India Infrastructure Report 2007 - Rural Infrastructure, Prem Kalra and Anupam Rastogi (eds.), New Delhi: 3iNetwork and Oxford University Press, pp. 22-24, 2007. [View issue]

      27. 'Labor Supply and Technological Change' in Patrick W. Barnes (ed.)Economic Perspectives on Innovation and Invention, NY: Nova Publishers, 2006

      28. 'Interpreting Amartya Sen's Work' discussion piece in Economic and Political Weekly, April 10-16, 34, 15, pp.928, 1999, reprinted in Amartya Sen: Critical Assessments of Contemporary Economists (edited by John Wood), UK: Routledge, 2006. [View issue]

      29. 'Regulation and De-regulation of the Stock Market in India', Chapter 9 in M. Ramesh and Michael Howlett (eds.) Deregulation and its Discontents: Re-Writing the Rules in Asia, UK: Edward Elgar, 2006. [Available here]

      30. 'Global Sourcing: East-West Divide or Synthesis?' in Outsourcing & Offshoring in the 21st Century: A socio economic perspective (edited by Dr. H. S. Kehal and V. P. Singh), Hershey, P.A.-Idea Group Inc., 2006.
        [See details]

      31. `Exchange Rates, Food Price Stabilization & Inflation', in Leading Issues in Indian Economy, M. Sharma (ed.), Delhi: Atlantic Publishers and Distributors, 2005. [View publisher]

      32. 'Dollar Decline - Advantage India' in India - An Emerging Economic Powerhouse, N Janardhan Rao (ed.) ICFAI University Press, 2005, reprinted in U.S. Current Account Deficit: Global Implications Vandana Shajan (ed.) reprinted from Charted Financial Analyst, ICFAI University Press. [View Issue]

      33. 'Puzzles in Indian Performance: Deficits without disasters', chapter 12 in India Development Report 2004, K. S. Parikh and R. Radhakrishna (eds.), New Delhi: IGIDR and Oxford University Press, 2005. [Available here]

      34. 'Interest Groups or Incentives: The Political Economy of Fiscal Decay' (with Manas Paul), in R. Correa and L. G. Burange (eds.) Reforms, Institutions and Policies: Challenges Confronting the Indian Economy, Mumbai: Himalaya Publishing House, 2004. [Earlier version]

      35. 'Foreign Investment in India: riding the wave', Chapter 5 in Foreign Investment in Developing Countries, H. S. Kehal (ed.), UK: Palgrave Macmillan, 2004. [View publisher]

      36. 'Getting Water from Public Private Partnerships', chapter 12.1 in India Infrastructure Report 2004, Bringing about value for money in infrastructure, S. Morris (ed.), New Delhi: 3iNetwork and Oxford University Press, 2004. [View Paper]

      37. In Economic and Political Weekly

      38. 'Governance in India's Public Transport Systems: Comparing Indian Railways and Airlines' Economic and Political Weekly, 43(28), pp: 119-127, July 12, 2008. [Available here]

      39. 'Dictatorship, Democracy and Institutions: Macro Policy in China and India' (with A.K. Jha) Economic and Political Weekly, 39(42), pp: 4664-4674, October 16, 2004. [Available here]

      40. `Budgets: Promise and Performance', Economic and Political Weekly, 39(30), pp: 3336-3340, July 34, 2004. [Available here]

      41. In Economic Magazines

      42. 'Foreign Exchange Markets, Futures, and Hedging', Indian Journal of Capital Market, 2(3), pp: 41-48, October-December, 2008.

      43. 'Capital Flows: How to Manage?',Indian Journal of Capital Markets, II(1), pp: 11-15, April-June, 2008.

      44. 'Signalling Corporate Social Responsibility', FSR Forum, Rotterdam, Issue on Corporate Social Responsibility, No. 4, pp. 26-32, June 2008.

      45. 'The Budget: Riding, not undermining the wave', India Economic Review, Issue on "Union Budget 2008-2009: An Inclusive Intent", February 2008. [View Paper]

      46. 'China and India: Emerging Global Powers', The Analyst, ICFAI University Press, 14(1), pp: 18-21, January, 2008, reprinted in edited volume IUP on Global Economy ICFAI University. [View Issue]

      47. `Planning for Inclusion, Productivity, Growth', Yojana, Special Issue on the Eleventh Five Year Plan, April, 2007. [View issue]

      48. 'Debt Markets in India', Business Times, 35(2), pp: 59-60, Washinton D.C. June, 2006.

      49. 'Push and Pull in Indian Education', Education World, November, 2005, 6th Anniversary Issue, pp. 18, [View online issue]

      50. 'Making Less of Rupee Moves', Business India, November 7-20, pp. 117. 2005.

      51. 'Dollar Decline - Advantage India' in India - An Emerging Economic Powerhouse, N Janardhan Rao (ed.) ICFAI University Press, 2005, reprinted in U.S. Current Account Deficit: Global Implications Vandana Shajan (ed.) reprinted from Charted Financial Analyst, ICFAI University Press. [View Issue]

      52. Occasional Pieces

      53. Comments on Thomas Willet, Ekniti Nitithanprapas, Isriya Nitithanprapas and Sunil Rongala 'The Asian Crises Reexamined', For the Asian Economic Panel Meetings, Korea. 2003.

      54. `Rupee Reversals: More on Real Exchange rates, Fiscal Deficits and Capital Flows', discussion piece in Economic and Political Weekly, 39(20), pp: 2061-2063, May 15, 2004. [Available here]




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        Publications 1992-2003

          Articles in Journal

        1. 'Agriculture and Industry: enhancing mutual gains', 2003, Decision, July-December, Vol. 30, No. 2.[See details]

        2. 'Stabilising but Continuing to Grow: A Review Article', 2001, Decision, July-December, Volume 128, No.2, pp. 207-228.

        3. 'The Money Supply Process in India: Identification, Analysis and Estimation', (with Shridhar Dash), Indian Economic Journal, July-September, Volume 48, No.1. 2000. [See details]

        4. 'Real and Financial Sector Interaction Under Liberalization in an Open Developing Economy', (with Shridhar Dash), Metroeconomica, 15, 3, 257-283, 2000. [Available here]

        5. 'Labour Market Institutions, Real Wages and Macroeconomic Outcomes', The Indian Journal of Labour Economics, 42, 4, Oct.-Dec., 767-783, 1999. [See details]

        6. `Do Foreign Inflows Let Expectations Dominate History?, Journal of Foreign Exchange and International Finance, 10, 3, Oct.-Dec. 1998.

        7. `Financial Reforms: Why Interest Rates Must be Kept Low' International Journal of Development Banking, 15, 2, July-Dec. 1997.

        8. 'Foreign Capital Inflows, Real Exchange and Interest Rates: an Analytical Framework', Journal of Foreign Exchange and International Finance, 9, 3, Oct.-Dec. 1997, 215-232.

        9. `Sticky Relative Prices, Dynamics and the Closure Debate', Journal of Post Keynesian Economics, 19,2, 195-222, Winter 1996-97. [View detalis]

        10. `The Simple Analytics of Supply, Demand and Structural Adjustment', Indian Economic Review, 30, 2, 37-56, 1995. [See detalis]

        11. `Growth Dynamics in a General Equilibrium Macroeconomic Model for India', Journal of Policy Modeling, 16, 3, 1994.

        12. `Industrial Pricing and Growth Fluctuations in the Indian Economy', Indian Economic Review, 29, 1, 1994.

        13. `The Role of Foreign Aid and the Foreign Exchange Constraint in Growth: Some Extensions', Journal of Foreign Exchange and International Finance, 7(1), 30-43, 1993.

        14. Articles in Books

        15. 'Budgetary Processes: A Political Economy Perspective', Chapter 2.2 in India Infrastructure Report 2003, Public Expenditure Allocation and Accountability, S. Morris (ed.), New Delhi: 3iNetwork and Oxford University Press, 2003. [Preprint]

        16. 'Coordinating Monetary and Fiscal Policies: a role for rules?', chapter 11 in the India Development Report, K. S. Parikh and R. Radhakrishna (ed.), IGIDR and Oxford University Press, 2002. [Preprint]

        17. 'Reform Proposals from Developing Asia: Finding a Win-win Strategy', chapter 7 in Debating the Global Financial Architecture, L. E. Armijo (ed.), in SUNY Press Global Politics Series, under the general editorship of James Rosenau, SUNY Press, New York, 2002. [View Paper]

        18. 'The Political Economy of the Revenue Deficit', in India Development Report, 1999-2000, ed. by K. S. Parikh, IGIDR and Oxford University Press, 1999. [Preprint]

        19. 'Foreign Inflows: Evil, Blessing or Opportunity?' Chapter 4, in K.S.Parikh (ed.), Mid-Year review of the Indian economy, 1994-95, Konark Publishers Pvt Ltd, New Delhi 1995.

        20. 'Inflation, Exchange and Interest Rates; A Macroeconomic "Rashomon"', Chapter 3 in India Development Report, 1997, ed. by K. S. Parikh, IGIDR and Oxford University Press, 1997. [See issue]

        21. 'Foreign Capital and Economic Liberalization: Cooperation or Competition?', in Economic Liberalization in India: Implications for Indo-US Relations, K. J. Azam (ed.), American Studies Research Centre Hyderabad, Delhi: Delta Publishing House, 1997.

        22. In Economic and Political Weekly

        23. 'Arbitrage: An Explation for South-East Asian Crisis and Indian Immunity', (with Shridhar Dash), Economic and Political Weekly, August 1, Vol. 33, No. 31, pp.2098-2104, 1998. [View Paper]

        24. 'Savings: A Clarificatory Note', Economic and Political Weekly, September 13, Vol. 32, 37, pp. 2362-2364, 1997. [View Paper]

        25. `Industrial Pricing and Growth Fluctuations: Some Tests', Economic and Political Weekly, Nov.30, Vol. 31, No. 48 and 19, pp. M-54-M-62, 1996. [Available here]

        26. `Savings: When Data are Doubted can Theory Help?' Economic and Political Weekly, Vol. 31, No. 21, pp. 1257-1264, May 25, 1996. [Available here]

        27. `Putting Structure on Structural Adjustment', Economic and Political Weekly, Vol. 30, No. 18-19, pp 1013-1020, May 6, 1995. [Available here]

        28. 'Developing Economy Macroeconomics: Fresh Perspectives', Economic and Political Weekly, Vol. 29, No. 48, pp. 3041-3052, 26 November, 1994. [Available here]

        29. 'Demand, Supply and Savings Constraints in Indian Economy', Economic and Political Weekly, Vol. 27, No. 17, pp. 893-899, 25 April, 1992. [Available here]

        30. In Economic Magazines

        31. 'Building up Foreign Exchange Reserve- Impact in a Growing Economy', in Annual Capital Market Review 2003-04 Bombay Stock Exchange, June

        32. `Why Women Lag and Why They May Lead', 2003, i4d: Information for development, issue on Can ICT cross the gender barrier? Vol.1,3, pp.13-21, September-October. Also summarized in "The Communication Initiative", Victoria, British Columbia, Canada, Trends section. [View Issue]

        33. 'Inflation: Here Today and Gone Tommorow', Economic Digest, MEDC, May, 2003. [View issue]

        34. 'How Much to Borrow and for What?', Outlook Budget Special, February, 2003.

        35. 'Winds of Change in Indian Education', Education World February, 2003, Vol. V, No. 2.

        36. Occasional Pieces

        37. Comments as discussant in 'mid-year review of the Indian Economy 2002-2003', S.K.Bery, NCAER, ed. by N.N. Vohra, new Delhi:Shipra and India International Centre, 2003.




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          Project Reports

          1. Report on Payment Systems to Facilitate South Asian Inter-Regional Trade. UN-ESCAP. [Working paper]. 2015.

          2. Understanding High Inflation Trend in India. ADB. [Working paper]. 2014.

          3. Financial Regulation and the G 20: Options for India. ICRIER-Ministry of Finance Project on G-20. 2011.

          4. History of Monetary Policy in India since Independence. Report for 2010-11 first Professor P.B. Brahmananda Memorial Research Grant Award. [Working paper]. 2011.

          5. Asian Clearing Union: Current Status and the Way Forward. ADB Project Report. 2011.

          6. Inflation Pressures in South Asia, for Economic and Social Survey of Asia and the Pacific. UN-ESCAP. [Working paper]. 2011.

          7. 'Monetary Policy, Forex Markets, and Feedback Under Uncertainty in an Opening Economy,' Development Research Group, Department of Economic Analysis and Policy, Mumbai, Study No. 32,(with R. Ayyappan Nair and Amaresh Samantaraya). Reserve Bank of India. 2009.

          8. "Reducing Endogenous Amplification of Shocks from Capital Flows in Developing Countries" report as part of an international research project on 'Macroeconomic Policy Challenges of Low Income Countries' funded by Governments of the UK and the Netherlands, the IMF, and the World Bank, implemented by Global Development Network (GDN), 2004-05.

          9. ICEG/ICRIER project on financial reforms, chapter titled `Consistency in Financial Sector Policy', 1996.