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Ashima Goyal  



Education :

Ph.D. (Economics), Bombay University, M.Phil. Delhi School of Economics


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Research Interests:

Open economy macroeconomics, international finance, financial markets and regulation, institutions and development.

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Books and Journal Special Issues

  • Goyal, Ashima (ed.), Handbook of Indian Economy in the 21st Century: Understanding the Inherent Dynamism, OUP- India, 2014. [about]
  • Macroeconomics and Markets in India: Good luck or good policy? Ashima Goyal (ed). Routledge- UK, 2012. [about]


  • Special Issue ‘Emerging Markets: Structure and Shocks’, Macroeconomics and Finance in Emerging Market Economies, 7(1). 2014. March. Routledge- UK. Ashima Goyal (ed). [about]Introduction: Understanding Volatility in Emerging Markets’. [Full Text]



Articles in Journals



  • ‘Inferring India's Potential Growth and Policy Stance’ (with Sanchit Arora), Journal of Quantitative Economics, 11(1 & 2). January-July [Full Text]


  • ‘The Future of Financial Liberalization in South Asia’, Asia-Pacific Development Journal, Vol. 19(1): 63-96. June, 2012. [Full Text]


  • ‘The Indian Exchange Rate and Central Bank Action: An EGARCH Analysis’ (with Sanchit Arora ), Journal of Asian Economics.  23(1), February, 2012. [Full Text]


  • ‘New Keynesian Aggregate Supply in the Tropics: Food Prices, Wages and Inflation’ (with Shruti Tripathi), International Journal of Monetary Economics and Finance. 4(4): 330-354, 2011. [Abstract] [Earlier version full text]


  • ‘A General Equilibrium Open Economy Model for Emerging Markets: Monetary Policy with a Dualistic Labor Market’, Economic Modelling, 17(2): 112-132, April, 2011. [Full Text]


  • ‘Sustainable Debt and Deficits in Emerging Markets’, International Journal of Trade and Global Markets, 4(2), 2011 [Abstract] [full text]


  • 'Distant Labour Supply, Skills and Induced Technical Change', Information Analysis and Policy, 19(2): 133-150, June 2007. [Full Text]



  • ‘Corporate Social Responsibility as a Signaling Device for FDI’, International Journal of the Economics of Business, 13(1): 145-163, February, 2006,  [Earlier version full text]


  • ‘Asian Reserves and the Dollar: Is Gradual Adjustment Possible?’ Global Economy Journal, Vol. 5: No. 3, Article 3, [Abstract], 2005 . [Full Text]


  • ‘Real and Financial Sector Interaction under Liberalisation in an Open Developing Economy’, (with Shridhar Dash), Meteroeconomica, 51(3), pp. 257-283, 2000. at [Full Text]



  • ‘Growth Dynamics in a General Equilibrium Macroeconomic Model for India', Journal of Policy Modeling, 16(3): 265-289, 1994.< a href="http://dx.doi.org/10.1016/0161-8938(94)90028-0"> [Full text]



In Books


  • 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. Forthcoming. 2014  [Full text]


  • ‘External shocks’, in S. Mahendra Dev (ed.), India Development Report 2014, New Delhi: IGIDR and Oxford University Press. Forthcoming. 2014.


  • Institutions, incentives and interests. Chapter in Bimal Jalan and Pulapre Balakrishnan (eds.). Politics Trumps Economics. Rupa. 2014.


  • ‘Propagation Mechanisms in Inflation: Governance as Key’, India Development Report 2012, chapter 3 in S. Mahendra Dev (ed.), New Delhi: IGIDR and Oxford University Press, pp. 32-46, 2012. [Full text]


  • ‘Exchange Rate Regimes and Macroeconomic Performance in South Asia’. Routledge Handbook on South Asian Economies, (ed.) Raghbendra Jha, 2011. [Full text]


(See full list in CV and more links in homepage)


Current Research: Monetary policy and markets, fiscal issues, financial stability, wages and labour markets, inflation, growth and governance, pro-growth incentive structures.



  • ‘Psychology or cyclicality: Rural wage and inflation dynamics in India’ (with Akash Kumar Baikar), Impact Evaluation of National Rural Employment Guarantee Scheme in India. [Full Text]


  • ‘Separating Shocks from Cyclicality in Indian Aggregate Supply’, Paper presented at Workshop on Sustaining High Growth in India, NCAER, New Delhi. 2013. [earlier version full text]


  • Gupta, S and A. Goyal. 2014. 'Reserve Currencies: Can Multiplicity Work?'. IGIDR working paper no. WP-2014-010. [Full Text]



  • ‘Growth drivers: ICT and Inclusive Innovations’. IGIDR working paper no. WP-2013-018. 2013. [Full Text]


  • ‘Estimating the Indian Natural Interest Rate and Evaluating Policy’ (with Sanchit Arora). IGIDR working paper no. WP-2013-017. 2013. [Full Text]


  • ‘Sustaining Growth: Interests versus Institutions’. IGIDR working paper no. WP-2013-001. 2013. [Full Text]



  • Co-editor Money and Finance in Emerging Market Economies (Routledge, Taylor & Francis Group, see www.informaworld.com/mfeme) since 2007.


  • UNESCAP: Report on Payment Systems to Facilitate South Asian Inter-Regional Trade. Forthcoming. 2014.


  • ADB: Understanding High Inflation Trend in India. 2013.


  • UNESCAP: ‘Inflationary pressures in South Asia’, published in Asia-Pacific Development Journal, Vol. 17(2), pp. 1-42, December, 2010. [Full text]


  • ADB: ‘Asian Clearing Union: Current Status and the Way Forward’. ADB Project Report, 2011.


  • First Professor P.B. Brahmananda Memorial Research Grant Award: “History of Monetary Policy in India since Independence” [Full text]




  • World Bank-IMF-GDN: project on “Reducing Endogenous Amplification of Shocks from Capital Flows in Developing Countries” published as: Incentives from Exchange Rate Regimes in an Institutional Context’, Journal of Quantitative Economics, 6(1&2), pp. 101-121, January & July, 2008. [Full Text]

Current Optional Course:

“Topics in International Economics and Finance”. Past courses taught: Advanced macroeconomics, and Development Theory and Policy


Current Ph.D students

  • Sanchit Arora: Monetary and fiscal policy: Interaction and Coordination. (Committee members P.G. Babu, Indira Rajaram). Thesis submitted.
  • Akash Kumar Baikar: Financial Intermediaries and Macroeconomics
  • Vaishnavi: Essays on Capital Flows in India
  • Anusha: Analysis of Business Cycles (Committee Member)
  • Sandhya Garg: Essays in Indian Fiscal Federalism