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Ashima Goyal

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  Office Telephone : +91-22-69096512
  Email id : ashima@igidr.ac.in
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Ashima Goyal is widely published in institutional and open economy macroeconomics, international finance and governance, with more than a hundred articles in national and international journals. She has also authored and edited a number of books including Macroeconomics and Markets in Developing and Emerging Economies (Routledge: UK. 2017) and A Concise Handbook of the Indian Economy in the 21st Century (OUP: India, 2019). She edits the Routledge journal Macroeconomics and Finance in Emerging Market Economies; has provided consultancy to ADB, DEA, GDN, UNDP, RBI, UN ESCAP and WB; is active in the Indian policy debate; and has served on several government committees including the Prime Minister’s Economic Advisory Council, the RBI technical advisory committee for monetary policy, boards of journals and educational and financial institutions. Currently she is a Member of India's Monetary Policy Committee, on Advisory and other Boards. She was a visiting fellow at the Economic Growth Centre, Yale University, USA, and a Fulbright Senior Research Fellow at Claremont Graduate University, USA. Her research has received national and international awards. She won two best research awards at GDN meetings at Tokyo (2000) and Rio de Janeiro (2001), was selected as one of the four most powerful women in economics, a thought leader, by Business Today (2008); was the first Professor P.R. Brahmananda Memorial Research Grant Awardee for a study on History of Monetary Policy in India since Independence (2011), which was published by Springer in 2014; received the SKOCH Challenger Award for Economic Policy (2017); Hindu College OSA Distinguished Alumni Award and 20th FLO FICCI GR8 Beti Award for Excellence in Economics (2018); Selected as one of the Most Powerful Women in Business’ by Business Today Magazine 2021 and 2022 and as one of the Promising Women Leaders of India, June 2022 by ET and Femina (Times Group).

Research Interests: Open economy macroeconomics, international finance, monetary and fiscal policy, financial markets and regulation, institutions and development.

Books and Journal Special Issues

  • A Concise Handbook of the Indian Economy in the 21st Century, Ashima Goyal (ed.). OUP: New Delhi. 2019. Second edition. ISBN: 9780199460991. [About]
  • Macroeconomics and Markets in Developing and Emerging Economies, Ashima Goyal (ed.). Routledge: UK. 2017. [About]
  • Special Issue Macroeconomics and Finance in Emerging Market Economies, ‘Unconventional Monetary Policy in Emerging Markets.', 9(2). 2016. June. DOI:10.1080/17520843.2016.1180835. [About]
  • Handbook of Indian Economy in the 21st Century: Understanding the Inherent Dynamism, Ashima Goyal (ed). OUP: India, 2014. [About]
  • History of Monetary Policy in India Since Independence. Ashima Goyal (ed). Springer Briefs in Economics. India: Springer. 2014. [About]
  • Special Issue Macroeconomics and Finance in Emerging Market Economies. ‘Policy complexity, rate volatility and potential buffers’, Vol. 8 (1) and (2), 2015. March. [About]
  • Macroeconomics and Markets in India: Good luck or good policy? Ashima Goyal (ed). Routledge: UK, 2012. [About]

 

Articles in Journals

  • '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]
  • 'Disaggregated Indian industrial cycles: A spectral analysis.' (with Ritabrata Bose) Journal of Indian School of Political Economy. Forthcoming. 2023. [Earlier version]
  • 'Lessons from outperformance in the Indian financial sector.' Global Policy. Published online on 06 July 2023. [Full Text]
  • 'Union Budget 2023-24 - The long view.' Economic and Political Weekly, 58(12):27-33. 2023.[Full Text]
  • 'Exchange rate volatility and its impact on borrowing costs.'(with Sritama Ray) T20 Policy brief. June 2023. [Full Text]
  • 'The pattern of global macroprudential regulations and its impact on borrowing costs.'(with Sritama Ray) T20 Policy Brief. June 2023. [Full Text]
  • 'Chorus in the cacophony: dissent and policy communication of India's monetary policy committee.'(with Rounak Sil, Unninarayanan Kurup, Apoorva Singh.'Rajendra Narayan Paramanik) Applied Economics Letter. [Full Text]
  • 'Working of expectations channel of monetary policy in India.' (with Prashant Parab) Journal of International Commerce, Economics and Policy, 14(1): 1-38. 2023 [Full Text]
  • 'What does the COVID-19 experience tell us about Indian growth drivers?' Economic & Political Weekly, 57(37): 52-59. 2022. [Full Text]
  • '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. [Full Text]
  • 'Global shocks and international policy coordination.' (with Rupayan Pal) Global Policy, 13(4): 458-468. 2022. [Full Text]
  • ‘IUPJAE interview: an interview with Professor Ashima Goyal.’ (with GRK Murty) The IUP Journal of Applied Economics, 21(1): 84-109, 2022. [Full text]
  • ‘Post-Covid-19 paths to fiscal consolidation using the snowball effect.’ Economic & Political Weekly, 56(31): 13-18. 2021.  [Full text]
  • ‘Central bank communications and professional forecasts: evidence from India’ (with Prashant Parab) Journal of Emerging Market Finance, 20(3): 308-336. 2021. [Full text]
  •  'News, noise and Indian business cycle' (with Abhishek Kumar), Bulletin of Economics Research, 74(2): 503-538. 2021.  [Full text]
  •  ‘External shocks, cross-border flows and macroeconomic risks in emerging market economies’ (with Akhilesh Verma & Rajeswari Sengupta) Empirical Economics, 62, pp. 2111-2148. 2021  [Full text]
  • 'Liquidity management and monetary transmission: empirical analysis for India' (with Vikas Charmal) Journal of Economic Studies, 49(5): 850-875. 2021. [Full text]
  • ‘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, e00206. [Full text]
  • ‘Behavioural equilibrium real exchange rates and misalignments: evidence from large emerging markets.’ (with Krittika Banerjee) Economic Analysis and Policy, Volume 70, June, 414-436. [Full text]
  • 'What influences aggregate inflation expectations of households in India?' (with Prashant Parab), Journal of Asian Economics, 72, February, 2021, 101260. [Full text] 
  • ‘Monetary spillovers and real exchange rate.’ (with Krittika Banerjee), International Journal of Emerging Markets, 17(2): 452-484, 2020. [Full text] 
  • ‘Inflation convergence and anchoring of expectations in India’ (with Prashant Parab), Economic and Political Weekly, 55(47): 37-46. 2020. [Full text] 
  • ‘Post Covid-19: recovering and sustaining India’s growth’. Indian Economic Review, 55(1): 161-181. 2020.  [Full text]
  • ‘How far is India’s nominal exchange rate from equilibrium?’ (with Krittika Banerjee) Economic and Political Weekly, 55(11): 29-34. March 14. 2020. [Full text]
  • ‘A DSGE model-based analysis of the Indian slowdown’ (with Abhishek Kumar) Journal of International Commerce, Economics and Policy. 11(1). February. 2020. [Full text]
  • ‘Policy transmission in Indian money markets: the role of liquidity’ (with Deepak Kumar Agarwal) The Journal of Economic Asymmetries. Vol. 21. June. 2020. [Full text]
  • ‘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.  [Full text]
  • ‘Correlated shocks, hysteresis, and the sacrifice ratio: evidence from India’ (with Gagan Goel) Emerging Markets Finance and Trade, 57(10): 2929-2945. 2019. [Full text]
  • ‘Overreaction in Indian monetary policy’ (with Abhishek Kumar) Economic and Political Weekly, 54(12): 12-14. March. 2019. [Full text]
  • ‘Modeling consumers' confidence and inflation expectations’ (with Prashant Parab) Economics Bulletin, 39(3): 1817-1832. 2019. [Full text]
  • ‘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. [Full text]
  • ‘Government securities market: price discovery, monetary management and government borrowing.’ Economic and Political Weekly, Special issue on Money, Banking and Finance, 54(13): 44-58. 2019. [Full text]
  • ‘Evaluating India’s exchange rate regime under global shocks’ Macroeconomics and Finance in Emerging Market Economies, 11(3): 304-321. 2018. [Full text] 
  • ‘Portfolio composition and valuation effects in emerging market economies’ (with Vaishnavi Sharma) International Economic Journal, 32(3): 307-330. 2018.  DOI:10.1080/10168737.2018.1517814. [Full text]
  •  ‘Money and business cycle: evidence from India’ (with Abhishek Kumar) The Journal of Economic Asymmetries, Vol. 18. November.  [Full text]
  • ‘The Indian fiscal-monetary framework: dominance or coordination?’ International Journal of Development and Conflict, 8(1): 01-13. June. 2018. [Full text] [Full Text]
  •  ‘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, August. 2018. [Full text]
  • ‘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. [Full text] 
  • ‘Active monetary policy and the slowdown: evidence from DSGE based Indian aggregate demand and supply’ (with Abhishek Kumar) The Journal of Economic Asymmetries, 17: 21-40. June. 2018. [Full text] 
  • ‘Government expenditure in India: composition, cyclicality and multipliers’ (with Bhavya Sharma) Journal of Quantitative Economics, 16(1): 1-39.  [Full text]
  • ‘The effect of oil shocks and cyclicality in hiding Indian twin deficits’ (with Abhishek Kumar), Journal of Economic Studies, 45(1): 27-45. 2018. [Full text]
  • ‘Macroeconomic policy for an India in transition’ Economic and Political Weekly, 52(47): 31-37. 2017. [Full text]
  • ‘Multiple reserve currencies and renminbi use’ (with Satyendra Kumar Gupta), Journal of International Commerce, Economics and Policy, 8(2): 1-35. June. 2017. [Full text] 
  • ‘Estimating the Indian natural interest rate: a semi-structural approach’ (with Sanchit Arora), Economic Modelling, 58, pp. 141–153. November. 2016. [Full text] 
  •  ‘Conditions for inclusive innovation with application to telecom and mobile banking’ Innovation and Development, 7(2): 227-248, 2017. DOI:10.1080/2157930X.2016.1187845. [Full text]
  • ‘Introduction: unconventional monetary policy in emerging markets’ in Goyal, A., D. Nachane and S. Sarkar (eds.), Macroeconomics and Finance in Emerging Market Economies, special issue on ‘Unconventional Monetary Policy in Emerging Markets.’, 9(2). June. 2016. DOI:10.1080/17520843.2016.1180835. [Full text]
  • ‘Why tax effort falls short of tax capacity in Indian states: a stochastic frontier approach’ (with Sandhya Garg and Rupayan Pal), Public Finance Review, 45(2): 232-259. 2016. [Full text] 
  • ‘Payment systems to facilitate South Asian integration’ South Asia Economic Journal, 16(2). 2015. [Full text] 
  • ‘Understanding high inflation trend in India’ South Asian Journal of Macroeconomics and Public Finance, 4(1): 1–44. 2015. [Full text]
  • ‘Optimality of base rate system of loan pricing of developing and emerging market economies: an evaluation’ (with Jugnu Ansari), Banks and Bank Systems, 9(3): 74-82. 2014. [Full text]
  • ‘Separating shocks from cyclicality in Indian aggregate supply’ (with Shruti Tripathi), Journal of Asian Economics, 38, pp. 93-103. 2015. [Full text]
  • ‘Introduction: understanding volatility in emerging markets’. Special issue on ‘Emerging Markets: Structure and Shocks’, Ashima Goyal (ed.), Macroeconomics and Finance in Emerging Market Economies, 7(1). [Full text]
  • ‘Sustaining Indian growth: interests versus institutions’ India Review, 14(3): 330-351. July-September. 2015. [Full text]
  • ‘Stability and transitions in emerging market policy rules’ (with Shruti Tripathi) Indian Economic Review, 49(2): 153-172, July-December. [Earlier version]
  • ‘Psychology or cyclicality: rural wage and inflation dynamics in India’ (with Akash Kumar Baikar) Economic and Political Weekly, 50(23): 116-125. 2015. [Full text] 
  • ‘Purchasing power parity, wages and inflation in emerging markets’ Foreign Trade Review, 49(4): 327-347. 2014. [Full text]
  • ‘Banks, policy and risks: how emerging markets differ’ International Journal of Public Policy, 10 (1, 2 & 3): 4–26. 2014 [Full text]
  • ‘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, 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. [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 [Full text]
  • ‘Distant labour supply, skills and induced technical change’ Information Analysis and Policy, 19(2): 133-150, June 2007. [Full text]
  • ‘Exchange rate regimes: middling through’ Global Economic Review, 35(2): 153-176, June 2006, [Full text] 
  • ‘Corporate social responsibility as a signaling device for FDI’ International Journal of the Economics of Business, 13(1): 145-163, February, 2006, [Full text]
  • ‘Asian reserves and the dollar: is gradual adjustment possible?’ Global Economy Journal, 5(3), Article 3. [Full text]
  • ‘Real and financial sector interaction under liberalisation in an open developing economy’ (with Shridhar Dash), Meteroeconomica, 51(3): 257-283, 2000. [Full text]
  • ‘Sticky relative prices, dynamics and the closure debate’ Journal of Post Keynesian Economics, 190(2), 1996-97. [Full text]
  • ‘The simple analytics of supply, demand and structural adjustment.' Indian Economic Review, 30(2): 37-56, 1995.
  • ‘Growth dynamics in a general equilibrium macroeconomic model for India' Journal of Policy Modeling, 16(3): 265-289, 1994. [Full text]
  • ‘Industrial pricing and growth fluctuations in the Indian Economy’ Indian Economic Review, 29(1). 1994.
  • ‘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.[Full Text]

 

Articles In Books

  • 'What drives Indian inflation? Demand or supply' (with Abhishek Kumar) 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]
  • 'What explains the volatility of India's catch-up Growth?' in Soumyen Sikdar (ed.). Perspectives on the Contemporary Indian Economy. Orient Blackswan. Forthcoming, 2023. [Earlier version]
  • ‘Heterogeneity of inflation expectations: an analysis using IESH data.’ (with Prashant Parab), Chapter 24 in William A. Barnett and Bruno S. Sergi (eds.). Recent Developments in Asian Economics, Vol. 28. Massachusetts, United States. 2021. [About]
  • ‘Indian banks and the prevention of corruption act: freedom and discipline.’ Chapter 6 in S. Mahendra Dev (ed.). India Development Report 2020, New Delhi: IGIDR and Oxford University Press. 2020. [Earlier version]
  • ‘After liberalizing reforms: the importance of domestic demand.’ (with Pulapre Balakrishnan), Chapter in Goyal, A. (ed.). The Concise Handbook of Indian Economy in the 21st Century. Second edition, pp: 35-63. 2019. [About] 
  • ‘Emerging markets perspectives on G-20 led financial reforms.’ (with Akhilesh Verma). Chapter 1 in Rajat Kathuria and Prateek Kukreja (ed.). 20 Years of G20: From Global Cooperation to Building Consensus, pp. 19-36. Springer: Singapore. ISBN: 9789811381065. 2019. [About] [Earlier version]
  • ‘Monetary policy transmission in India.’ Chapter 3 in S. Mahendra Dev (ed.). India Development Report 2017, pp. 35-48, New Delhi: IGIDR and Oxford University Press. 2018.
  • ‘Propagation mechanisms of inflation in India: an empirical investigation.’Chapter 1 in Pradeep Agarwal (ed.). Sustaining High Growth in India. pp. 27-54. Cambridge University Press: New Delhi. 2017. [About]
  • ‘Emergence of cross-border taxation and firm behavior.’ (with Sandhya Garg), Chapter 4, in Base Erosion and Profit Shifting (BEPS): The Global Taxation Agenda, Parthasarathi Shome (ed.). pp. 73-93. Wolters Kluwer (India) Pvt Ltd: Mohalli, Punjab. 2017. [About]
  • ‘Foreign exchange markets, intervention and exchange rate regimes.’ Chapter 23 in Malabika Roy and Saikat Sinha Roy (ed.) International Trade and International Finance: Explorations on Contemporary Issues, pp. 469-492. New Delhi: Springer India. 2016. DOI: 10.1007/978-81-322-2797-7_23. [Earlier version]
  • ‘Banks competition, managerial efficiency and the interest rate pass-through in India.’ (with Jugnu Ansari), Chapter 15 in Risk Management Post Financial Crisis: A Period of Monetary Easing, Jonathan A Batten, Niklas F Wagner (ed.). CSEFA 96 special issue, Vol 96, Emerald publishers. 2014 [Earlier version] 
  • ‘External shocks.’ Chapter 3 in S. Mahendra Dev (ed.). India Development Report 2015, pp. 36-51, New Delhi: IGIDR and Oxford University Press. 2014. [Earlier version] 
  • ‘Institutions, incentives and interests.’ Chapter 5 in Bimal Jalan and Pulapre Balakrishnan (eds.). Politics Trumps Economics. pp. 65- 83. New Delhi: 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, Chapter 10 in Raghbendra Jha (ed.). Routledge Handbook on South Asian Economies, pp. 143-155, Oxon and NY: Routledge. 2011. [Earlier version] 
  • Hedging' entry in Princeton Encyclopedia of the World Economy, Ramkishen S. Rajan, Kenneth A. Reinert (eds.), Princeton, NJ: Princeton University Press, 2009. [About]

 

(See full list in CV and more links in home webpage)

 

Select Recent Online Interviews

  • 26th June 2023: Interview with Siddharth Upasani on MPC minutes [Available]
  • 26th June 2023: Interview on MPC minutes [Available]
  • 24th June 2023: Interview on MPC minutes Business Standard [Available at]
  • Economic Times [Available at] 
  • 23rd June 2023: Interview on MPC minutes [Available at]
  • 22nd June 2023: Panel: MPC Members Exclusive: Rate cut hopes dashed | RBI Monetary Policy | CNBC-TV18 with Latha Venkatesh [Available at]
  • 26th May 2023: Chair of session on ‘Can gross fiscal deficit be inflationary?’ at the Egrow Friday webinar series organised by Egrow Foundation, U.P, India. [Available at]
  • 24th April 2023: Interview on the MPC minutes. [Available at]
  • 21st April 2023: Interview on the MPC minutes Economic Times [Available at] 
  • Livemint [Available at]
  • Business Standard [Available at]
  • Informist Media [Available at]
  • 20th April 2023: CNBC interview on MPC minutes [Available at:]
  • 14th April 2023: Panellist at session on ‘Global fiscal coordination taxation and debt management.’ At the Egrow Friday webinar series organised by Egrow foundation, U.P, India. [Available at]
  • 29th March 2023: Panel discussion on ‘Women and the Organisation: Changing Hues.’ At the 9 th edition of Business Today’s Most Powerful Women Awards Organised by Business Today and India Today Group. [Available at]
  • 15th March 2023: PTI interview [Available at:] [Available at]
  • 13th March 2023: PTI interview [Available at]
  • 12th March 2023: PTI interview many newspapers and other media [Available at]
  • 27th February 2023: Interview with Siddharth Upasani [Available at]
  • 23rd February 2023: Reuters interview to Ira Duggal [Available at]
  • 22nd February 2023: Panel: External MPC Members Decode RBI MPC Minutes | EXCLUSIVE | RBI Monetary Policy | CNBC-TV18 with Latha Venkatesh [Available at]
  • 20th January 2023: Interview: Aggressive fiscal consolidation should be avoided for now.' Financial Express, pg.9, 20 [Available at:]
  • 28th December 2022: PTI interview [Available at:]
  • 26th December 2022: Post MPC minutes Interview with Siddharth Upasani [Available at]
  • 26th December 2022: Interview with Business Standard [Available at] 
  • 21st December 2022: RBI MPC Members Speak On Interest Rates, Inflation & More. CNBC tv18 Latha Venkatesh with External MPC members [Available at] 
  • 25th November 2022: Interview with Siddharth Upasani [Available at] 
  • 24th November 2022: Interview with Business Standard [Available at]
  • 23rd October 2022: PTI interview: [Available at]
  • 20th October 2022: Panel on CNBC tv18, 'Samvat 2079: Indianomics' with Latha Venkatesh [Available at]
  • 19th October 2022: PTI interview: [Available at]
  • 17th October 2022: Press interview: [Available at:] [Available at]
  • 14th October 2022: RBI Monetary Policy, Decoding the MPC minutes. CNBC tv18 Latha Venkatesh with External MPC members [Available at]
  • 23rd September 2022: Interview with Siddharth Upasani on 'Inflation.' [Available at]
  • Interviews on IGIDR WP: 13th September 2022: Interview with Reuters [Available at] [Available at]
  • 12th September 2022: Interview with Business Standard. [Available at]
  • 12th September 2022: Interview with Bloomberg.[Available a]
  • 25th August 2022: PTI Interview [Available at]
  • 22nd August 2022: Interview with ET Now on 'India Development Debate.' [Available at]
  • 22nd August 2022: Interview with Business Standard [Available at]
  • 21st August 2022: PTI interviews carried in several national and vernacular newspapers [Available at:] [Available at]
  • 19th August 2022: Panel on MPC minutes in Indianomics [Available at]
  • 8th July 2022: Chair of EGROW Webinar on NBFCs in India in 2047 [Available at]
  • 28th June 2022: Interview with Bloomberg on ‘RBI’s drove urges slow hikes as rates not far from neutral.’ [Available at] 
  • 23rd June 2022: Interview in Business Standard [Available at]
  • 22nd June 2022: panel on discussion of MPC minutes in Indianomics [Available at]
  • 22nd April 2022: Panel on discussion of MPC minutes in Indianomics CNBCTV18 [Available at]
  • 9th March 2022: Interview with ET Now on “If India Inflation is Persistent or Not” [Available at]
  • 8th March 2022: Panel on “Policy for Financial Stability” at India Economic Forum &LIT Fest organised by Skoch Group on their 79th Skoch Summit [Available at]
  • 25 February 2022: Panel on Indianomics with MPC members on minutes [Available at]
  • 22nd December 2021: Panel on Indianomics with MPC members [Available at:]
  • 18th December 2021: Book discussion on “Unshackling India Hard Truths and Clear Choices for Economic Revival” by author Ajay Chhibber and Salman Anees Soz between 6-6.30 pm [Available at]
  • 29th October 2021: Keynote session on “What does the COVID-19 experience tell us about Indian growth drivers?” at 4pm. EGROW Friday Webinar Series [Available at:] [Available at:] [Available at]
  • 27th October 2021: Interview with Informist on ‘Can’t be confident about CPI glidepath’ [Available at]
  • 22nd October 2021: CNBCTV18 Indianomics, panel of MPC external members [Available at]
  • 23rd August 2021: CNBCTV18 Interview with Latha Venkatesh [Available at:]
  • 20th August 2021: Latha Venkatesh on MPC minutes [Available at:] [Available at] 
  • 2nd July 2021: Lecture on “Covid-19 recovery and macroeconomic risk from the emerging market perspective” at Atal Bihari Vajpayee institute of policy research and international studies, MS University, Vadodara [Available at]
  • 21st June 2021: CNBCtv18 interview with Latha Venkatesh for Indianomics [Available at:] [Extracts in]
  • 7 May 2021: Comments to CNBC international [Available at:] [Available at:] [Available at]
  • 19th March 2021: Talk on “Understanding and fine-tuning flexible inflation targeting”, EGROW Friday webinar series [Available at]
  • 1st March 2021: Interview with Network 18 on “Moneycontrol” [Available at]
  • 26th February 2021: Chairperson for EGROW Webinar on “The Fiscal-Monetary Policy Nexus”, by Professor Ricardo Reis, London School of Economics. [Available at]
  • 17th February 2021: Remarks on the topic, “Improving India’s Competitiveness for Inclusive Economic Growth” at Cuts International, Jaipur, roundtable. [Available at:] [Available at] 
  • 15th February 2021: ET India Inc Boardroom panel discussion on, “How do you build a resilient economy?” [Available at] [Available at] 
  • 22nd January 2021: Envisioning India series organised by Institute for International Economic Policy, Elliott School of International Affairs at George Washington University, Panel on book, “In Service of the Republic: The Art and Science of Policy-Making in India”. [Available at]
  • 19th January 2021: Key note on, “Our Pandemic Battered Economy: Promises and Obstacles.” at Bharat Chamber of Commerce, Kolkata. [Available a:] [Available at]
  • 6th January 2021: Interview to CNBC international  [Available at] [Available at]
  • 1st January 2021: EGROW Webinar series panel on Union Budget 20-21—Suggestions. [Available at:] [Available at]
  • 23rd December 2020: Interview to Hiral Dadia at Nirmal Bang securities [Available at] 
  • 23rd December 2020: Ecoholics talk show“The Thinking Tree” interview to Sanat Shrivastava. [Available at]
  • 22nd September 2020: COVID-19 and the Historic Economic Contraction in India. CDES Webinar Series, by Monash University, Australia. [Available at]
  • 5th September 2020: Interview with BBC: [Available at]
  • 4th August 2020: The Wire with Karan Thapar- GDP Could Grow By 1% But Added Fiscal Stimulus Can't Wait for Vaccine.[Available at]
  • 16th July 2020: ‘Reviving Economic Activities during the Pandemic: The role of economic policy’ by the Xavier School of Economics, Xavier University, Bhubaneswar. [Available at]
  • 3rd May 2020: Economist Dr Ashima Goyal speaks on restarting the Indian economy India Revival Mission. [Available at]
  • 5th February 2020: Macros with Mythili ET Now- Decoding FM Sitharaman's Budget 2020. [Available at]
  • 8th January 2020: Edelweiss Credit Conclave 2020 - Macro Economy & Rates: India Growth Story in Focus. [Available at]
  • 7th January 2020: Macros with Mythili ET Now- Budget 2020: The Economists' View. [Available at]
  • 20th September 2019: Power Lunch: 20 September 2019. Bloomberg Quint. [Available at]
  • 30th August 2019: State of the Economy: India GDP Growth Crashes To Six-Year-Low. Bloomberg Quint.[Available at]
  • 24th July 2019: Growth & dependence on external capital. ET Now. [Available at]
  • 29th May 2019: Ashima Goyal on Arun Jaitley’s legacy as Finance Minister. [Available at]
  • 9th October 2018: Here's what experts have to say about India's inflation targeting framework. [Available at]
  • 17th December 2018: Macros with Mythili ET Now. Understanding multiple roles of RBI. [Available at] 
  • 5th January 2018: Jai Hind Keynote - Monetary Policy and Fiscal Framework: The Route to India 2030 - Prof Ashima Goyal - [Available at]
  • 24th October 2017: Ashima Goyal On Govt's Bank Recapitalisation Plan. CNBC TV 18. [Available at]
  • 1st June 2017: Discourse on Macroeconomics policy for an India in transition [Available at]
  • 15th May 2015: Macros with Mythili ET Now. Modi365 One Year of Modi Sarkar. [Available at]

  • Goyal, A. and S. Ray. 2022. ‘Exploring Correlations between Aggregate Demand and Supply Shocks in India.’ IGIDR Working Paper no. WP-2022-004. [Available]

Current Research: Fiscal and monetary policies, emerging market DSGEs, flexible inflation targeting, trend cycle decomposition, Indian growth volatility and sustainability, cross border flows, exchange rate regimes, global governance, institutions and incentives, digital currencies.

  • Co-editor Macroeconomics and Finance in Emerging Market Economies (Routledge, Taylor & Francis Group, see www.informaworld.com/mfeme) since 2007.
  • UNESCAP: Payment Systems to Facilitate South Asian Intra-regional Trade’. ESCAP South and South-West Asia Development Papers 1403. 2014. [Full text]
  • ADB: ‘Understanding High Inflation Trend in India’. Working Paper Series, no. 24. 2014. [Full text]
  • 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]
  • Ministry of Finance: ‘Financial Regulation and the G 20: Options for India’ for ICRIER-DEA Project on G-20. 2011, published as: ‘Financial Regulation and the G20: Options for India’ chapter in The G20 Macroeconomic Agenda: India and the Emerging Economies. Parthasarthi Shome (ed). Cambridge University Press- Delhi. 2014.
  • RBI: ‘Monetary Policy, Forex Markets, and Feedback under Uncertainty in an Opening Economy,’ Development Research Group, Department of Economic Analysis and Policy, Reserve Bank of India, Mumbai, Study No. 32, 2009, (with R. Ayyappan Nair and Amaresh Samantaraya). [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]

a) Current Ph.D. students 

  • Sritama Ray: Global Financial Shocks, Macroprudential Policies and Borrowing Costs in Emerging Market Economies