Ashima Goyal

Ashima Goyal

ag05-cal
  Office Telephone : +91-22-69096512
  Email id : ashima@igidr.ac.in
 Click here to view Homepage
 
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 as one of the Promising Women Leaders of India, June 2022 by ET and Femina (Times Group).

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

  • 'What does the COVID-19 experience tell us about Indian growth drivers?' Economic & Political Weekly, forthcoming, 2022. [Earlier version
  •  'Disaggregated Indian Industrial Cycles: A spectral analysis'. (with Ritabrata Bose) Journal of Indian School of Political Economy, forthcoming. 2022. [Earlier version
  • GRK Murty. ‘IUPJAE Interview: An Interview with Professor Ashima Goyal’, The IUP Journal of Applied Economics Vol. 21, No. 1, pp 84-109, 2022. [Full text
  • ‘Post-Covid-19 Paths to Fiscal Consolidation Using the Snowball Effect’, Economic & Political Weekly. Vol LVI No. 31, August, Pages 13-18, 2021. [Full text]
  • ‘Central Bank Communications and Professional Forecasts: Evidence from India’ (with Prashant Parab), Journal of Emerging Market Finance. Published online on 10th October 2021. [Full text
  •  'News, noise and Indian business cycle' (with Abhishek Kumar), Bulletin of Economics Research. Published online on 5th October, 2021. [Full text
  • ‘External shocks, cross-border flows and macroeconomic risks in emerging market economies’, (with Akhilesh Verma & Rajeswari Sengupta) Empirical Economics. Published online 29th July 2021. [Full text
  •  'Liquidity management and monetary transmission: empirical analysis for India', (with Vikas Charmal), Journal of Economic Studies, 49(5): 850-875 [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 Misalignments in Emerging Markets’ (with Krittika Banerjee), International Journal of Emerging Markets, Published online on 21 October 2020. [Full text
  • ‘Inflation Convergence and Anchoring of Expectations in India’ (with Prashant Parab], Economic and Political Weekly, November 28, LV(47): 37-46. 2020. [Full text
  • ‘Post Covid-19: Recovering and sustaining India’s growth’, Indian Economic Review. Online publication: August 6, 2020. [Full text
  • ‘How Far Is India’s Nominal Exchange Rate from Equilibrium?’ (with Krittika Banerjee), Economic and Political Weekly. 55(11) pp. 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. 2020. [Full text
  • ‘Correlated Shocks, Hysteresis, and the Sacrifice Ratio: Evidence from India’ (with Gagan Goel), Emerging Markets Finance and Trade. Published online: 11 Oct 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. 30 March. 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. Published online September 5. DOI:10.1080/10168737.2018.1517814. [Full text
  • ‘Money and Business Cycle: Evidence from India’ (with Abhishek Kumar), The Journal of Economic Asymmetries. 2018. [Full text
  • ‘The Indian Fiscal-Monetary Framework: Dominance or coordination?’ International Journal of Development and Conflict. 8 (1): 01-13. June. 2018. [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. 2018. [Full text
  • ‘Government Expenditure in India: Composition and Multipliers’ (with Bhavya Sharma), Journal of Quantitative Economics. Published online 22 January 2018. [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. 2016. [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, Vol. 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, Vol. 9(3), pp. 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), pp. 116-125. June 6, 2015. [Full text
  • ‘Purchasing Power Parity, Wages and Inflation in Emerging Markets’, Foreign Trade Review, 49(4), pp. 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
  • ‘Growth Dynamics in a General Equilibrium Macroeconomic Model for India', Journal of Policy Modeling, 16(3): 265-289, 1994. [Full text

 

Articles In Books

  • ‘Heterogeneity of Inflation Expectations: An Analysis using IESH data’ (with Prashant Parab), Chapter 24 in William A. Barnett and Bruno S. Sergi (Ed.), 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. Forthcoming. 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 (eds.) 20 Years of G20: From Global Cooperation to Building Consensus, pp. 19-36. Springer: Singapore. ISBN : 9789811381065. 2019. [About] https://link.springer.com/book/10.1007/978-981-13-8106-5. [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 behaviour’, (with Sandhya Garg), Chapter 4, in Base Erosion and Profit Shifting (BEPS): The Global Taxation Agenda, Parthasarathi Shome (ed.), pg 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 (eds.) 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 (eds.), 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

  • 28th June 2022: Interview with Bloomberg on ‘RBI’s drove urges slow hikes as rates not far from neutral.’ https://www.bloomberg.com/news/articles/2022-06-28/india-s-monetary-dove-urges-slow-hikes-as-rates-near-neutral?utm_medium=social&cmpid=socialflow-twitter-business&utm_content=business&utm_source=twitter&utm_campaign=socialflow-organic
  • 23rd June 2022: Interview in Business Standard https://www.business-standard.com/article/economy-policy/rbi-aim-is-to-not-have-over-tightening-or-over-stimulus-mpc-s-ashima-goyal-122062201392_1.html
  • 22nd June 2022: panel on discussion of MPC minutes in Indianomics https://www.youtube.com/watch?v=KlEMWq91xk4&t=3s
  • 22nd April 2022: Panel on discussion of MPC minutes in Indianomics CNBCTV18 https://www.youtube.com/watch?v=SgEYKUIg8Fs
  • 9th March 2022: Interview with ET Now on “If India Inflation is Persistent or Not” https://www.youtube.com/watch?v=Ht9WrYj0T5g
  • 8th March 2022: Panel on “Policy for Financial Stability” at India Economic Forum & LIT Fest organised by Skoch Group on their 79th Skoch Summit https://www.youtube.com/watch?v=mBfCGfWb5Cs&t=8s
  • 25 February 2022: Panel on Indianomics with MPC members on minutes https://www.youtube.com/watch?v=uGEOJTMSN40
  • 22nd December 2021: Panel on Indianomics with MPC members https://www.youtube.com/watch?v=D54RDlC74zA
  • 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
    https://youtu.be/Q5LVg4Z_yHE
  • 29th October 2021: Keynote session on “What does the COVID-19 experience tell us about Indian growth drivers?” at 4pm. EGROW Friday Webinar Series
    https://www.youtube.com/watch?v=iplpP2b_XU8
    https://egrowfoundation.org/newsroom/webinar-held-on-what-does-the-covid-19-experience-tell-us-about-indian-growth-drivers/
    https://twitter.com/EgrowFoundation/status/1454354814255521794
  • 27th October 2021: Interview with Informist on ‘Can’t be confident about CPI glidepath’
    https://www.informistmedia.com/chome/cant-confident-cpi-glidepath/
  • 22nd October 2021: CNBCTV18 Indianomics, panel of MPC external members https://www.youtube.com/watch?v=CZlztZiKsy0
  • 23rd August 2021: CNBCTV18 Interview with Latha Venkatesh https://www.youtube.com/watch?v=_fYcLn3haYU
  • 20th August 2021: Latha Venkatesh on MPC minutes https://www.youtube.com/watch?v=kDH4SkvTGsw https://www.youtube.com/watch?v=K0Y6tuL8wvk
  • 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 https://m.youtube.com/watch?v=SoQFzEf37Po&feature=share&fbclid=IwAR0obPLyTESGCKt26f9CsUxnCKjwXdBOP8PNFS1tIVAECPYB27yfPjVc254
  • 21th June 2021: CNBCtv18 interview with Latha Venkatesh for Indianomics https://www.youtube.com/watch?v=FXNrUeVzVyQ
    Extracts in: https://www.youtube.com/watch?v=uAtNNI3ij6I
  • 7 May 2021: Comments to CNBC international
    https://www.cnbc.com/street-signs-asia/
    https://youtu.be/d9FeRNy6hvk
    https://www.cnbc.com/video/2021/05/07/indias-economy-is-doing-surprisingly-well-despite-the-covid-crisis-professor-says.html
  • 19th March 2021: Talk on “Understanding and fine-tuning flexible inflation targeting”, EGROW Friday webinar series https://www.youtube.com/watch?v=spVcvbA0nEw https://egrowfoundation.org/newsroom/webinar-held-on-fine-tunning- flexible-inflation-targeting/
  • 1st March 2021: Interview with Network 18 on “Moneycontrol” https://www.moneycontrol.com/news/opinion/interview-the-fear-in-bond-markets-is-unfounded-says-mpc-member-ashima-goyal-6596641.html
  • 26th February 2021: Chairperson for EGROW Webinar on “The Fiscal-Monetary Policy Nexus”, by Professor Ricardo Reis, London School of Economics. https://t.co/oMk5BcT8nD
  • 17th February 2021: Remarks on the topic, “Improving India’s Competitiveness for Inclusive Economic Growth” at Cuts International, Jaipur, roundtable. https://youtu.be/Y6hGSJCjcZs
    https://cuts-ccier.org/cuts-webinar-on-improving-indias-competitiveness-for-inclusive-economic-growth/
  • 15th February 2021: ET India Inc Boardroom panel discussion on, “How do you build a resilient economy?” https://economictimes.indiatimes.com/spotlight/etboard_watchlive.cms https://www.youtube.com/watch?v=v-NYzcIIQf8
  • 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”. https://www.youtube.com/watch?v=FK6tvHtJKB
  • 19th January 2021: Key note on, “Our Pandemic Battered Economy: Promises and Obstacles.” at Bharat Chamber of Commerce, Kolkata. https://us02web.zoom.us/rec/share/MUr1jI6jC_GlBYpLoniAc2h5wbW0WMp68R6SHMkCBkugLgcTPNdZxl28BOBOIIZK.ZgOn6l7sASZw93_u?startTime=1611055881000
    https://bharatchamber.com/events-past.html
  • 6th January 2021: Interview to CNBC international https://www.cnbc.com/2021/01/07/india-rbi-monetary-policy-committee-member-on-inflation-growth.html
    https://www.cnbc.com/video/2021/01/06/indias-economic-recovery-momentum-is-stronger-than-expected.html
  • 1st January 2021: EGROW Webinar series panel on Union Budget 20-21—Suggestions.
    https://www.youtube.com/watch?v=3Sl-Q0LMxq4 https://egrowfoundation.org/newsroom/webinar-held-on-union-budget-2021-suggestions-2/
  • 23rd December 2020: Interview to Hiral Dadia at Nirmal Bang securities https://youtu.be/_fHrjnRDZhy
  • 23rd December 2020: Ecoholics talk show“The Thinking Tree” interview to Sanat Shrivastava.
    https://youtu.be/geKDXPPSoGs
  • 22nd September 2020: COVID-19 and the Historic Economic Contraction in India. CDES Webinar Series, by Monash University, Australia. https://www.youtube.com/watch?v=7QPIThyy2Qk&feature=emb_title
  • 5th September 2020: Interview with BBC: https://www.youtube.com/watch?v=jygrSWF07VM
  • 4th August 2020: The Wire with Karan Thapar- GDP Could Grow By 1% But Added Fiscal Stimulus Can't Wait for Vaccine.
    https://youtu.be/swnN8rD6fm0
  • 16th July 2020: ‘Reviving Economic Activities during the Pandemic: The role of economic policy’ by the Xavier School of Economics, Xavier University, Bhubaneswar.
    https://www.facebook.com/xavierschoolofeconomics
  • 3rd May 2020: Economist Dr Ashima Goyal speaks on restarting the Indian economy India Revival Mission.
    https://www.timesnownews.com/videos/mirror-now/specials/economist-dr-ashima-goyal-speaks-on-restarting-the-indian-economy-india-revival-mission/60184
  • 5th February 2020: Macros with Mythili ET Now- Decoding FM Sitharaman's Budget 2020. https://www.youtube.com/watch?v=lCcjh3MWmYs&list=PL51KTBvlQFEH4V7WknAe0ra5hoyAos1sX
  • 8th January 2020: Edelweiss Credit Conclave 2020 - Macro Economy & Rates: India Growth Story in Focus. https://www.youtube.com/watch?v=WQcQyW2MIn4&list=PLf8aN99KuDg-LSI8upM1VyGFrTqJzogQV&index=3
  • 7th January 2020: Macros with Mythili ET Now- Budget 2020: The Economists' View.
    https://www.youtube.com/watch?v=Z5eJ1DSldrM
  • 20th September 2019: Power Lunch: 20 September 2019. Bloomberg Quint. https://www.youtube.com/watch?v=lnGJyVoPJJ0
  • 30th August 2019: State of the Economy: India GDP Growth Crashes To Six-Year-Low. Bloomberg Quint.
    https://www.youtube.com/watch?v=83GO6UWXin8
  • 24th July 2019: Growth & dependence on external capital. ET Now. https://www.youtube.com/watch?v=6mQ9P15550A&t=11s
  • 29th May 2019: Ashima Goyal on Arun Jaitley’s legacy as Finance Minister. https://economictimes.indiatimes.com/markets/expert-view/ashima-goyal-on-arun-jaitleys-legacy-as-finance-minister/articleshow/69559737.cms
  • 9th October 2018: Here's what experts have to say about India's inflation targeting framework.
    https://www.cnbctv18.com/videos/economy/heres-what-experts-have-to-say-about-indias-inflation-targeting-framework-1036541.htm
  • 17th December 2018: Macros with Mythili ET Now. Understanding multiple roles of RBI. https://www.youtube.com/watch?v=iXAq5T9R9eE
  • 5th January 2018: Jai Hind Keynote - Monetary Policy and Fiscal Framework: The Route to India 2030 - Prof Ashima Goyal - https://www.youtube.com/watch?v=7TCsOrCSF7k
  • 24th October 2017: Ashima Goyal On Govt's Bank Recapitalisation Plan. CNBC TV 18. https://www.youtube.com/watch?v=gDqUHdaHGQE
  • 1st June 2017: Discourse on Macroeconomics policy for an India in transition https://www.youtube.com/watch?v=aVG8HvQets8
  • 15th May 2015: Macros with Mythili ET Now. Modi365 One Year of Modi Sarkar. https://www.youtube.com/watch?v=6QpjRvZgDro

  • Goyal, A. and R. Pal. 2022. 'Global Shocks and International Policy Coordination.' IGIDR Working Paper no. WP-2022-008.
  • Available at: http://www.igidr.ac.in/pdf/publication/WP-2022-008.pdf
  • Goyal, A. and S. Ray. 2022. ‘Exploring Correlations between Aggregate Demand and Supply Shocks in India.’ IGIDR Working Paper no. WP-2022-004.
    Available at: http://www.igidr.ac.in/pdf/publication/WP-2022-004.pdf
  • Goyal A. 2022. 'Flexible Inflation Targeting: Concepts and application in India' IGIDR. Journal of Indian School of Political Economy, forthcoming. Earlier version Available at: http://www.igidr.ac.in/pdf/publication/WP-2022-003.pdf
  • Goyal, A. and P. Parab. 2021. Effectiveness of Expectations Channel of Monetary Policy Transmission: Evidence from India, IGIDR Working paper no. WP-2021-011, Available at: http://www.igidr.ac.in/pdf/publication/WP-2021-011.pdf
  • Banerjee, K. and A. Goyal. 2021. Current Account Imbalances: Exploring Role of Domestic and External Factors for Large Emerging Markets, IGIDR working paper no. WP-2021-001. Available at: http://www.igidr.ac.in/pdf/publication/WP-2021-001.pdf

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 Money 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 

  • Prashant Mehul Parab: Evolution of Expectations Channel of Monetary Policy Transmission: An Indian Experience