The paper discusses past virtuous growth cycles in India and argues that the post Covid-19
macro-financial package is an opportunity to trigger another such cycle, by raising marginal
propensities t...
On 14 May 2020 Macroeconomic analytical frameworks change with events they are unable to explain. The process is
closer to abductive reasoning that is based on both events and analysis, unlike induction which is
d...
On 31 Aug 2016 This paper assesses the fiscal space and cyclicality of total Indian Central Government expenditure and its
major components
On 02 May 2016 The paper argues that context is important in discussions of financial stability. It explores weaknesses in domestic and international reforms and ways of overcoming them, based on mitigating the fund...
On 02 May 2016 After the global financial crisis, India was exposed to many external shocks from commodity prices and foreign capital flows. Although capital flow fluctuations were largely due to global risk-on risk...
On 24 Jan 2016 An ongoing debate on the shape of the Indian aggregate supply curve (AS) raises interesting econometric and policy issues. Systematic steps were taken to improve the estimation. On adding better vari...
On 02 Apr 2015 Conditions for stability in an open economy dynamic stochastic general equilibrium model adapted to a
dualistic labor market (SOEME) are the same as for a mature economy. But the introduction of
mon...
On 11 Mar 2015 The article examines the restructuring of expenditure in the first budget of the new government, and its
feasibility. It compares the increase in budget allocations for key macroeconomic aggregates a...
On 21 Jul 2014 The paper analyzes causes of movements in Indian wages for rural unskilled male laborers, and
assesses their impact on inflation. Theoretical priors derived from an analytical framework based on the
...
On 10 Apr 2014 Estimates suggest that Indian aggregate supply is elastic but subject to upward shocks. If supply shocks
make a high persistent contribution to inflation, it implies second round pass through is occu...
On 16 Aug 2012 Stability results for an open economy DSGE adapted to an emerging market (SOEME) with a dualistic
structure have the same structure as in the original model, but those derived for the simulated versi...
On 02 Feb 2012 This paper assesses the sources of risk for Indian banks in the context of their history, structure, level of development, and policy environment and draws out implications for global and domestic pol...
On 18 Jan 2012 As markets deepen and interest elasticities increase it is optimal for emerging markets to shift towards
an interest rate instrument since continuing monetization of the economy implies money demand...
On 04 Nov 2011 An SIIO paradigm, based on structure and ideas that become engraved in institutions and affect
outcomes, is developed to examine and assesses monetary policy in India after independence. Narrative
h...
On 16 Sep 2011 Since a crisis is a shock impinging on a system, the response can be used to deduce aspects of the
system’s structure. Analysis of the crisis and recovery suggests aggregate supply in India is elasti...
On 01 Feb 2011 The paper analyzes the changing INR trends over the reform period, in the context of fundamental
determinants of exchange rates. [WP-2010-024].
On 13 Jan 2011 The paper defines financial liberalization, distinguishing between liberalization of domestic financial
markets and capital account convertibility. It then examines the stages and the strategy of Ind...
On 14 Dec 2010 Stylized facts for South Asia show the dominance of supply shocks, amplified by macroeconomic policies
and procyclical current accounts. Interest and exchange rate volatility rose initially on libera...
On 09 Jun 2010 Stricter regulatory surveillance in emerging market economies (EMEs) largely insulated their
financial systems from the crisis. Development and convergence of regulatory apparatus has
been rapid. In...
On 29 Mar 2010 The record of different post reform governments in meeting their targets and improving both delivery and finances is assessed. A variety of indices are constructed, and consistency checks devised to m...
On 27 Jan 2010 Options for monetary policy arising from interactions
between it and Indian foreign exchange (FX) markets. A brief survey covers
recent rapid changes providing a snapshot of current microstructure,
...
On 14 Sep 2009 In the context of the formation of G-20, the paper points out the absence of reform in the global financial architecture (GFA) after the East Asian crisis, and assesses factors that can improve the ch...
On 15 Jul 2009 The paper examines the impact of recent inflation and financial shocks on the vulnerable, and explores policy design to reduce both future shocks and vulnerability to shocks. Inflation affects the typ...
On 22 May 2009 The paper examines the division of tasks required between politicians and bureaucrats to run an effective rural employment guarantee scheme (EGS) in India, in the context of Indian history and habits.
On 21 Apr 2009 The paper examines the basic reasons and feasible remedies for organizational
weakness, and the possible contribution of ownership, industry and management
structure, leadership, social norms, and i...
On 12 Feb 2009 In order to examine if the impact of oil price shocks depends on the structure of an economy, a vertical (VSC) and a horizontal (HSC) long-run supply curve identification are successively imposed on a...
On 05 Jan 2009 An optimizing model of a small open emerging market economy (SOEME) with
dualistic labour markets and two types of consumers, is used to derive the natural
interest rate, terms of trade and potentia...
On 24 Sep 2008 We explore the hypothesis that macroeconomic polices are influenced by political structure, through a systematic comparison of reform period macroeconomic policy choices and outcomes, in China and Ind...
On 23 Nov 2005 Large dollar reserves in Asian EMEs accompany large U.S. fiscal and current account deficits. Analysis of strategic sales by Asian EMEs suggests that an attack on the dollar is not certain but is poss...
On 21 Nov 2005 |