I work in the area of macroeconomics and monetary economics. I am interested in research on monetary and fiscal interactions, economic growth, and business cycles, with an EME / India focus. I am a strong proponent of the field of "Indian Macro", or research that uses dynamic general equilibrium models to study Indian macroeconomic policies. Some recent work looks at the determinants of national savings rates, how monetary policy should respond to government intervention in agriculture markets, monetary transmission in dualistic labor markets, how monetary policy should respond to terms of trade shocks, and public debt managment in EMEs such as India. I have been teaching in the Indian Statistical Institute since 2000. I am currently a Professor at the Indian Statistical Institute - Delhi Centre. I was a member of the Reserve Bank of India's first Monetary Policy Committee between October 2016 - October 2020. Between February 2022-February 2025, I was the Director of the Institute of Economic Growth, New Delhi.

• Fiscal Dominance. With Soumya Bhadury (RBI), Chetan Dave (U. Alberta) and Pawan Gopalakrishnan (RBI). Work in Progress.
• Taxation, Informality, and Public Debt. With Ojasvita Bahl. (Reserve Bank of India and ISI Delhi). Work in Progress.
• [May 2025] [Fiscal Dominance and the Maturity Structure of Debt.] With Piyali Das (NIPFP) and Subhadeep Halder (ISI Delhi and NYU Abu Dhabi). Coming Soon.
• [May 2025] [Redistributive Policy Shocks and Monetary Policy with Heterogeneous Agents]. With Ojasvita Bahl (ISI Delhi) and Debdulal Mallick (Deakin University). CAMA Working Paper Series, 59/2024. Revised and Re-submitted, Journal of Money, Credit and Banking.
• [May 2025] [The Great Indian Savings Puzzle ]. With Pawan Gopalakrishnan (RBI) and Anuradha Saha (Ashoka U.). CAMA Working Paper Series, 60/2024. Forthcoming, Economic Modelling.
• [January 2025]. The Maturity Structure of Public Debt: A Granular Approach Using Indian Data. With Piyali Das (NIPFP) and Subhadeep Halder (ISI Delhi and NYU-Abu Dhabi). Forthcoming, Handbook of Statistics (Theme: Statistics in Industry and Government), Volume 53, (Eds.) Ravi Khattree, Henry So and Arni S.R. Srinivasa Rao. (Invited Chapter).
• [October 2024] [Monetary Transmission and Labor Markets in India.] With Satadru Das (RBI), Debojyoti Mazumder (RBI), Sreerupa Sengupta (RBI), and Satyarth Singh (RBI). RBI DRG Study No. 50.
• [September 2024] [Fiscal Requirements for Debt Reduction Targets in India]. With Piyali Das (NIPFP). Economic and Political Weekly, Vol. 59, Issue No. 39, 28 Sep, 2024. (Special Budget Issue 2024).
• [July 2024] [India's Foreign Reserves and Global Risk.]. With Kenneth Kletzer (UCSC) and Mahima Yadav (Former ISID MSQE Student). Forthcoming, India Policy Forum, Volume 21, pages 1-64.
• [September 2023] [Forecasting Core Inflation in India: A Four Step Approach]. With Rishabh Choudhary (World Bank) and Md. Arbaj Meman (Union Bank of Switzerland). IEG Working Paper, No 461.
• [On Modernizing Monetary Policy Frameworks in South Asia]]. With Faisal Ahmed (IMF). (Eds.) Rahul Anand and Ranil M. Salgado. In South Asia's Path to Resilient Growth. IMF Publication, 2023, Chapter 12, pages 283-300.
• [Debt Decomposition and the Role of Inflation: A Security Level Analysis for India.] With Piyali Das. Economic Modelling, Vol. 113(C), August 2022.
• The Mahalanobis Growth Model: A Macrodynamics Approach. With Pawan Gopalakrishnan (RBI) and Srishti Grover. Springer-Singapore. July 2022.
• [Fiscal Austerity in Emerging Market Economies ] With Chetan Dave (University of Alberta), Pawan Gopalakrishnan (Reserve Bank of India), and Suchismita Tarafdar (Shiv Nadar University). Studies in Nonlinear Dynamics and Econometrics, Vol. 25, Issue 5, December 2021, pages 365-391.
• [A Monetary Business Cycle Model for India.] With Parantap Basu (Durham) and Shesadri Banerjee (MIDS Chennai). [Technical Appendix]. Economic Inquiry, Vol. 58, Issue 3, July 2020, pages 1362-1386.
• [Employment Targeting in a Frictional Labor Market.] With Debojyoti Mazumder (IIM Indore). Indian Growth and Development Review, Vol. 12, No. 2, November 2019, pages 242-262
• Book Review for [The Political Economy of India's Growth Episodes], by Kunal Sen and Sabyasachi Kar. Palgrave Macmillian (September 2016). Economic and Political Weekly, March 10, 2018, Vol. LIII, No. 10, pages 36-38.
• [Terms of Trade Shocks and Monetary Policy in India.] With Debdulal Mallick (Deakin University) and Sargam Gupta (ISI Delhi). Computational Economics, Vol. 51, Issue 1, January 2018, pages 75-121.
• Short Piece on International Growth Centre (IGC) Blog, The inflationary impact of the grain procurement policy in India, May 2017
• [Introduction (Chapter 1)] Monetary Policy in India: A Modern Macroeconomic Perspective.. With Ken Kletzer (UCSC). Springer Verlag: India. December 2016, pages 3-27.
• Monetary Policy in India: A Modern Macroeconomic Perspective. (Eds.) Chetan Ghate and Ken Kletzer (UCSC). Springer Verlag: India. December 2016.
• Ideas for India entry on Are Grain Procurement Shocks Inflationary ? October 2016.
• [Fiscal Policy in an Emerging Market Business Cycle Model.] With Pawan Gopalakrishnan (ISI Delhi) and Suchismita Tarafdar (Shiv Nadar University). Journal of Economic Asymmetries. Vol. 16, November 2016, pages 52-77.
• [Factor Income Taxation, Growth, and Investment Specific Technological Change.] With Pawan Gopalakrishnan (ISI Delhi) and Monisankar Bishnu (ISI Delhi). Economic Modelling, Volume 57, September 2016, pages 133-152.
• [Sectoral Infrastructure Investment In An Unbalanced Growing Economy: The Case of Potential Growth in India]. With Gerhard Glomm (Indiana Univ.) and Jialu Liu Streeter (Allegheny College). Asian Development Review, Vol. 32 (2), September 2016, pages 144-166. Special Issue on Potential Growth and Misallocation in Asia, (Ed.) Miguel Leon-Ledesma.
• Short Piece on International Growth Centre (IGC) Blog, Will India Really Grow Faster than China ?, March 2015
• [Remoteness, Urbanization and India's Unbalanced Growth.] With Peter Robertson (University of Western Australia) and Samarjit Das (ISI Calcutta). World Development, Vol. 66, February 2015, pages 572-587.
• [February 2015] [Public and Private Expenditures on Human Capital Accumulation in India.] With Gerhard Glomm (Indiana) and John T. Stone III (Indiana University). UNU-WIDER Working Paper Paper 2015-24.
• Ideas for India entry on Understanding Indias Unbalanced Growth, February 2014
• [Introduction (Chapter 1)] Global Cooperation Among G20 Countries: Responding to the Crisis and Restoring Growth. With Mike Callaghan, Stephen Pickford, and Francis Rathinam. Springer Verlag: India. January 2014, pages 1 - 21.
• Global Cooperation Among G20 Countries: Responding to the Crisis and Restoring Growth, (Eds.) Mike Callaghan (Lowy Institute), Chetan Ghate, Stephen Pickford (Chatham House), and Francis Rathinam (DFID). Springer Verlag: India. January 2014.
• Reserve Bank of India. Expert Committee to Revise and Strengthen the Monetary Policy Framework , January 2014. (Multiple Authors)
• Book Review for [India Emerging: The Reality Checks] By Veena Jha, Academic Foundation (2012), New Delhi. The Book Review, Volume 37 (10), October 2013, pp. 57-58.
• Book Review for "Dimensions of Economic Theory and Policy", (Eds.) Dastidar, K., Mukhopadhyay, H., and Sinha, U.B., Oxford University Press (2011), New Delhi. The Book Review, Volume 37 (8), August 2013, pp. 17-18.
• [Has India Emerged? Business Cycle Stylized Facts from a Transitioning Economy.]. With Radhika Pandey (NIPFP) and Ila Patnaik (NIPFP). Structural Change and Economic Dynamics, Volume 24, Issue 1, March 2013, pages 157-172.
• [Why were some Indian states so slow to participate in the Turnaround?] With Stephen Wright (Birkbeck College). Economic and Political Weekly, March 30, 2013, Vol. XLVIII No. 13 (Special Article)
• [The "V Factor": Distribution, Timing, and Correlates of the Great Indian Growth Turnaround]. With Stephen Wright (Birkbeck College). Journal of Development Economics, Volume 99, Issue 1, September 2012, pages 58-67.[Technical Appendix]
• Introduction (Chapter 1)] , The Oxford Handbook of the Indian Economy. Oxford University Press, New York. March 2012, pages 1 - 29.
• The Oxford Handbook of the Indian Economy. Oxford University Press, New York. March 2012.
• [India's Growth Turnaround], With Stephen Wright (Birkbeck) and Tatiana Fic (NIESR) In The New Oxford Companion to Economics in India, Eds. Kaushik Basu and Annemie Maertens, Oxford University Press, February 2012, p. 316-322.
• [The Time Inconsistency Problem.] In The Princeton Encyclopedia of the World Economy, Eds. Ramkishen Rajan and Kenneth Reinert, Princeton University Press. February 2009, pages 1091-1093.
• Afghanistan Research Evaluation Unit. Delivering on Poverty Reduction: Focusing ANDS Implementation on Pro-Poor Outcomes, 2009. (Multiple Authors)
• [Understanding Divergence in India: A Political Economy Approach]. Journal of Economic Policy Reform, Volume 11, Issue 1, March 2008, pages 1-9.
• [Calibrating RBC Models: A Simple Example Illustrating the Method of Successive Aproximations]. Indian Growth and Development Review, Volume 1, Issue 1, May 2008, pages 119-124.
• Comment on `A Discussion on Continuous Time Growth Models' by Amitava Bose. Contemporary Ideas and Issues in Social Sciences, Vol. 3, Issue 3, December 2007, pages 1-7.
• [Voting, Wealth Heterogeneity, and Endogenous Labor Supply]. FinanzArchiv/Public Finance Analysis, Volume 63, Issue 4, December 2007, pages 477-497.
• Book Review for [Globalization and Its Enemies]. By Daniel Cohen, MIT Press, Cambridge, MA. In American Journal of Agricultural Economics, Volume 89, Issue 4, November 2007, pages 1117-1119.
• [Education, Growth, and Redistribution in the Presence of Capital Flight]. With Debajyoti Chakrabarty and Areendam Chanda, Topics in Macroeconomics (The B.E. Journals in Macroeconomics), Volume 6, Issue 2 (Article 14), November 2006, pages 1-41.
• Book Review for [Global Capital Markets: Integration, Crisis, and Growth]. By Maurice Obstfeld and Alan Taylor, Cambridge University Press, Cambridge. In American Journal of Agricultural Economics, Volume 88, Issue 1, February 2006, pages 272 - 274.
• The Welfare State, Thresholds, and Economic Growth. With Tatiana Fic, Economic Modelling, Volume 22, Issue 3, May 2005, pages 571-598.
• Endogenous Distribution and Equilibrium Growth: A Note. Bulletin of Economic Research, Volume 57, Issue 2, April 2005, pages 171-183.
• [Endogenous Distribution, Politics, and the Growth Equity Tradeoff]. With Satya P. Das, Contributions to Macroeconomics (The B.E. Journals in Macroeconomics) , Volume 4, Issue 1 (Article 6), July 2004, pages 1-30.
• Reprinted in: Studies in Macroeconomics and Welfare, 2005, Eds. B.B. Bhattacharya and Arup Mitra, Academic Foundation Press Press, p. 223-250.

• [Optimal Fiscal Policy in an Economy Facing Socio-Political Instability]. With Quan Vu Le and Paul J. Zak, Review of Development Economics, Volume 7, Issue 4, November 2003, pages 583-595.
• The Politics of Endogenous Growth. Topics in Macroeconomics (The B.E. Journals in Macroeconomics), Volume 3, Issue 1 (Article 9), August 2003, pages 1-20.
• [The Growth of Government and the Politics of Fiscal Policy]. With Paul J. Zak, Structural Change and Economic Dynamics, Volume 13, Issue 4, December 2002, pages 435-455.
• Lobbying, The Composition of Government Expenditures, and the Politics of Fiscal Policy. Australian Economic Papers, Volume 40, Issue 2, June 2001, pages 133-145.