Writings - Long

Publications/working papers 

Slums and unauthorised constructions: The problem and the solution (27 June 2025))

The high price of land in India: The problem and the solution (October 2024;  revised June 2025)

· Towards an effective and well-targeted interest rate policy (November 1, 2023; Revised version November 2024)

· Towards a well-targeted interest rae policy, 4 July, 2023. 

· A macroeconomic model with price flexibility 2018, South Asian Journal of Macroeconomics and Public Finance, 7(1), 1-26. 

· Adjusted Purchasing Power Parity (2017, chapter 23, In (ed.) Robert Lensink, Stefan Sjogren, and Clas Wihlborg, Paths for Sustainable Economic Development (A Festschrift for Shubhashis Gangopadhyay), S and W, Gothenberg, Sweden) [abstract]

· Land Price, Bubbles, and Permit Raj (2017, Review of Market Integration, 8(1&2), 1-33, http://journals.sagepub.com/doi/pdf/10.1177/0974929216683115)

· Possible Market for Credit Lines to Mitigate Sudden Stop: Theory and Policy  (2015, South Asian Journal of Macroeconomics and Public Finance, 4(2), 205-232)

· Thinking afresh about central bank's interest rate policy, (2015, Journal of Financial Economic Policy, 7(3), 221-232)

· Overcoming zero lower bound on interest rate without any inflation or inflationary expectation 2014, South Asian Journal of Macroeconomics and Public Finance, 3(1), June, 1-38.

· Systemic Sudden Stop, Credit Lines, and Funding Liquidity , 2014, Chapter in Global Cooperation Among G20 Countries: Responding to the Crisis and Restoring Growth, edited by  Michael  Callaghan, Chetan Ghate, Stephen Pickford, and Francis Rathinam, Springer, India, p. 185-198. [abstract]

· Is India hedged against systemic risk? 2013, Review of Market Integration, 5(1), 83-129. 

· Real estate price is reversible, 2013, Economic and Political Weekly, December 7, XLVIII(49), 66-67.

· External Account: A Role for International Credit Lines, 2012, Economic and Political Weekly, vol XLVII, Number 2, December 29.

· Banking Crisis, Liquidity, and Credit Lines – A Macroeconomic Perspective, 2012, Routledge, Abingdon (BOOK) [abstract]

· Banking Crises, and Asset Markets in Emerging Economies, 2012, LAP Lambert Academic Publishing (BOOK)

· Serious Economics and Simple Books: A Critical Review of Paul Krugman's 'End This Depression Now!', 2012, Review of Market Integration, April, 4(1), 111-130.

· Financial Stability Reports (FSR) of the Reserve Bank of India (RBI), March and December, 2010: A Critical Review with a Long-term Perspective, 2012, Margin – The Journal of Applied Economic Research 6(1), 27-46

· A review of Mohan, Rakesh, 2011, `Growth with financial stability – Central banking in an emerging economy’, Oxford Collected Essays, Oxford University Press, New Delhi, 2012. 6:3, 407-414, Margin - The Journal of Applied Economic Research

· Lacunae in financial regulatory framework vis-à-vis financial repression, 2009, Review of Market Integration, volume 1(2), 137-170

· Financial Intermediation and Employment (co-authored with Manoj Pant and Prabal Ray Chowdhury), 2009, Review of Market Integration, volume 1, issue no. 1, January-April, p. 61-82

· Financial Sector Reforms, 2008, Economic and Political Weekly, September 6, vol. XLIII No. 36

· Bank runs, Suspension of Convertibility, Lender of Last Resort, and Enabling laws(co-authored with Girijesh Kumar Tiwari), 2007, Journal of Emerging Market Finance, 6:1, p. 123-44

· Financial Assets and Real Assets in a Broad Perspective, Economic and Political Weekly, 2007, January 20, vol. XLII No. 3, p. 191-93

· Review of ‘Reforming China’s State-owned Enterprises and Banks’, 2007, Book author: Chiu, Becky, and Mervyn K. Lewis, 2006, (Edward Elgar), China Report, 43:1, 2007, 93-99

· More on Capital Account Convertibility, 2006, Economic and Political Weekly, August 19, Vol. XLI No. 33, p. 3617-3619

· Real Assets, Financial Assets, Liquidity, and Lemon Problem, Economics of Transition, 2005, vol. 13, No. 4, p. 731-757, October

· Retail Trade and Urban Policy, Economic and Political Weekly, 2004, June 5, p. 2410-2412

· Privatization of Public Sector Banks, 2002, Economic and Political Weekly, Vol. XXXVIII No. 32, August 10

· Avoiding Bank Runs in Transition Economies: The role of Risk Neutral Capital, 2000, co-authored with Shubhashis Gangopadhyay, Journal of Banking and Finance, 24, 625-42.

· Review of `Hayek, F.A., The Trend of Economic Thinking – Essays on Political Economists and Economic History’, edited by W.W. Bartley II and Stephen Kresge (Volume III of The collected works of F. A. Hayek), The Indian Economic Review, Vol. XXIX, No. 1, Jan. – June 1994.

· Financial Intermediation and Rural Credit, Economic and Political Weekly, Vol. XXVIII Nos. 1 and 2, January 2-9, 1993

· Fees and Economic Background of Students: A study of University of Delhi, Journal of Educational Planning and Administration, Vol. VII, No. 4, October 1993.

Unpublished work

· Financial repression, financial assets, real assets, and segmented markets – Discussion Paper No. 0905, Centre for International Trade and Development (CITD), School of International Studies (SIS), Jawaharlal Nehru University (JNU)

· Bank runs, capital adequacy, and line of Credit (with Shubhashis Gangopadhyay) – Working Paper No. 0309, December, 2003, India Development Foundation

· Why is100% reserve banking inefficient? –Discussion Paper No. 0907, CITD, SIS, JNU

Seemingly safe banks in an emerging economy (presented at ISI, Delhi, and at IDF, Gurgaon)· Notes on Macro-financial stability

· Notes on financial development

· Internal rate of return as a meaningful measure

· The economics of interaction in an educational institution (accepted by the Indian Econometric Society)

· A primary data based study of real estate prices in Delhi, 1988 (funded by University Grants Commission, New Delhi)

· Pilot study on private educational spending in North Delhi, Feb. 1988 for The World Bank (co-authored with Dr. R. Chadha)

Work in progress

Macro-Financial Stability: A Holistic Reconsideration of Monetary, Fiscal and Regulatory Policy (PRESENTATION)

Macro-Prudential Regulation: Towards Financial Prescription (This version, September 30, 2017; Earlier drafts: March 3, 2017, and December 3, 2016)

Understanding and dealing with blatant bubbles in asset markets