Research

Publications 

• Bank Capital and Monetary Policy Transmission: Analysing the Central Bank’s Dilemma in the Indian Context (With Sengupta, R., and Vardhan H.)

Forthcoming, Economic modelling, 2025

• Shrinking pie in times of conflict: Evidence from India's Jammu and Kashmir (with Vaibhav V.)

Oxford Development Studies, 2025

• Cross Border Flows, Financial Intermediation and Interactions of Policy Rules in a Small Open Economy Model (with Goyal A.)

Quarterly Review of Economics and Finance, 2023.

Policy impact - Monetary Policy Committee (MPC) Meeting, Reserve Bank of India, 2024.

• External Shocks, Cross Border Flows and Macroeconomic Risks in Emerging Market Economies (with Goyal A., and Sengupta R.)

Empirical Economics, 2021.

• Interlinkages between External Debt Financing, Credit Cycles and Output Fluctuations in Emerging Economies (with Sengupta R.)

Review of World Economics, 2021.  

Working Papers 

• Does Common Risk Exposure Matter for the Energy Market? Interplay of Global Uncertainties and Local Channels (With Rao, S., Kumar P., and Kumar A.)

R&R, Energy Economics

• A Leaky Pipeline - Macro-prudential Policy Shocks, Non-Bank Financial Intermediation and Systemic Risk in Europe (with Krenz J.)

Under Review, Hamburg Working Paper 

• Risky Banking: How Global Financial Cycles Drive Systemic Risk Through Non-Core Channels (with Bose U., and Banti C.,)

Under Review, SSRN Working Paper

• A Macro-Model of the Northern Ireland Economy (with Bergin, A., Millard, S., and Low, H.)

    ESRI Working Paper 

    Policy impact - The columns of the major newspapers such as BBC, and the Irish Times covered the model-based policy implications. 

Selected Work in Progress 

• Spillovers of Policy Uncertainty Shocks on Bank Lending: Does It Matter More During Recession?

• Geopolitical Risk, Bank Systemic Risks and the Role of Regulatory Policy Stance. (with Krenz J.)

• Does Climate Risk Drive Tail Risk in Energy Markets? (with Kumar, P. and Singh, P.)

Other Publications 

• Modelling Northern Ireland within the context of the all-island economy (with Bergin, A., Millard, S., and Low, H.)

         A Technical ESRI Report Submitted to IBEC, 2025. 

• Assessing expectations of European house prices (with McQuinn, K.)

Special Article in Quarterly Economic Commentary (QEC), ESRI, 2024.

• Emerging Market Perspective on G-20 Led Financial Reforms, (with Goyal A.)

A Book Chapter, In 20 Years of G20: From Global Cooperation to Building Consensus, 2019.

• Slowdown in Bank Credit Growth: Aggregate Demand or Bank Non-Performing Assets? (with Goyal A.)

Margin: The Journal of Applied Economic Research, 2018. 

• Unspent Balances and Fund Flow Mechanism under Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) (with Bhanumurthy N.R., Amar Nath H.K., and Gupta A.)

A Technical Report Submitted to Govt of India By NIPFP, 2014.