Research

My research interest is in area of Macroeconomics and Macro-Finance. From empirical side, I work on bayesian based time series analysis as well as panel data analysis. While from theory side, I am skilled in working on Dynamic Stochastic General Equilibrium (DSGE) models.

My recent interest includes using advanced machine-learning algorithms to answer pressing questions of Macro-Finance, including the impact of climate change and its potential mitigation. 

Publications

• "Impairment of monetary autonomy: Case of “trilemma” vs. “duo” " Economics letters, Volume 182, September 2019, Pages 71-77, with P.Dash & A.K. Rohit. 

In a unified framework comprising 33 diverse economies, this study investigates the role of flexible exchange rate regime vis-à-vis capital controls in providing insulation against monetary autonomy impairment. We find both of them to be equally effective. We also investigate the debate between the Mundellian “trilemma” and the “duo”. Our findings show that in the presence of capital openness, the flexible exchange rates restrict autonomy impairment only at the shorter horizon of 3 months, not at the longer horizon of 12 months.

• "Changing transmission of monetary policy on disaggregate inflation in India" Economic Modelling, Volume 92, November 2020, Pages 109-125, With P.Dash 

This paper investigates the time-varying effects of monetary policy on aggregate, sectoral, and disaggregate inflation in India from 1997 to 2017 using a large dataset of 439 variables. We find that the effectiveness of a contractionary monetary policy in controlling aggregate inflation has improved over time. This improvement in the policy's effectiveness can be attributed to better transmission through credit and asset price channels. In investigating disaggregate inflation, we find that a contractionary monetary policy is more effective in reducing inflation in the manufacturing sector than in the agricultural sector. Further, the sacrifice ratios in all manufacturing sectors have improved over time. However, the commodities prices of some sectors respond positively after a monetary contraction, which demonstrates the presence of a cost channel in the Indian economy. Our findings suggest that the monetary authority in India should have an interest rate rule that incorporates sectoral inflation and reacts to each with different intensity.

• "Sectoral capital flows and income inequality" Finance Research Letters, May 2024 With P.Dash

The research investigates the impact of sectoral capital flows, encompassing net corporate flows, net bank flows, and net sovereign flows, on income inequality in 83 economies. The findings reveal that a rise in net bank flows tends to decrease inequality, particularly in economies where regulations support extending credit to marginalized sectors. In contrast, an upsurge in net corporate flows exacerbates income inequality, especially in economies characterized by lower labor income and higher equity dividends. 

Awards