Behavioral Expectations in New Keynesian DSGE Models: Evidence from India’s COVID-19 Recovery and Vaccination Program
with Siddhartha Chattopadhyay
International Journal of Computational Economics and Econometrics, forthcoming
Behavioural expectations reproduce the distribution of India’s output gap and inflation better than rational expectations, and the vaccination drive acted as a persistent positive supply shock that offset the pandemic’s prolonged demand shock.
Testing Acemoglu’s Critique: A Re-examination of the Mankiw-Romer-Weil Model Using GMM
with Siddhartha Chattopadhyay and Sohini Sahu
Arthaniti: Journal of Economic Theory and Practice, 2025, online first
Instruments physical capital with the future-time reference of languages, and human capital with historical missionary activity and early schooling. GMM and OLS estimates are close, but GMM ties long-run income gaps to capital accumulation shaped by institutions and culture.
An Application of the Generalized Method of Moments on the Mankiw-Romer-Weil Model
with Siddhartha Chattopadhyay and Sohini Sahu
Theoretical and Practical Research in Economic Fields, 16(3), 537–548, 2025
Develops a restricted GMM algorithm and shows that the Mankiw, Romer and Weil (1992) results survive concerns about omitted-variable endogeneity.
Fiscal and Monetary Policy Interaction at the Zero Lower Bound: A Behavioral New Keynesian Approach for the US
Submitted
Extends De Grauwe and Foresti (2023) with government bonds of different maturities to find a fiscal and monetary coordination rule consistent with the lengthening of US Treasury debt during quantitative easing.
The Indian Phillips Curve over the Long Run, 1872 to the Present
Builds output-gap series with several filters and estimates a behavioural New Keynesian Phillips curve on long-run Indian data.
Informality and the Phillips Curve: A Two-Sector Behavioural New Keynesian Model
Models formal and informal sectors to study how informality changes inflation dynamics.