Selected Papers

New Stuff

Urbanization, Structural Transformation and Rural-Urban Disparities (with Viktoria Hnatkovska) (September 2016)

Urban Sprawl and Rural Development: Theory and Evidence from India (with Viktoria Hnatkovska) (October 2016)(online appendix)

The Exchange Rate Response to Monetary Policy Innovations (with Viktoria Hnatkovska and Carlos Vegh), American Economic Journal: Macroeconomics 8 (2), 2016 (paper)

The Challenges of Monetary Policy in Emerging Economies (with Urjit R. Patel), in Monetary Policy in India: A Modern Perspective, Springer Verlag: India, December 2016 (paper)

Explaining World Saving (with Colin Caines) (May 2014)

The Allocation of Aggregate Risk, Secondary Market Trades and Financial Boom-Bust Cycles (with Paul Beaudry), Journal of Money, Credit and Banking 46, 2014 (paper)

Exchange Rates and Monetary Policy

Interest Rates and the Exchange Rate: A Non-Monotonic Tale (with Viktoria Hnatkovska and Carlos Vegh), European Economic Review 63, 2013 (paper

Optimal Monetary Policy Under Asset Market Segmentation  (with Rajesh Singh and Carlos Vegh) (paper)

Persistent Real Exchange Rates (with Alok Johri), Journal of International Economics 76, 2008 (paper)

Segmented Asset Markets and Optimal Exchange Rate Regimes  (with Rajesh Singh and Carlos Vegh), Journal of International Economics 72, 2007 (paper)

Output Costs, BOP Crises, and Optimal Interest Rate Policy  (with Carlos Vegh), Economic Journal 117, 2007 (paper)

Delaying the Inevitable: Interest Rate Defense and Balance of Payments Crises (with Carlos Vegh), Journal of Political Economy 111, 2003. (paper)

Growth and Development

Breaking the Caste Barrier: Intergenerational Mobility in India (with Viktoria Hnatkovska and Sourabh B. Paul), Journal of Human Resources 48, 2013 (paper)

Castes and Labor Mobility (with Viktoria Hnatkovska and Sourabh B. Paul), American Economic Journal: Applied Economics 4(2), 2012 (paper)

Accounting for Development with Investment Prices (with Roc Armenter), Journal of Monetary Economics 59, 2012 (paper)

Endogenous Productivity and Development Accounting  (with Roc Armenter) (paper)

A Tale of Two States: Maharashtra and West Bengal  (with Kei-Mu Yi), Review of Economic Dynamics 2009, (paper)

Costly Intermediation and the Poverty of Nations  (with Shankha Chakraborty), International Economic Review 48, 2007 (paper)

Economic Growth in an Interdependent World Economy  (with Roger Farmer), Economic Journal 116, 2006 (paper)

Recursive Preferences and Balanced Growth (with Roger Farmer), Journal of Economic Theory 125, 2005 (paper)

A Two-Country Model of Endogenous Growth  (with Roger Farmer), Review of Economic Dynamics 8, 2005 (paper)

 Do Rich Countries Choose Better Governments?  (with Costas Azariadis), Contributions to Macroeconomics (B.E. Journals in Macroeconomics), vol. 2 issue 1, 2002 (paper)

Growth and Equilibrium Indeterminacy: The Role of Capital Mobility, Economic Theory 17, 2001 (paper)