Research

Research Interests: Macroeconomics, Sovereign Debt and Defaults, Political Economy, Misallocation and Productivity, Consumer Finance

Academic Publications

1.  Political Constraints and Sovereign Default (with M. Azzimonti), 2023,  Journal of International Money and Finance, 137, ISSN 0261-5606,  DOI 

• NBER Working Paper Number: w29667

• Press coverage:  Econ Focus -- Richmond Fed

• Previous version: Political Constraints and Sovereign Default Premia  

Policy Releases (CAFRAL)

1. India Finance Report (2023) -- Connecting the Last Mile 

Working papers

1. Sovereign Default and Tax-smoothing in the Shadow of Corruption and Institutional Weakness (with M. Azzimonti) -- Revision Requested from Review of Economic Studies

• Online Appendix

• NBER Working Paper Number: w31943

• Presented at: SED Annual Meetings, Cartagena (2023), Midwest Macro Meetings, Clemson University (2023), IMF (2023) (M. Azzimonti), Institute of Economic Growth (2023), IIM Bangalore (2023)

2. Bank Entry, New Loans, and Misallocation (with P. Chakraborty)  -- New Revised Draft Coming Soon!

• Presented at: Stony Brook U. (2020), ABLE Workshop, IIM Ahmedabad (2024)

3.  A Quantitative Theory of Installment Loans (with S. Chatterjee) -- Preliminary, Sept '24

Work in Progress

1. The Politics of Debt in the Era of Rising Rates (with M. Azzimonti) 

2. A Practitioner's Guide to Monetary and Macroprudential Policies in India

3. The Political Economy of Fiscal Dominance (with A. Chatterjee)

4. Political Economy of Fiscal Rules (with A. Sagwal)

5. Climate Policy Inequality and Innovation

6. The Predictive Power of Capacity to Repay (CtR) Indicators in IMF Programs (with Rina Bhattacharya and Edda Zoli)  Slides (inactive)