Research

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

Here is my Research Statement with a summary of my current research and plans for the foreseeable future.

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  

Working papers

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

• 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

4. The Politics of Debt in the Era of Rising Rates (with M. Azzimonti)  -- Preliminary, Aug '24 -- Invited for publication at the IMF Economic Review

• Presented at:  Rutgers University (M. Azzimonti), 25th Jacques Polak Annual Research Conference, IMF (scheduled, 2024)

Work in Progress

1. Political Economy of Fiscal Dominance (with A. Chatterjee)

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

Policy Releases (CAFRAL)

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

2.  A Practitioner's Guide to Monetary and Macroprudential Policies in India -- Coming Soon!