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BlogConfronting Financial Fragility, Worker Crisis, and Global Turmoil
June 06, 2025 On June 16, 2025, I will welcome colleagues and friends to the 32nd Annual Conference of the Levy Economics Institute—our first in-person gathering since the pandemic, convening at a moment of extraordinary economic upheaval. The challenges before us are among the most consequential in a century: a global trade order in disarray, deepening economic insecurity [...] Blog -
Working Paper No. 1056Federal Tax Transfers and Demographic Transition: Balancing Equity and Efficiency
October 07, 2024 Against the backdrop of demographic transition in India, the study highlights the necessity of integrating the elderly population as a critical factor in formula-based intergovernmental fiscal transfers. The demographic transition,...more Publication -
Working Paper No. 1047
“Just Transition” in India and Fiscal Stance: Analyzing the Tax Buoyancy of the Extractive Sector
April 08, 2024 Against the backdrop of fiscal transition concomitant to energy transition policies with climate change commitments, revenue from the extractive sector needs a recalibration in the subnational fiscal space. Extractive tax...more Publication -
Working Paper No. 1040
COP28 and Environmental Federalism: Empirical Evidence from an Emerging Economy, India
February 02, 2024 Against the backdrop of COP28, this paper investigates the impact of intergovernmental fiscal transfers (IGFT) on climate change commitments in India. Within the analytical framework of environmental federalism, we tested...more Publication -
Working Paper No. 1023
Climate Change and Fiscal Marksmanship
July 14, 2023 According to the theory of efficient markets, economic agents use all available information to form rational expectations. The rational expectations hypothesis asserts that information is scarce, the economic system generally...more Publication -
Working Paper No. 1002
COVID-19 and Fiscal-Monetary Policy Coordination
February 04, 2022 Against the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy...more Publication -
BlogAn Accommodative Fiscal Stance Is Crucial for India
January 18, 2022 Omicron is a reminder that the COVID-19 pandemic is still not over. This ongoing health crisis should act as a trigger for greater investments in public health in India. Public spending on health by the union government is still below 1 percent of GDP, though the estimate has increased from 0.2 percent of GDP in 2020–21 [...] Blog -
BlogIs Climate Change a Fiscal or Monetary Policy Challenge?
November 10, 2021 Lekha Chakraborty (Professor, NIPFP, and Member of Governing Board, International Institute of Public Finance, Munich) Climate change is about risks and uncertainty. How well the monetary policy stance can incorporate such risks and uncertainties is questioned by many economists. There is a broad consensus among economists that fiscal policy is capable of dealing with the [...] Blog -
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Why “Output Gap” Is Inadequate
January 04, 2021 by Lekha Chakraborty and Amandeep Kaur[1] The macroeconomic uncertainty during the Covid-19 pandemic is hard to measure. Economists and policymakers use the “output gap” variable to capture “slack.” It is a deviation between potential output and actual output, which is a standard representation of a “cycle.” The potential output is an unobserved variable. There is [...] Blog -
Working Paper No. 964
Budget Credibility of Subnational Governments
July 27, 2020 Budget credibility, or the ability of governments to accurately forecast macro-fiscal variables, is crucial for effective public finance management. Fiscal marksmanship analysis captures the extent of errors in the budgetary...more Publication -
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India’s Unexplored “Bill of Rights”: A Tool for Gender-Sensitive Public Policy
March 03, 2017 The Justice Verma Committee submitted its report on January 23, 2013. In addition to recommendations for reforming laws related to sexual violence, harassment, and trafficking, it provided a comprehensive framework for gender justice through a proposed “Bill of Rights.” The Verma Committee’s recommendations are still waiting to be transformed into public policy. We must not forget [...] Blog -
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The Crisis in Brazil and the “Narrow Path” for Economic Policy
April 22, 2016 The big political story in Brazil is the potential impeachment of President Dilma Rousseff (Brazil’s lower house of congress voted in favor of impeachment; the motion now moves to the senate for consideration). To get an idea of how messy this situation is, note that the man leading the impeachment attempt, Speaker of the House Eduardo Cunha, is facing 184 years in [...] Blog -
Working Paper No. 859
The 2030 Sustainable Development Goals and Measuring Gender Inequality
February 01, 2016 Against the backdrop of the 2030 UN Agenda for Sustainable Development, this paper analyzes the measurement issues in gender-based indices constructed by the United Nations Development Programme (UNDP) and suggests...more Publication -
Working Paper No. 817
Endogenous Money and the Natural Rate of Interest
September 30, 2014 Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most...more Publication -
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Modi’s Budget and the New Macroeconomic Policy Consensus in India
July 21, 2014 What has struck me about Modi’s maiden budget is not the fiscal arithmetic, but the framework. And while this note confines itself to analyzing the budgetary framework rather than the numbers, it should be noted that the effectiveness of the fiscal arithmetic has gone for a toss with the announcement of token provisions on too [...] Blog -
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The Long Battle for a Living Wage Goes On
September 02, 2013 (cross-posted from ineteconomics.org) This week workers in fast food restaurants across the country gathered to protest the minimum wage in the United States, which currently is a paltry $7.25, and to fight for a better standard of living. The battle for a living wage for the nation’s poorest workers is set against the backdrop of [...] Blog -
Public Policy Brief No. 125Minsky and the Narrow Banking Proposal
August 23, 2012 Before the law has even been fully implemented, the inadequacies of the regulatory approach underlying the Dodd-Frank Act are becoming more and more apparent. Financial scandal by financial scandal, the...more Publication -
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A Job Creation Strategy for Greece
February 10, 2012 No matter what happens on Sunday, when the Greek parliament is scheduled to vote on the latest bailout package, on Monday Greece will wake up in the grip of an employment crisis (20 percent unemployment, with a near 40 percent youth unemployment rate). In the Huffington Post Dimitri Papadimitriou tells us what we can (and [...] Blog -
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GDP Revisions and Our Looming Policy Masochism
July 29, 2011 The economy grew at an unflattering 1.3% annual rate in the second quarter, while first quarter GDP growth has been revised downwards to a wretched 0.4%. Against the backdrop of these abysmal numbers, the US government appears poised to do its best to make matters worse. Even if the debt limit negotiations generate an agreement, [...] Blog -
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Federal Pay Rates Frozen; How High Are They Now?
December 01, 2010 Yesterday, the Obama administration announced that it wants to freeze wages and salaries earned by federal government employees in calendar years 2011 and 2012. Most federal workers might otherwise have received a cost-of-living raise at the start of the new year. There has been some controversy about whether these workers are overpaid. In this post, [...] Blog -
Working Paper No. 590
Determining Gender Equity in Fiscal Federalism: Analytical Issues and Empirical Evidence from India
March 10, 2010 Despite the policy realm’s growing recognition of fiscal devolution in gender development, there have been relatively few attempts to translate gender commitments into fiscal commitments. This paper aims to engage...more Publication -
Working Paper No. 443
Personality and Earnings
February 20, 2006 This paper studies personality as a potential explanation for wage differentials between apparently similar workers. This follows initial studies by Jencks (1979) that suggest that certain personality traits, such as...more Publication