ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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On Monetary Economics

Monetary Policy in India: A Modern Macroeconomic Perspective edited by Chetan Ghate and Kenneth M Kletzer, Springer, 2016; pp xiii+652, price not indicated.

Demonetisation through Segmented Markets: Some Theoretical Perspectives

The decision to demonetise 86% of India’s currency has been widely and substantially debated by notable scholars of political science and economics. This article wishes to add to that debate, by focusing on macroeconomic theory and how the policy decision affects the organised and unorganised sectors of the Indian economy­—provided certain assumptions remain in place. The following analysis is based on the money-multiplier theory and the segmented markets model of economic and monetary policy analysis.

Austerity or Fiscal Stimulus?

This comment is on the article “Strange Defeat” by J W Mason and Arjun Jayadev (EPW, 10 August 2013). Though in general, the paper rightly points out the similarities in the New Keynesian and New Classical macroeconomics and the prescriptions that follow from them concerning austerity vs fiscal...

Macroeconomics Curricula in India and the United States

A response to "Some Thoughts on the Macroeconomics Curriculum in India" (EPW, 21 January 2012) distinguishes the various schools in contemporary macroeconomics, and surveys the teaching of the subject at the undergraduate level in the United States. It argues for greater fl exibility for teachers in India to decide their curricula.

Identity and Exclusion

The Raj Thackeray episode is indeed unfortunate; however, I beg to differ with most of your editorial. Viewed in terms of regional politics, this indeed is an unfortunate incident. However, it also makes clear that there is a market for such politics and the have-nots may not be the only buyers as...
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