Ajay Shah writing for the mass media (2008)
These are in Financial Express, except when stated otherwise.
- ZIRP at the Fed, 22 December 2008. Zero interest rate at the US Fed; finance and the monetary policy transmission; expansion of the balance sheet of the US Fed.
- Peering into 2009, 21 December 2008. possibilities for banking, bond market and stock market in 2009 and 2010.
- Tracking the downturn, 15 December 2008. seasonally adjusted data, non-food credit, imports, exports, petroleum products.
- To block terrorism, look deeper, 3 December 2008. kw = responding to terrorism, law and order, loss of focus on core public goods, welfare programs, human development, GDP growth.
- A new wave of infrastructure spending?, 21 November 2008. kw = counter-cyclical infrastructure spending, fiscal constraints, liquidity trap, economic reforms
- The US dollar is an unstable yardstick, 10 November 2008. kw = rupee fluctuations, dollar fluctuations, interpreting changes in reserves when expressed in dollars, US Major Currencies index.
- Will the money market go into Crisis #3?, 5 November 2008. kw = liquidity crisis, monetary policy.
- Why ban short selling?, 27 October 2008. kw = SLBM, stock lending, stock futures, stock options, PNs, Singapore.
- The Indian response to the global crisis, 21 October 2008. kw = global financial crisis, 35 days of Indian responses.
- Where we stand on the currency futures, 11 October 2008. kw = exchange traded currency derivatives on NSE.
- Why the crisis got worse, 10 October 2008. kw = global financial crisis, liquidity, insolvency, mistrust, dead money market, stopping runs on banks.
- Reversing the capital controls against PNs, 8 October 2008. kw = KYC, Nifty futures at SGX, ADR, GDR, SEBI.
- Rethink the role of OTC derivatives, 27 September 2008. kw = OTC derivatives, exchange traded derivatives, clearing corporation, counterparty risk, systemic risk, transparency, RBI.
- Will globalisation come apart?, 9 September 2008. kw = first globalisation, political challenges of globalisation, capital controls or trade barriers in OECD countries.
- India's inflation problem, in Wall Street Journal, 2 September 2008. kw = inflation measurement, monetary policy regime, rupee appreciation.
- The question for the next RBI governor, 27 August 2008. kw = exchange rate pegging, review of monetary policy outcomes with three RBI governors.
- Now, currency futures, 22 August 2008. kw = launch of currency futures, first piece of the Bond-Currency-Derivatives Nexus, likely to win despite five strikes against it.
- Parsing the credit policy, 30 July 2008. kw = RBI, credit policy, negative real rates do not combat inflation, exchange rate regime.
- What now, UPA?, 24 July 2008. kw = what is the task on financial sector reforms, now that the CPI(M) is out of the UPA?
- From fiscal dominance to currency dominance: diagnosing and addressing India's inflation crisis of 2008, 15 July 2008. kw = diagnosing the inflation crisis of 2008, inflation, monetary policy, exchange rate.
- Useful but ineffectual, 26 June 2008. kw = Recent RBI monetary tightening, inflation, monetary policy transmission, BCD Nexus, exchange rate.
- Copy with care, 19 June 2008. kw = Chinese vs. Indian GDP growth, mimicking the Chinese growth miracle, feasibility cost and benefit of Chinese-style undervaluation.
- We have seen this movie before, 7 June 2008. kw = 1970s stagflation, monetary policy reform, the great moderation, lessons not learned by currency pegging central banks in emerging markets.
This is my alternate-Wednesdays column in Business Standard, except when stated otherwise.
- FRBM: A post mortem, 4 June 2008. kw = Critique of FRBM Act, fiscal consolidation, fiscal rules.
- Understanding food prices, 24 May 2008. kw = Malthusian fears, supply response to high prices, price elasticity of demand is reduced as people get richer, food feed conflicts, commodity futures markets, hedge funds, commodity stabilisation, globalisation of Indian foood.
- Losing the plot on inflation, 7 May 2008. kw = inflation nutters, inflation focus of central bank, philips curve, 1970s vintage monetary economics, 1970s vintage price control, expansionary monetary policy gave this inflation spiral.
- Three big questions on the financial disturbance of 2007 and 2008, 16 April 2008. kw = low interest rates and risk taking in finance, rules versus discretion in monetary policy, difficulties of home loan origination and credit rating in the US, compensation practices in global finance, liquidity black holes, herding.
- Big, fast and unstable, in The Australian, 10 April 2008. kw = India, China, business cycle, lack of macroeconomic stabilisation.
- How to control inflation, 2 April 2008. kw = Rupee appreciation + lower interest rates to cope with the spike in WPI inflation.
- A crisis? Or a mere recession?, 19 March 2008. kw = US economy, financial crisis, institutional depth.
- The unstable macroeconomy, 5 March 2008. kw = GDP volatility, business cycle, stabilisation, fiscal policy and monetary policy are pro-cyclical.
- First steps in BCD Nexus, 1 March 2008. kw = Bond-Currency-Derivatives Nexus, corporate bonds, credit derivatives, currency futures, interest rate futures.
- RBI does forwards, 20 February 2008. kw = Currency market trading by RBI on the forward market, and its hazards.
- Wrong call by RBI, 6 February 2008. kw = exchange rate pegging, monetary policy autonomy, interest rate differential, de facto convertibility, monetary policy framework.
- Fix both distortions together, 16 January 2008. kw = inflation pass-through of exchange rate, import parity pricing, pass-through of raising the administered price of petroleum products.
- Understanding FII investment, 2 January 2008. kw = macroeconomic and firm-level determinants of FII inflows.
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