Selected Publications


“Technology Shocks and Business Cycles in India,” (with S. Banerjee),

Macroeconomic Dynamics, Forthcoming.


“Partial Inflation Indexation and Long-run Inflation Targeting in a Growing Economy:

A Comparison of Calvo and Rotemberg Models” (with A. Sarkar),

Journal of Macroeconomics, 50, 2016, pp. 293-306.



” Universal Banking, Asymmetric Information and the Stock Market” (with S. Banerji),

Economic Modelling,  60, 2017, pp. 180-193.


“Negative Correlation between Stock and Futures Returns: An Unexploited hedging Opportunity?”

(with W.T. Gavin), Bulletin of Economic Research, Forthcoming

(online edition: 14 Jun 2016, DOI: 10.1111/boer.12090) .


“An Adjustment Cost Model of Social Mobility,” (with Y. Getachew)

Journal of Macroeconomics, 44: 177-190, 2015.


“Borrower’s Moral Hazard, Risk Premium and Welfare: A Comparison of Universal

and Stand-alone Banking Systems” (with S. Banerji),

Journal of Economic Asymmetries, 12(1): 61-72, 2015.


Productive Government Purchases and the Real Exchange Rate.” (with R. Kollmann), 

The Manchester School 81(4), 2013, 461-469.


Inflation, Human Capital and Tobin’s q” (with M. Gillman and J. Pearlman),

Journal of Economic Dynamics and Control, 36,7, 2012, pp. 1057-1074.



Government Bias in Education, Schooling Attainment and Long-run Growth” (with K.R. Bhattarai),

Southern Economic Journal, 79,1, 2012, pp. 127-143.


“Cognitive Skills, Openness and Growth  (with K.R. Bhattarai),

 Economic Record, 2012, 88(280): 18-38.


Uninsurable Risk and Financial Market Puzzles,” (with A. Semenov and K. Wada) ,

Journal of International Money and Finance, 30,  2011, 1055-1089.


'International Business Cycles and the Relative Price of Investment Goods,” (with C. Thoenissen),

Canadian Journal of Economics, 2011, 44(2): 580-606.


What explains the growth in commodity derivatives?” (with W. T. Gavin), Quarterly Review,

Federal Bank of St. Louis Review, 2011, 93(1): 37-48. 


“A New Methodology for Studying the Equity Premium,”( with E. Appelbaum), Annals of Operations Research,

Volume 176, Number 1, April, 2010, pp. 109-126.


“Government Purchase and Real Exchange Rate: A Comment,” Open Economies Review, January 2010,

pp. 65-67.


“Understanding Labour Market Friction: An Asset Pricing Approach,”  Bulletin of Economic Research, 

61,4, 305-324, 2009.


“To Hungry to Read: Is an Educational Subsidy a Misguided Policy for Development?” Chapter in Handbook of Research

In Cost Benefit Analysis, Edward Elgar, 2009, Link to the book .

 “Does Low Education Delay Structural Transformation?” (with A. Guariglia), Southern Economic Journal,

75, 1, 104-127, 2008.

“Optimal Dynamic Labour Taxation  (with Thomas Renstrom), Macroeconomic Dynamics,  11, pp. 567-588, 2007. 

“FDI, Inequality and Growth”, (with A. Guariglia), Journal of Macroeconomics,  29,  pp. 824-839, 2007. 


"Is low International Risk Sharing Consistent with a High Equity Premium? A Reconciliation of Two Puzzles"

(with K. Wada), Economics Letters,  Vol. 93 (2006), 436-442.


"What Drives the Cross-Country Growth and Inequality Correlation?" (with D.Bandyopadhyay),

Canadian Journal of Economics, 38, pp. 1272-97, 2005.  


"Optimal Dynamic Taxation with Indivisible Labour," (with T.I. Renstrom and L. Marsiliani),

The Manchester School , Supplement, pp. 34-54, 2004.


"Liberalization, FDI and Growth in Developing Countries: A Panel Cointegration Analysis,"

(with C. Chakraborty and D. Reagle), Economic Inquiry, Vol. 41, No. 3, 2003, 510-516.

"Liquidity Constraints and Firms' Investment Return Behaviour" (with A. Guariglia), Economica, 69, pp. 563-581, 2002.

“Foreign Direct Investment and Growth in India: A Cointegration Analysis (with C. Chakraborty),
Applied Economics, Vol. 34, No. 9, 2002, pp. 1061-1073.

"A Re-examination of Excess Smoothness Puzzle when Consumers Estimate the Income Process."
(with A.Banerjee), Journal of Forecasting, 2001, 20, pp. 357-366.

"Volatility and Stock Prices: Implications from a Production Model of Asset Pricing" (with P. Samanta),

Economics Letters, 70, 2001, pp. 229-235.

"Seigniorage, Reserve Ratio and Growth"
     Journal of Macroeconomics, Summer 2001, pp. 397-416.

"Tax Rate Uncertainty and Optimal Labour Supply Decision in a
Non-expected Utility Maximizing Model" (with S. Ghosh),
Quarterly Review of Economics and Finance, February 2001, pp. 49-68.

"Modeling Money Demand in Growing Economies," (with K.D. Salyer)
Bulletin of Economic Research, 2001, Vol. 53, No. 1, pp. 53-60.

"Proportional Income Tax and Ricardian Equivalence in a Nonexpected Utility Maximizing Model"
Southern Economic Journal,  July 1996, pp. 233-244.

"Behavior of Velocity and the Nominal Interest Rate in a Cash-in-Advance Model" (with P. Dua)
Journal of Macroeconomics, Vol. 18, No. 3, 1996, pp. 463-478.

"Consumption, Income and Real Interest Rates in Alternative State Space Models,"
(with H.D. Vinod), International Journal of Forecasting
Vol. 11, Issue 2, June 1995, pp. 217-231.

"Tax Rate Uncertainty and Sensitivity of Consumption to Income in an Overlapping Generations Model"

Journal of Economic Dynamics and Control Vol. 19, No. 1-2, 1995, pp.421-439

"Mean Reversion in Stock Prices: Implications from a Production Based Asset Pricing Model,"
(with H.D. Vinod),  Scandinavian Journal of Economics, Vol. 1, 1994.

"Savings under General Changes in Uncertainty: A Nonexpected Utility Maximizing Approach,"
(with S. Ghosh), Southern Economic Journal, July 1993.

"Terms of Trade, and Economic Fluctuations in Developing Countries,"
(with D. McLeod), Journal of Development Economics
Vol. 37, November 1991, pp. 89-110.

"Business Cycles with Endogenous Growth: A Parametric Example"
Journal of Macroeconomics, Vol. 12, No. 3, Summer 1990, pp. 475-481.

"An Adjustment Cost Model of Asset Pricing"
International Economic Review, Vol. 28, No. 3, 1987, pp. 609-621.

"An Optimal Redistributive Capital Income Tax for an Economy with Public Investment"
Economics Letters, Vol. 23, No. 1, 1987, pp. 79-82.

"Equity Premium in a Production Economy A Parametric Example" (with S. Chib)
Economics Letters, Vol. 18, 1985, pp. 53-58.