The Global “New Normal” is Not New- But it is still a real concern C.P. Chandrasekhar and Jayati Ghosh
lobal growth rates of the last five years are similar to those in the past, but now they are accompanied by unprecedented monetary expansion that seems to have little impact. Global_New_Normal (Download the full text in PDF format) ( This article was originally published in the Business Line on June 20, 2016.)
Broken promises to India’s youth Jayati Ghosh
Two years ago, when Narendra Modi led the BJP to a huge victory in the general elections, there was little doubt that the youth of India, and especially those in the Hindi heartland, had played a significant role in this victory. In his election speeches, Mr Modi particularly addressed the aspirational young, promising them jobs and “development” rather than “welfare” and offering the hope of a new galvanising energy in place of the tired and apparently directionless government that the UPA regime in its final stages seemed to have become. In many parts of the country, young voters – many…
Bad Loans, Lending Behaviour and Growth C.P. Chandrasekhar and Jayati Ghosh
As interested observers focus on the bad loans, accumulating in the books of India’s commercial banks, the implications it has for lending behaviour and growth are less explored. Bad_Loans (Download the full text in PDF format) (This article was originally published in the Business Line on June 6, 2016.)
And Now, Price Deflation in India and China? C. P. Chandrasekhar and Jayati Ghosh
Ever since the Global Financial Crisis, advanced economies have been grappling with the spectre of deflation. While this was very clearly a reflection of the downswing in economic activity in the aftermath of the crisis, such price deflation has proved remarkably impervious to the most expansionary monetary policies and liquidity expansion that the world economy has yet seen. This has had adverse consequences in terms of producers’ expectations, which in turn have kept investment low. It has not benefited working people because wages have stayed low or continued to fall. And it has generated tendencies of the debt deflation-type that…
A Picture of Inequality C.P. Chandrasekhar and Jayati Ghosh
The government's decision to release income class-wise details on tax returns allows an assessment of the extent of inequality in the distribution of income among tax payers. Picture_Inequality (Download the full text in PDF format) (This article was originally published in the Business Line on May 9, 2016.)
When Commodity Prices Fall C.P. Chandrasekhar and Jayati Ghosh
The decline in primary commodity prices over the past four years particularly last year, shows that financialisation of commodities has amplified and exaggerated instabilities and fluctuations. Commodity_Prices_Fall (Download the full text in PDF format) (This article was originally published in the Business Line, April 25, 2016.)
On Data and Decision-making C.P. Chandrasekhar and Jayati Ghosh
Wide differences in official data based on series with different base years or from alternative sources lead to questions about their relevance for decision making. Data_Decision_Making (Download the full text in PDF format) (This article was originally published in the Business Line on April 11, 2016.)
How much has Global Economic Power Really Shifted? C.P. Chandrasekhar & Jayati Ghosh
This article analyses the significance of shift in global economic power from the North to the South and what exactly it means for the countries in developing Asia like India. Global_Economic_Power (Download the full text in PDF format) (This article was originally published in the Business Line on March 28, 2016.)
Interest Rate Conundrum C.P. Chandrasekhar and Jayati Ghosh
With interest rates and bond yields turning negative in many developed countries, the efficacy of monetary policy as a counter cyclical instrument is in question. Interest_Rate_Conundrum (Download the full text in PDF format) (This article was originally published in the Business Line print edition dated March 14, 2016.)
Musical Expressions Jayati Ghosh
For many listeners, the string quartet provides at once the most intimate and the most expansive of musical possibilities. The combination of two violins, a viola and a cello playing together was first developed and then nearly perfected by Joseph Haydn in 18th century Austria. Since then its popularity has never waned, and it has remained an important vehicle for musical expression even for composers in the 21st century. Because it requires musicians to play together and listen together, it creates bonds that can almost be palpably felt by listeners. So there is something about these four string voices heard…
