Present Position: Honorary Fellow and Currently President, Indian School of Political Economy, Editor, Journal of Indian School of Political Economy
Formerly, Professor and Director of Gokhale Institute of Politics and Economic, Pune
President, The Indian Econometric Society, 2004-2005
Address: ‘Arthabodh’, 968/21-22, Senapati Bapat Road, Pune 411016
Tel. Nos.: (020) 25657132 (O)/ 27290943 (R)
M.A.(Economics),University of Bombay, 1960
Ph. D. (Economics), University of Rochester, 1967
Title of Ph.D. Thesis: Some Dynamic Programming Models of
Transactions and Precautionary Demand for Money
Invited to present a paper based on the thesis at the Invited Doctoral Dissertations Session of the Annual Conference of the American Economic Association in December 1965. (At this Session, three such selected papers are invited each year from all universities in the U.S.)
Main Areas of Specialisation:
Monetary and Macroeconomics, Business Cycle Research, Applied Econometrics, Mathematical Economics, Indian Economy
Taught at University of Toronto, Canada, University of Adelaide, Australia, before returning to India in 1973.
1973-1975 Professor and Head, Department of Economics, University of Jodhpur, Jodhpur, Rajasthan
1975-2004 Professor of Economics, Gokhale Institute of Politics and Economics, Pune
1981 Visiting Professor, University of Adelaide, Australia (On leave from Gokhale Institute)
1987-1991 Director, Gokhale Institute of Politics and Economics, Pune, India
1998-2004 Director, Gokhale Institute of Politics and Economics (Deemed to be a
University), Pune, India
2004- 2012 Honorary Director, Indian School of Political Economy, Pune, India
Other Professional Experience:
1. Worked as a (part-time) academic consultant to the Department of Research
Federal Reserve Bank of Philadelphia during 1970-71.
- Worked as an ex-officio member of the Pune Regional Planning Board
constituted by the Government of Maharashtra, 1990-1994.
- Convener of U.G.C’s national Panel for Economics, during 1991-1993.
- Member of a Technical Advisory Committee appointed by the Reserve Bank of India to recommend measures for strengthening the Government Securities Market, since 1997.
- Member, Technical Advisory Committee on Short Term Liquidity Model, constituted by the Reserve Bank of India,
- Worked as a Member of the National Selection Committee for the Ford Foundation Post- Doctoral Fellowship Programme for several years.
- Worked as a Member of ICSSR Advisory Committee for selection of research projects,
2001 – 2004.
- Director, United Bank of India, as nominee of Ministry of Finance, Government of India, 2001-2004.
- Life member of American Economic Association. Indian Economic Association,
The Econometric Society and Marathi Arthashastra Parishad
- Worked as Editor, Artha Vijnana, 1987-1991, 1998-2004.
- Member of Groups of Economists invited for consultations on Monetary Policy by the Governor, Reserve Bank of India in 1994, 1996 and 2009; and for pre-budget consultations by the Finance Minister during 1997-2004, a member of Group of Economists invited for consultations by the Prime Minister in’ 1997 and by the Eleventh and the Twelfth Finance Commissions
- Worked/ Currently working as a member of the Governing Bodies of National Institute
of Public Finance and Policy, New Delhi, Centre for Development Studies, Trivandrum,
and Indira Gandhi Institute of Development Research, Mumbai, and Centre for Multi-
Disciplinary Research, Dharwad.
- Worked as Member Search Committee for Director for National Institute for Public
Finance and Policy, New Delhi, Indira Gandhi Institute for development Research,
Mumbai, and Centre for Multi-Disciplinary Development Research, Dharwad
- Worked as Director, United Bank of India, as a nominee of the Ministry of Finance, Government of India, during 2001-2004.
- Member, Editorial Advisory Committee, Artha Vijnana and Indian Economic Journal.
- Member, Expert Group for deriving seasonally adjusted series for short term economic data, constituted by Government of India, Ministry of Statistics and Programme Implementation, Central Statistical Office, New Delhi.
- Participated in a number of national and international conferences and seminars.
Recent Honours and Awards
Awarded ‘Scholar of the Year’ Award by Ness Wadia College of Commerce, Pune, on the
occasion of the 46th Foundation Day of the College, 2014.
- Growth Cycles in the Indian Economy, 1951-1975, Artha Vijnana Reprint Series, Gokhale Institute of Politics and Economics, Pune, 1982.
- Quarterly Prediction of the Reserve Money Multiplier and Money Stock in India, a study prepared for the Committee to Review the Working of the Monetary System of India, (Chairman: Sukhamoy Chakravarty) appointed by the Reserve Bank of India, Artha Vijnana Reprint Series, Gokhale Institute of Politics and Economics, Pune, 1986.
- Inflation, Interest Rates and Index-linked Bonds (jointly with K. Kanagasabapathy, Partha Roy and Mridul Saggar), Development Research Group, Study-12, Reserve Bank of India, Mumbai, 1996.
Published papers in a number of national and international professional journals and books and presented papers at a number of national and international conferences.
- A Theory of Bank Asset Management and Monetary Control”, a paper submitted to the
Federal Reserve bank of Philadelphia, 1971.
- Book Review of Dwight M. Jaffee, Credit Rationing and the Commercial Bank Loan Market, 1971, John Wiley and Sons, Journal of Economic Literature, September 1972.
- “A Dynamic Programming Model of Demand for Money with Fixed Planned
Expenditure”. International Economic Review, 1972.
- “ Wealth Effect in the Demand for Money”, Journal of Political Economy, 1975.
- “A Note on Three Hicksian Laws of Comparative Statics”, Journal of Economic Theory,
- “An Econometric Study of Commercial Bank Portfolio in India’, Artha Vijnana, 1978.
- “ Growth Cycles in the Indian Economy: 1950-1975”, Artha Vijnana, December1982, pp. 293-450.
- “Banking in India”, in J.S. Uppal (ed.), India’s Economic Problems: An Analytical Approach, Tata-McGraw-Hill, Third Ed. 1986, pp.367-383.
- “Quarterly Prediction of the Reserve Money Multiplier and Money Stock in India”, Artha Vijnana,
- “Keynesian, Monetarist and New Classical Economics and Short-Run Dynamics of Output and Inflation in India”, (joint author), Prajnana, October-December1987, pp.431-444.
- “Macroeconomic Effects of Public Sector Operations in India”, in Issues in Public Sector Analysis: Papers and Proceedingsof the Conference on Public Economy, Shastri Indo- Canadian Institute, 1987,pp. 304-359.
- “Transmission of World Business Cycle to the Indian Economy”, Artha Vijnana, 1990.
- “ Fluctuations in Agricultural Income, Public Sector Investment World Economic Activity, and Business Cycles in India”, in Hiroshi Osada and Daisuke Hiratsuka (eds.), Business Cycles in Asia, Institute of Developng Economies, Tokyo, 1991, pp.113-125.
- “Crisis in the Indian Economy: Issues and Policy Options”, in V. R. Panchamukhi (ed.), Fiscal Management of the Indian Economy, Indian Economic Association Trust for Research and Development, 1992, pp.288-295.
- “Financial Development and Economic Growth in India”, in Maya Shah (ed.) Essays on Economic Policy , Methodology and Human Resources, M.S. University of Baroda, 1995,pp. 39-63.
- “Foreign Capital Flows and Financial Markets in India”, Journal of Foreign Exchange and International Finance, Vol. X, No. 4, January-March 1997, pp. 275-282.
- ”Indicators f Business Recessions and Revivals in India: 1951-1982”, Indian Economic Review, 2001, pp.79-105, republished in Pami Dua (ed.) Business Cycles and Economic Growth, Oxford Univesity Press, New Delhi, 2004.
- “Global Slowdown and the Indian Economy”, Economic and Political Weekly, 2003.
- “Cost of Health Care in the Public Hospitals in Maharashtra”, (joint author), Artha Vijnana, March-June 2004, pp. 1-60.
- “ On Trends and Cycles in the Indian Economy”, Presidential Address delivered at the Annual Conference of the Indian Econometric Society, held at Jadavpur University, Kolkata, on 20-22 January, 2005,
- “Capacity Output and Cycles in Non-agricultural Output of the Indian Economy”, Journal of Quantitative Economics, New Series Volume 24, No.1, January 2010, 1-41
- .“Professor K. N. Raj – Obituary”, Journal of Indian School of Political Economy, July-September 2008, pp. 685-690.
- “Is There a Case for Re-organisation of the States?”,(jointly with Abhay Tilak),
Journal of Indian School of Political Economy, Vol. XXI, 2009, pp. 1-191
- Book Review (jointly with Professor A.L. Nagar) of the book, The Asian Economy
and Asian Money, by M. Dutta, Emerald, North America, 2009, Journal of Indian School of Political Economy, Vol. XXI, 2009. pp. 567-571.
- “India Development Report 2011-Comments”. Journal of Quantitative Economics,
New Series, Vol. 9, No. 2, July 2011, pp.173-183.
- “Editor’s Note on the Documentation on the Deccan Riots Commission”, Journal of
Indian School of Political Economy, Vol. XXII, No. 1-4, 2010, pp. 166-169.
- “Professor Suresh Tendulkar – A Tribute”, Journal of Indian School of Political
Economy, Vol. XXII, No. 1-4, 2010, pp. 499-504.
- 28. (Jointly with Balakrishna Upadhyay), “Participatory Forest Management and the
Trade-off between Current and Future Consumption of Forest Produce: Evidence
from Nepal” Indian Economic Review, 2013 Second Issue.
- Voters’ Response to Ecnomic and Governance Outcomes and Electoral Trade-off
between Inflation and Growth: Evidence from 2009 Lok Sabha Election, Journal of
Indian School of Political Economy,Vol. XXIV.
- Professor A.L. Nagar (Obituary), Journal of Indian School of Political Economy,
- Editor’s Note for the Silver Jubilee Volume, Journal of Indian School of Political
- “Global Economic Scene and the Indian Economy”, Dr. B.S. Minhas Memorial
Lecture, delivered at A.S. Khanna College, Khanna, on March 4, 2015.
- “Dilemmas of Growth Dynamics in India and Other Emerging Economies: Policies for
Resolution”, (revised and expanded version of the paper presented in National
Conference on Emerging Market Economies, organised on 27-29 August, 2012, by the
Department of Economics, Ramnarain Ruia College, Mumbai, in the Valedictory
function of the Conference), paper presented at Department of Economics, Ohio
University, Athens, Ohio, USA, on September 26, 2015.
- “On Financial Stability- Opening Remarks”, Journal of Indian School of Political
Economy, Vol.XXVI, No.2, April-December 2015.
Recent Unpublished Papers
- “Monetary and Fiscal Policy for Inclusive Growth”, paper presented at International
Conference on “Economic Policies for Inclusive Development”, organized by
Ministry of Finance and the National Institute of Public Finance and Policy, Delhi,
on 30th November-1st December 2010, in Delhi.
- “Euro Zone Crisis: Economic and Political Issues Impinging on the Euro”, Paper
presented at the First International Conference, organised by Gujarat Technological
University and the Parul Group of Institutes, on January 6-8, 2012 in Waghodia,
- “Dilemmas of Growth Dynamics in Emerging Economies”, paper presented in National Conference on Emerging Market Economies, organised on 27-29 August, 2012, by the Department of Economics, Ramnarain Ruia College, Mumbai, in the Valedictory function of the Conference.
- “Foreign Direct Investment in Retail Trade”, paper presented in the Conference on “Issues and Challenges in Retail Sector and Foreign Direct Investment in India and
across the World’ on February 15-16, 2013, at symbiosis Centre for Management
Studies (Under-graduate), Pune.
- Note for the Meeting of the Fourteenth Finance Commission, 13 May, 2013.
- Note for the RBI Expert Committee on Monetary Policy, 18 December 2013.
- Trade off between Growth and Inflation, Lecture delivered at Ness Wadia College
of Commerce, Pune, on the occasion of the 46th Foundation Day of the College.
- Land Availability and the Dynamics of Industrial Location: Some Observations and Issues, Note submitted for the Seminar on Dynamics of Industrial Location, organised by the Indian School of Political Economy, in 2014.
Papers under Preparation:
- (Jointly with P. D. Singhal), “Inter-Generational Rate of Return on Human Capital, Optimum Period of Childhood Dependency and the Relationship between Saving, Interest rate and Growth Rate”