Attention to Monetary Policy under Uncertainty and Inflation
Work in Progress
This paper constructs a novel index quantifying the level of attention to monetary policy based on Google Trends data. This Monetary Policy Attention (MPA) index captures the search intensity for terms directly related to monetary policy, reflecting public attention to policy actions and com munications. We find that the MPA tends to rise when inflation and monetary policy uncertainty are high. Interestingly, however, these relationships are state-dependent. MPA rises more markedly following unexpected increases in inflation (resp. uncertainty), when the level of uncertainty (resp. inflation rate) is low. In contrast, fluctuations in MPA are generally muted when uncertainty (resp. inflation rate) is already high.
Beyond disasters: Housing market responses to nuclear expansion and perceived risk in South Korea
Work in Progress
This study aim to investigate the impact of perceived environmental risk from nuclear power infrastructure on local housing markets in South Korea. Focusing on the Kori Nuclear Power Plant’s Phase II expansions and the 2011 Fukushima disaster, the research examines whether proximity alone affects residential property values or if significant price changes occur mainly after major nuclear or policy events. Using a multi-tiered empirical strategy involving several difference-in-differences designs, the study aims to explore the effects of planned plant expansions, disaster shocks, and policy milestones. The results will provide insight into real estate dynamics, risk perception, and the implications of energy policy in a nuclear-dependent, densely populated region.
Earnings Heterogeneity Channel in Monetary Policy Inequality Dynamics -Lessons from Canada
Work in Progress
This paper investigates the earnings heterogeneity channel in monetary policy and wage inequality dynamics of Canada using a block-exogenous Vector Autoregression (BE-VAR) model. Monthly Gini coefficients are computed from Canada’s Labor Force Survey (1997–2025). The BE-VAR framework incorporates Canadian macroeconomic variables alongside U.S. and global variables, treating the latter two as exogenous to Canada’s small open economy. Structural shocks are identified via theory-driven recursive and non-recursive zero restrictions. Impulse response analysis reveals that contractionary monetary policy shocks significantly reduce wage inequality contrary to standard theoretical expectations. The findings suggest that conventional assumptions regarding earnings heterogeneity may reverse when lower-end salaries are rigid due to legal safeguards.
JEL Classification: C32, D31, E52
Keywords: Block Exogeneous VAR, Income Inequality, Monetary Policy
Chronos and Codes: Exploring the Issue of Time Poverty Among IT Professionals
Working Paper [Department Research Grant] ( forthcoming RER VII)
Time poverty is one of the crucial factors that affect the productivity of IT workers, especially in today’s fast-paced work environment. This study aims to explore the concept of time poverty among the IT employees of Cochin and Delhi, via a threefold approach using a primary survey. First, the study quantifies absolute and relative measures of time poverty, drawing on frameworks from Vickery (1977) as well as Harvey & Mukhopadhyay (2006). The influence of many socioeconomic and demographic factors on each worker's likelihood of acutely experiencing time poverty is then investigated by employing logistic regression analysis. Finally, using a contingent valuation methodology (CVM) with multiple bounded iterative bidding, the study estimates the workers’ willingness to pay (WTP) towards the Time Value Deduction (TVD) fund, a semi-hypothetical policy designed to provide an additional day off per week. Interval-censored regression models are further utilised to analyse the factors influencing WTP and to cross-examine the trends observed in the logit model. The results show that around 47% of IT workers were classified as absolutely time-poor, while around 29% experienced relative time poverty without being money-poor. Analysis of the logit model shows that the likelihood of time poverty is lower for males, older people, and those working in a physical office, while higher working hours and residing in Delhi significantly increase the odds. The mean WTP calculated from the CVM analysis stands at ₹4540. Results derived from the interval-censored regression model reveal WTP being influenced by an interplay of societal norms, economic pressures, and workplace characteristics.
JEL Classification: D61, I31, J22
Keywords: Contingent valuation; Interval censored regression; Time poverty; Willingness to pay
Navigating the Biodiversity-Economic Growth Nexus and Shared Socio economic Pathways Insights from Asia and Others
Presented at 19th South Asian Economics Students Meet 2024, (Published in IOSR-JEF)
The conservation of natural ecosystems is an urgent global concern, and it often involves navigating complex trade-offs between economic growth and ecological preservation. However, biodiversity conservation has at times taken a back seat in the broader discussion as climate change receives more attention. Yet, both biodiversity and climate change are inextricably linked. This paper aims to empirically examine the relationship between economic growth and biodiversity wellness through panel data analysis along with the preparation of a Shared Socioeconomic Pathways Index and the categorisation of the data based on the same. It also involves testing the existence of the Kuznets relationship if any with a special focus on Asia. The estimates from the panel data give conventional results with South America and North America facing the worst and best biodiversity scenario respectively. The SSP index prepared and subsequent categorisation of the same further substantiate the results. The Kuznets curve however is a flat U-shaped curve in terms of environmental degradation and economic growth nexus.
​
JEL Classification: Q01, Q56, Q57
Keywords: Biodiversity; Living Planet Index; Shared Socioeconomic Pathways
Unleashing Economic Potential through South Asia's Green Transition: A Path to Resilient and Sustainable Economies
Opinion essay- South Asian Economics Students Meet 2024
his essay explores the economic benefits of South Asia's green transition, emphasizing its necessity for resilient and sustainable economies. Despite skepticism from finance ministers about prioritizing emissions reduction, the long-term economic gains are significant. South Asia's high energy inefficiency and vulnerability to climate change are major challenges. Carbon pricing emerges as a crucial mechanism, showing potential for positive economic impact. The fiscal implications, labor market shifts, and advances in green finance are discussed. The essay highlights the region's potential for renewable energy and the importance of international cooperation. Strategic planning can enable South Asia to achieve substantial economic and environmental benefits from its green transition.
The Reconstruction of Macroeconomics in Light of the Global Pandemic and the Retreat from Hyper-Globalization
Academic Essay - Stiglitz essay competition
The global pandemic has thrust the world into an era of unprecedented challenges, disrupting economies around. Simultaneously, the retreat from hyper-globalization, characterized by a revaluation of international trade and supply chain dependencies, has reshaped the landscape within which macroeconomics operates. This essay explores the imperative need for a fundamental reconstruction of macroeconomics in response to these twin phenomena. The first section focuses on the evolution of the topic under discussion with the succeeding section focusing on the pandemic and the various facets associated with the same along with economic reforms that are needed. The same is discussed concerning retreat from hyper-globalization in the third section followed by the last section investigating relations between the two and envisaging the way ahead