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VIVEK MOORTHY This website lists most of my publications in chronological order. The most noteworthy ones have been bolded and/or a weblink provided.  A few have a one line (or more) content description. The books in the SCHEMATIC below have evolved from these articles. One purpose of this website is to connect  the books and my related articles for readers. Leitmotif of the website's name
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Website Icon Vivek Moorthy, Professor, Economics and Social Sciences Area, Indian Institute of Management Bangalore, India.
e-mail: vivek.moorthy@iimb.ac.in  Phone Office: +91-80-2699-3283  Mobile: +91-9844266712
Note change of server address from iimb.ernet.in to iimb.ac.in
Contacting Me easily: I am generally reachable by mobile phone at any reasonable hour (7 am to 12pm Local Time). Phone is quick and efficient . If I am unable to take the call, I will phone back when I can.  For a detailed communication, email.
Financial Macroeconomics Course Outline APPLIED MACROECONOMICS:  EMPLOYMENT, GROWTH AND INFLATION (Sent for print in July 2017, Acronym EGI)
Preface and Table of Contents EGI
Global Macroeconomics and Financial Markets (GMFM) Course Outline
SCHEMATIC OF EGI and Following BOOKS
Abbreviated Prologue of Foundations of Financial Macroeconomics: A Policy Rate Approach (near completion) Jan 2017
My Updated Work Profile
VM Abbreviated CV and List of Major Publications (December 2016)
List of Publications as on July 2017
Year Date Source Title Page # CH# In Book
1990 April Federal Reserve Bank of New York Quarterly Review Unemployment in Canada & the U.S:  The Role of Unemployment Insurance Benefits (Traces the puzzling post 1981 unemployment gap back to Canada's 1971 Unemployment. Insurance Act).  Findings cited in leading news papers. Vol.14 No.4       pp. 48-61 MIFA, 7
Summary of the Article included as a sub section in a chapter in the book  
1990   FRBNY "Targeting Nominal GNP", with Spence R. Hilton in a Volume Intermediate Targets and Indicators for Monetary Policy. 232-273  
1991 October FRBNY Treasury and Federal Reserve Foreign Exchange Operations    
1991/92   FRBNY Foreign Exchange Staff Reports for the Federal Open Market Committee    
1992 16-Sep FRBNY Alternative Outcomes after the French Referendum - About Pound's exit from ERM (coauthored memo)    
      Life at the Foreign Exchange Desk     
1993 Oct FRBNY Step- up Recovery Floaters (SURFs)    
1994 May FRBNY Credit Derivatives (MINIs: Multiple Issuer Note Instruments)    
1994 May Mimeo Time Constraints and the Standard of Living    
1995 20-Mar Business Line  Too Volatile but not harmful    
1995 27-Mar Business Line Emerging Currencies Hit the Hardest    
1995 April Jour. Intl. Finan. Inst. Markets & Money Efficiency Aspects of Exchange Rate Response to News: Evidence from U.S. Employment Data Pg 1 to 17 21
1995 24-Jul Economic Times Print Bonds, Not Money (Reply to "Some Unpleasant Monetarist Arithmetic"
by a former Reserve Bank of India Governor S. Venkitaramanan,   June 29)
  13
1995 4-Aug Economic Times Why Gentleman still Prefer Bonds (rejoinder to Should We Prefer Bonds tor Money by above)   13
1996 April Economics Letters Predictable & Profitable Price Patterns : Evidence from U.S. Interest Rates Vol 51 pp.101-107 21
(Develops a trading rule to make excess profits from the U.S. employment report)
1996 18-Mar Economic Times The Japan that Should Have Said No     
1996 2-Aug EconomicTimes The Missing  Ingredient (with J.R . Varma)    
1997 24-Feb Business Line Resident Indians left out ( Capital AccountConvertibility-I)    
1997 25-Feb Business Line Review Foreign Exchange Policy (Capital Account Convertiblity-II)    
1997 26-Feb Business Line A Double Edged sword ( Capital Account Convertibility-III)     
1997 9-Apr Business Line A Case Against Reducing Statutory Pre-Emptions (i.e. the Cash Reserve Ratio)    
1997 16-Apr Business Line Inflation Control by Default    
1997 5-Jun Business Line Resident Individuals May Get Their Due    
1997 25-Jun EconomicTimes Speed Up and Go Slow    
1997 14-Aug Economic Times Limitations of full Convertibility    
1997/98 17-Jul Indian Economic Money Exchange and Interest –“Contemporary Issues in Indian Policy" 129-134  
Journal Review of above book by P.R. Brahmanaanda
1998 Sep IIM Bangalore The Stability of Bond Financed Deficits: A Critique of the Literature (Abstract)    
W Paper #115 Proves that Solow-Blinder proofs about unstable bond finance do not hold with a Fisher effect.
1998 31-Dec Economic Times IMF and The East -Asian Debacle (Important Section of article below)   20
1998 Dec Vikalpa  From East Asian Miracle to Debacle : Bad Banking & Moral Hazard, Vol 23 11 to 21  
1999   Macmillan Capital Account of Convertibility : How Should We Proceed?  In 304-315 20
    India Limited  Management Perspectives ed. N Balasubramaniam, IIM Bangalore 25th year Volume    
2000 31-Mar Economic Times Rewards of Profligacy? (linking end of financial repression to fiscal deficit & loan rates).   14
2000 June RBI Bond Financing & Debt Stability:Theoretical Issues & Empirical Analysis for India with Bhupal Singh & S.C. Dhal.  PP 1-78 14
Development Research Group Study # 19 Develops a Domar debt discrete period model to analyze fiscal policy choices etc. A subset of this model (I.3, pp. 17-20) is used to replace IS/LM in my macro text . (Very important piece) 
2000 6-Aug Deccan Herald Meanderings of a Gourmet Economist, review of Ashok Desai's book The Price of Onions    
2000   IIMB Review Review of book Antidote" Essays against the Socialist Indian State by Sauvik Chakraverti    
2000 Sep Economic Times Private and Public Capital : Substitutes?    
2001 22-Mar Economic Time  Achieving Fiscal Responsibility (Suggests a primary deficit target for FRBMA)    
2001 21-Apr Business Line Fiscal Responsibility : Laws Versus Numbers    
2001 14-Oct Economic & Political Weekly Setting Small Saving & Provident Fund Rates (Rationale for benchmarking the PF rate to inflation, not to bond yields). 3941-3950  
2002 25-Feb Business Standard The Perils of Market Benchmarking    
2002 19-Feb Business Line The Wealth in the Title (review of The Mystery of Capital by Hernando de Soto).    
2003 17-Jan Business Line *Sir Alan's Day of Judgment   17
Using profits data, critiques Greenspan's failure to hike margin requirements. Also see matrix in 27 Oct 2009 article
2003 14-Apr Financial Express Men at Work: Accountants Needed? (After-tax Fisher effect applied to India) Based on full Article just below.    14
2003 3-May Econ & Pol. Weekly Small Savings Policy Circumventing Tax Sops    
2003 2-Nov Financial Express The Fiscal Opaqueness Bill    
2003 Nov   Assessing India's Primary Deficit and Interest Payments Burden     
2004 April IIM Bangalore Capital Illusions About the Revenue Deficit    
2004 26-Jun Economic & Political Weekly Assessing India's Primary Deficit and Interest Payments Burden  2711-2717  
      prepared for the 12th Finance Commission Conference, Delhi, October 2003 in Conference Volume.    
2004 9-Oct Economic & Political Weekly Need for  Long Term, Fixed Rate Provident Fund Deposits    
2005 20-Jun Far Eastern  Don’t Panic Over Delhi's Deficit Pg 8 - 12 14
Economic Review Outlines flaws in the revenue deficit target and argues for a primary deficit target
2005 Nov Economic Times Stemming The Small Savings Surfeit    
2005 Dec Letter Letter to Prof Milton Friedman about my Macro text & Solow Blinder IS/LM proofs    
2005 Dec Letter Professor Milton Friedman's reply about the Monetarist Paradox( Available on Request)   9
2006 Jan Appendix to CH 9 Origins of the Monetarist Paradox   9
2006 6-Jan Economic Times Unclog Roads With a Vehicle Area Tax    
(The first of a series of articles on this issue.  For more, See website www.unclogroads.com)
2006 Sept IIMB Seminar The Economics (and Politics) of a Vehicle Area Levy    
2007 14-May Business Standard  How a Rupee Rise Will Curb Inflation    
2007 June Far Eastern Stop The Specter of a Rupee Rise (Special issue, interview with Robert Mundell on US $) Pg 20 - 23  
Econ. Review Recommends a random walk exchange rate band with moderate capital controls for India
2007 9-Jul Business Standard Using Roads Efficiently:  Isn't It High Time?     
2007 11/12Aug Business Standard Overheating and Undereating with Shrikant Kolhar on food prices & monetary policy    
(Noteworthy last sentence: Hopefully, in the short run, we are all fed!)
2007 27-Sep Business Standard Time To Take A 'Random Walk'    
2007 26-Oct Business Standard The Fundamental Dilemma    
2007 16-Nov Business Line Legacy of Friedman Versus Keynes (Important, related to macro text underway).    9 & 11
2007 Nov/ ICRIER Conference “Rule based Intervention to reduce rupee Volatility" ICRIER Conf. Nov 2007 43-53  
Dec reprinted in Conference Volume, details of proposal for a random walk rupee band.
2008 25-Feb Economic Times Public Transport Policy Revisited    
Below: Mint is a financial newspaper in partnership with Wall Street Journal, see livemint.com 
2008 29-Apr Mint Where Were The Policy Wallahs? Co-authored with Shrikant Kolhar    
2008 3-Jun Mint Too Late to Tackle Inflation    
2008 10-Jun Mint Petro Pessimism About India    
2008 8-Jul Mint Peering Into a Burmese Haze    
2008 29-Jul Mint Dissecting Our Inflation Target    
2008 28-Aug Mint Rupee Futures: A wise Move? (A Critique of the Raghuram Rajan Committee proposals)    
2008 5-Sep Mint As The Governor's Term Ends    
2008 17-Sep Mint Debunking Supply Shock Myths (Summary of a section of Chap 6 of Macro text)   6
2008 30-Sep Mint Block the WMD Proposals    
2008 15-Oct Mint Easy Money Leads To Meltdown     
2008 24-Oct Mint Black Thursday, 24 Oct 1929    
2008 Nov Mint Reduce Worktime to Save Jobs.    
2008 9-Dec Mint The misplaced fiscal push    
2008 30-Dec Mint Bernanke's Bond Market Bash    17
(A critique of his asymmetric willingness to buy, but not sell, long bonds to affect long rates)
2009 3-Mar Mint The Neglected Part Of Fisher   16
2009 1-Apr Mint Will CPI Stand Up Please?    
2009 5-May unpublished The Fed Could Have Sold Long Bonds - Article on the Taylor - Greenspan debate sent to Wall St Journal     
   
2009 15-May Mint How Best to Save Our Trees    
2009 10-Jul Mint Deflation is due to the slump (application of inflation data analysis to India)   2
2009 4-Aug Mint The walking class must protest    
2009 27-Oct Mint How Inflation Targeting evolved (A matrix classification of monetary strategies related to Jan 2003 critique of Greenspan)   15, 17
2009 18-Nov Mint It's time to Downgrade WPI    
2010 8-Mar Mint Progress in an urban mess    
2010 11-May Mint Steering between two extremes (About a suitable Rupee Policy)    
2010 Nov Under revision Rescuing Sunken Economies with SHIPS (Shorter Hours Incentive Programs)    
2011 January IIM Bangalore Rising Food Prices and India’s Monetary Policy (with Shrikant Kolhar)   6
W Paper #325 also published in ISI Journal: Indian Growth and Development Review, Vol. 4, No. 1, 2011
2011 18-Nov Financial Express  Tax Vehicle Area Instead of Petrol     
2011 21-Nov IGE/ADB Conference Comments on Rhee-Veron paper: Inst. Growth Economics/Asian Dev. Bank Conference, Seoul   19
2012 12-Mar Financial Express  The Rudderless Bank of India    
2012 June IIMB Mgmt Review Interview: Reorienting India's Financial System-In Conversation with Dr Duvvuri Subbarao, Governor, RBI 85-94  
2012 15-Jun Financial Express  In Support of Monetary Stability    9, 17
2012 10-Jul Financial Express  Shorter Work Hours: The road not taken    
2013 18-Mar Financial Express  Both Overheated and Lacking Heat - Rejoinder to Swaminathan Aiyar ("Oveheated or Lacking Heat?")   6
2013 14-May Financial Express  Procurement Price Inflation Bogey, Inflation is High, Not Just Food  - Rejoinders to Bhalla and Ghosh   2, 6
2014 27-Jan Financial Express Minting, Printing and Counterfeiting (Based on Keynote Address delivered at RBI retreat at Agra in Sept 2013)    
2014 January McGraw Hill Understanding Stagflation: Past and Present     
Available as ebook used as a supplementary text in the core Macroeconomics course    
2014 11-Aug Financial Express The Unheeded Lesson From BR Shenoy    
2014 September   Ad for Research Associate    
2014 October Presentation at RBI Bengaluru Issues and Challenges in monetary policy:  An Assessment of the Urjit patel committee report    
2014 29 Nov  Financial Express RBI  Should Specify its Inflation Metric    
2015 Feb   Why IS/LM is irrelevant and wrong?   Capt 8 Part B
2015 19-Jun The Indian Express Correct Price Index    
2016 Jan        
2016 30-Jan Indian Express What Delhi Must Do Next (On Odd-Even Traffic Rule)    
2016 04-Apr IIMB Internal Email EPF Withdrawal of EPF Tax Exemptions and Reinstatement (based on 14th April 2003 Article)    
2016 March/Revised June 2016 IIMB WP # 521 The Ease of Doing Business Rank: An Assessment of its Macroeconomic Relevance    Ch 1, Sec 4 of EGI
2016 01-Jun   Emerging and BRIC Economies: Slowdown and Outlook    Ch 6 of EGI
2016 16-Jul Economic & Political Weekly What Should be the Criteria for Choosing RBI Governor?    
2016 01-Oct Economic & Political Weekly Selective Memoirs:   RBI Has Far More Autonomy Than Scrutiny   Ch 8, EGI
2017 February Bank of International Settlements Seminar on "Analyzing Aspects of India's November 2016 Demonetization"     
Seminar on "Can Equity Investors explain the failure of Uncovered Interest Parity? Links to News Studies"    
2017 July  IKBooks.com Applied Macroeconomics: Employment. Growth and Inflation  Final version sent for print