QCOs are crippling exports, adding red tape, raising costs, and killing jobs. Instead of boosting manufacturing, they are reviving the license-permit Raj. Read our latest in @bsindia.bsky.social

In a series of articles, we argued that RBI's costly dollar peg since 2022 has cost $220B in reserves, hurt exports, and tightened monetary policy amid slowing growth. In our latest, we examine the factors driving this significant policy shift.

Abhishek Anand, Josh Felman & I in the Business Standard
on risks of disruptive adjustment from RBI's de facto rupee peg (business-standard.com/economy/anal...)

Risks arise from markets perceiving that costs of defending the peg-via spot & forward intervention-may have become unsustainably high

Is it Time for the RBI to Reconsider its Rupee Strategy?

In our latest for @bsindia, we discuss why @RBI should rethink its rupee policy.

Why the new RBI should abandon the current rupee policy

In today’s BusinessStandard, Abhishek Anand, Josh Felman & I show that recent spot & *forward* intervention to support rupee:
-has been massive &
-tightened liquidity when growth was slowing

Targeting rupee has made monetary policy worse

In light of the RBI once again depleting reserves substantially, re-upping the piece by Josh Felman and me on the costly change in the exchange rate regime

Today at 2 PM Esther Duflo's lecture is on Climate Change and Indian Exceptionalism with me as discussant.

Youtube link: www.youtube.com/live/vlXa3_B...

Looking forward to presenting paper by Abhishek Anand, Naveen Thomas and me on the multi-plant phenomenon @ CSEP in Delhi on Nov. 28 with Montek Ahluwalia as discussant. Details below.
Paper here: www.mids.ac.in/assets/doc/W...