ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Contemporary Macroeconomic Analysis

Looking Back at Macroeconomics 101: A Ringside View of the Global Financial Crisis from Asia in Real Time by Alok Sheel; Academic Foundation, 2015; pp 422, ₹1,295.

How the US Treasury Avoided Chronic Deflation by Relinquishing Monetary Control to Wall Street

Prior to the 1907 financial crisis, the Unites States Treasury performed nearly all the functions that later were assigned to the Federal Reserve after its creation in 1913. The political intent of the Federal Reserve--and indeed, the effect--was to shift control over money and credit away from Washington to Wall Street and other financial and business centres. This aim was voiced already in the 1830s by the Whigs in their fight with Andrew Jackson. The broad economic aim was to prevent a recurrence of the monetary deflation that had long held back the US industrial development, at first after Jackson's war on the Second Bank in the 1830s, and again after the civil war as the government forced prices for gold and other commodities back down to their pre-war levels.

Commanding Scholarship

The World of the Indian Ocean Merchant 1500-1800: Collected Essays of Ashin Das Gupta , Compiled by Uma Das Gupta; Oxford University Press, New Delhi, 2001; pp xiv + 511, Rs 695.

Macroeconomic Management in the Nineties

This paper discusses India's macroeconomic policies in the 1990s. Section II of the paper provides an overview of macroeconomic performance during the decade. Section III recounts the macro-policy responses to the principal problems and challenges that surfaced as the decade unfolded. Section IV surveys the main institutional reforms carried out in the nineties in the key dimensions of macroeconomic policy - fiscal, monetary and the exchange rate regime. Section V concludes by outlining briefly some of the major ongoing challenges for macroeconomic policy.
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