-The Hindu Business line/ Macroscan.org The $1.9 trillion American Rescue Plan signed by Joe Biden is one of the biggest fiscal boosts in the world in recent times. It marks a move away from the fiscal conservatism and dependence on monetary policy instruments characteristic of the neoliberal era that began with Reagan. Please click here to read more. ...
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Worrying spike in Global Food Prices -cp chandrasekhar and Jayati Ghosh
-The Hindu Business Line Having recovered from their lows touched early or mid-2020, food prices are rising fast. At $574.8 a metric tonne in February 2021, the price of soyabean was 53 per cent higher than the corresponding month of 2020, when the effects of the Covid pandemic were yet to be felt (Chart 1). Over that period, the price of maize had risen from $168.71 to $245.24 a metric tonne...
More »Hunger, again -cp chandrasekhar & Jayati Ghosh
-The Hindu Business Line/ NetworkIdeas.org The world has been preoccupied with the Covid-19 pandemic, and this has also affected policymakers everywhere. There is much more recognition today of the terrible effects of underfunding public health over decades and how this affects the resilience of economies and societies. Yet this official preoccupation with addressing the spread of infectious disease appears to have had an unanticipated negative effect: less policy attention to concerns...
More »A Market gone awry -cp chandrasekhar and Jayati Ghosh
-The Hindu Business Line/ NetworkIdeas.org It defies all logic. As expected, once the implications of the Covid-19 contagion began to be absorbed, the BSE Sensex lost 37 per cent in value, falling from a level just above 41,000 on February 19, 2020, to just below 26,000 on 23 March 2000 (Chart 1). That was the day when the nationwide lockdown was declared and three days before the first of the government’s...
More »Wrecking Fiscal Federalism -cp chandrasekhar and Jayati Ghosh
-NetworkIdeas.org India’s Constitution puts the bulk of responsibility for the basic goods and services to be provided to citizens on to state governments. That is also why it mandated that independent Finance Commissions be appointed every five years to determine the distribution of tax revenues between Centre and the various states. Successive Finance Commissions (FCs) have also recognised that state governments necessarily require more resources to fulfil their obligations, which is...
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