Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance at Chicago Booth and Former Head of Reserve Bank of India
Widely considered one of the most gifted central bankers of the modern era, Raghuram Rajan is a highly prominent voice on monetary policy and the global macro economy and it was my distinct privilege to bring his insights to the Alpha Exchange. Now the Katherine Dusak Miller Distinguished Professor of Finance at Chicago Booth, Dr. Rajan was head of the Reserve Bank of India from 2013-2016, stewarding the country’s economy and financial system through a precarious time punctuated by a violent currency sell-off and a challenging bout of inflation. Our conversation covers monetary policy, episodes of financial crisis, the fallout from Covid-19 and that pesky conundrum, inflation. Dr. Rajan gives the Powell Fed high marks on its forceful response to the pandemic, crediting it with staving off a self-reinforcing asset price sell-off. At the same time, he worries that, as the Central Bank becomes more interventionist, it risks being captured by markets and will find it difficult to extricate itself from extraordinary accommodation. Lastly, we discuss Dr. Rajan’s most recent book, “The Third Pillar”, an important contribution to how policymakers should think about the interaction between the state, markets and local communities. I hope you enjoy this episode of the Alpha Exchange as much as I did.
'Is It Time to De-centralise Power?' | Raghuram Rajan
During the Covid-19 crisis we have tended to look to national governments to act, expecting them to pull every lever available to protect life. But have we been looking in the wrong place? Are local, state and regional authorities – often with more knowledge of which policies are appropriate and workable in a given area - better placed to take the lead in health emergencies? Ben Chu (The Independent) and Lizzy Burden (The Telegraph) speak to Raghuram Rajan (former Governor of the Reserve Bank of India) Music by Slenderbeats
Kopi Time E08: Ex-IMF chief economist and ex-RBI governor, Prof Raghuram Rajan
Kopi Time podcast with Taimur Baig
“Until you have defeated the virus everywhere, you haven’t really defeated it anywhere” I discuss a wide range of conjunctural topics with Professor Raghuram Rajan, a foremost global authority on central banking, financial markets, and economic development. Prof Rajan begins by underscoring the high degree of uncertainty around economic forecasts and major risks weighing on financial markets. He shares with us his take on the impact of Covid-19 on developed economies, where there are early signs of curve flattening. His key concern is countries like India, characterised by not only weak economic fundamentals, but also weak administrative machinery and inadequate public health coverage. See his article with Nobel laureates Abhijit Banerjee and Amartya Sen on this topic at https://go.dbs.com/2wITOH0 On fiscal and monetary policy measures, Prof Rajan supports strong and innovative life-line measures for those most affected by the crisis, but he is not in favour of support for all, especially in advanced economies that have strong bankruptcy processes in place. He also talks about this crisis as a window for banks to redeem themselves after the missteps around the 2008/09 financial crisis. Dr. Rajan has just been named a member of the IMF’s external advisory group. He talks about how he would advocate more liquidity support measure for EMs, as well as special temporary swap-like IMF financing facilities to supplement what the US Fed has been doing. In his recent book “The Third Pillar—how markets and the state leave the community behind,” Prof Rajan calls for local communities to be empowered further. Here he contextualises the role of communities in health and education, particularly relevant at times like this. We end with some hope that at the G20 and G7 levels, despite a lack of US leadership, the world is coming together to take coordinated actions to combat Covid-19 and its economic damage.See omnystudio.com/listener for privacy information.
Raghuram Rajan On Why MMT, Authoritarianism And Bailouts Won’t Work
Macro Hive Conversations With Bilal Hafeez
This episode is sponsored by SGX – the largest Asian FX exchange. In this episode, I talk with Raghuram Rajan. He is currently Professor of Finance at Chicago Booth. Before that, he was the 23rd Governor of the Reserve Bank of India between September 2013 and September 2016. Between 2003 and 2006, Dr. Rajan was the Chief Economist and Director of Research at the IMF. He’s the author of several books – most recently, the excellent “The Third Pillar: How the State and Markets are leaving Communities Behind” in 2019. In this podcast we discuss: The sources of economic weakness around COVID The 5 steps policymakers need to take from relief to reform The fallacy of MMT and the absence of free lunches Debt levels matter - for every Japan, there is an Argentina Should international markets be liberalized? Dollar’s status as reserve currency China’s challenging growth prospects India’s wrong turn Rise of authoritarianism The failure to understand fall-out from international treaties What needs to be done to be optimistic about the future
Raghuram Rajan: Should economies pile up debt to cope with Covid-19?
The Covid-19 pandemic has plunged the world economy into a deep recession. How long will it last and what kind of recovery can we expect? That in part depends on what governments do now. Should they be piling up future debt to cope with today’s crisis? Stephen Sackur speaks to the former Governor of India’s Reserve Bank and IMF chief economist Raghuram Rajan. Do the old rules of fiscal discipline no longer apply?(Photo: Raghuram Rajan, IMF chief economist)
Dr. Raghuram Rajan discusses the economic impact of COVID-19 and the associated policy responses in both the United States and developing countries. Dr. Rajan is a former head of the Reserve Bank of India –– which is India’s equivalent of the Federal Reserve –– and is now the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.Sidhant Wadhera (MPP ’21), for producing, co-interviewing, and editingArjun Motta (MBA/MPP ’22), for co-interviewing
In the second episode, I had a great conversation with Raghuram Rajan, Professor of Finance at the University of Chicago Booth School of Business , former Governor of the Reserve Bank of India and, before that, he was Chief Economist at the International Monetary Fund. We talked about the long-term economic and social implications of the #COVID19 and, most interestingly, about his concept of “communities” and how these will adapt to the world after coronavirus.
Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Previously, he was the 23rd Governor of the Reserve Bank of India and the Chief Economist at the IMF. In this interview, hosted by Andrew Keen, Rajan calls capitalism today an uneven playing field that doesn’t efficiently skill people to meet the needs of the economy. This leads to unequal access to good jobs and growing income inequality. As a result, democracy has at times turned against capitalism. But Rajan reminds us that capitalism works best when there is economic competition, while democracy works best when there is political competition. With this in mind, Keen and Rajan discuss how these two forces can work better together.