An autonomous research institute under the Ministry of Finance




CALL FOR PAPERS in Public Economics and Policy (PPEP)

  • Date Thu, 23 March, 2017 - Fri, 24 March, 2017
  • Venue Auditorium and Conference Hall, NIPFP
  • Details

    The National Institute of Public Finance and Policy (NIPFP) has initiated a lecture series and an annual conference on Papers in Public Economics and Policy, in honour of Dr. Raja J. Chelliah. The sixth event in this series is being organized on 23-24th March 2017 at New Delhi. We invite papers on issues broadly in the area of Public Economics and Policy to be submitted for the conference. Papers received will be subject to review. Accepted papers may be published after suitable revision in NIPFP Working paper series. For all accepted papers, the Institute will reimburse travel expenses.


    Last date for submission of papers is 17 February, 2017.


    The Sixth Dr. Raja Chelliah Lecture will be held on 24th March, 2017 at 04.30 pm at India Habitat Centre, Lodhi Road, New Delhi. Dr Y.V. Reddy, Former Governor, RBI and Chairman, 14th Finance Commission, has kindly agreed to give the lecture.


    The papers should be sent in soft copy to: Any other communication regarding the Conference can also be addressed to or

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Measuring the Natural Rate of Interest: International Trends and Determinants

  • Speaker Thomas Laubach
  • Speaker profile
    Thomas Laubach is the director of the Division of Monetary Affairs at the Federal Reserve Board in Washington, DC.  He advises the Board and the FOMC on the conduct of monetary policy, including open market operations and the discount window.  In recent years, he has played a central role in supporting the FOMC's monetary policy process.
  • Date Thu, 12 January, 2017
  • Time 04:30 PM - 06:00 PM
  • Venue Conference Hall, R&T building, NIPFP
  • Abstract

    U.S. estimates of the natural rate of interest – the real short-term interest rate that would prevail absent transitory disturbances – have declined dramatically since the start of the global financial crisis. For example, estimates using the Laubach-Williams (2003) model indicate the natural rate in the United States fell close to zero during the crisis and has remained there through the end of 2015. Explanations for this decline include shifts in demographics, a slowdown in trend productivity growth, and global factors affecting real interest rates. This paper applies the Laubach-Williams methodology to the United States and three other advanced economies – Canada, the Euro Area, and the United Kingdom. We find that large declines in trend GDP growth and natural rates of interest have occurred over the past 25 years in all four economies. These country-by-country estimates are found to display a substantial amount of comovement over time, suggesting an important role for global factors in shaping trend growth and natural rates of interest.

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Decomposition of Debt-GDP Ratio for United Kingdom:1984-2009

  • Speaker Piyali Das
  • Speaker profile

    Dr. Piyali Das is currently an Assistant Professor at the Tata Institute of Social Sciences, Hyderabad. She has a Ph.D in Economics from Indiana University, Bloomington, USA. Her research areas include monetary macroeconomics, applied econometrics and development. 

  • Date Thu, 05 January, 2017
  • Time 03:30 PM - 05:00 PM
  • Venue NIPFP Auditorium
  • Abstract

    Most advanced nations today are witnessing a peacetime public debt surge that match post World War levels. This raises concerns about fi scal fi nancing and liquidation of the stock of debt especially in the face of changing demographics. United Kingdom being one of the advanced nations with a high level of public debt and an aging population is facing similar issues of fiscal fi nancing. This paper attempts to decompose the evolution in the debt-to-GDP ratio of UK between 1984-2009 into nominal returns, inflation, GDP growth rate, primary de ficit and the maturity structure of the debt. The results of the decomposition show that the government of UK inflated away part of the debt but most of the adjustments were due to low interest rates and changes in the primary deficit.

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