Early warnings of inflation in India by Rudrani Bhattacharya, Ila Patnaik, Ajay Shah. NIPFP Working Paper 54, August 2008.
Managing capital flows: The case of India by Ajay Shah and Ila Patnaik. NIPFP Working Paper 52, May 2008.
New issues in Indian macro policy by Ajay Shah. Chapter 2, page 26--54 in Business Standard India edited by T. N. Ninan, Business Standard Books, 2008.
Does the currency regime shape unhedged currency exposure? by Ila Patnaik, Ajay Shah. NIPFP Working Paper 50, May 2008.
Exchange Rate Regime Analysis Using Structural Change Methods by Achim Zeileis, Ajay Shah, Ila Patnaik. August 2007.
India's currency regime and its consequences, by Ila Patnaik. Economic and Political Weekly, March 2007.