Why Output Gap is controversial
(Co-authored with Amandeep Kaur)
The macroeconomic uncertainty in times of COVID-19 pandemic is hard to measure. Economists and policymakers use the variable “output gap” to capture the “slack”. It is a deviation between potential output and actual output, which is a standard representation of a “cycle”. The potential output ...
Agriculture as a shock-absorber
The slew of agricultural reforms initiated by the government has led to a vigorous discussion in the media about the pros and cons of these policy changes. Most of these discussions have focussed on agriculture as an activity that provides farmers with a regular source of income. The arguments have ...