Two research seminars on 12 Dec
10 DECEMBER, 2024: The Research and Publications Office at IIM Bangalore will host two research seminars – one by Prof. Ayushi Bajaj, Monash University, and the other by Prof. B Ravikumar, Federal Reserve Bank of St. Louis, on December 12, 2024.
Prof. Ayushi Bajaj, from the Economics area, will present her work on ‘Trade, Liquidity and Monetary Spillovers under Dollar Dominance’, at 2:30 pm on December 12, 2024, in Classroom P-22.
The US dollar is the dominant currency for international trade invoicing. Additionally, US dollar bonds have low returns reflecting a liquidity premium over other assets traded internationally. Using these facts in a two-country model with international trade and liquidity, Prof. Bajaj and her fellow-researchers find a striking difference in spillovers of monetary policy emanating from the dominant country as compared to its non-dominant trading partner. While firm entry falls in both countries in response to a contractionary monetary policy in the dominant country, it rises in the dominant country in response to the same shock from the non-dominant country. Interestingly, higher trade integration marginally increases unemployment in the dominant country but reduces it in the other.
Speaker Profile:
Ayushi Bajaj is a Senior Lecturer (Assistant Professor) at Monash University in Melbourne, Australia.
She joined the Department of Economics at Monash University as a Lecturer in 2017 after completing her PhD at University of California, Irvine. Her field of research is macro and monetary economics with a focus on theoretical analysis. Her ongoing research, teaching approach and policy-oriented writings are motivated by the fact that monetary institutions and policy can directly affect people’s livelihoods.
Webpage Link: https://sites.google.com/site/ayushibajaj/
The second seminar is on ‘Cross-country mortality convergence’ and Prof. B Ravikumar, Federal Reserve Bank of St. Louis, will present his work, at 4 pm in Classroom P-22 on 12th December.
Prof. Ravikumar and his fellow-researchers have developed a quantitative theory of age-specific mortality that focuses on individual decisions to adopt better health technology to reduce mortality risk. The expanded use of such technology generates a dynamic externality by decreasing the cost of adoption and increasing the future number of users. Their model generates a diffusion curve that determines the pace of mortality reduction. In contrast to Malthusian theory, their model explains the recent convergence of crude death rates across countries despite the lack of income convergence. Notably, the data reveal a dramatic reduction in the child-mortality gap between rich and poor countries, but not in the old-age-mortality gap. Their model is consistent with these facts.
Speaker Profile:
B. Ravikumar is a senior vice president and deputy director of research at the Federal Reserve Bank of St. Louis, which he joined in May 2011. His current research focuses on macroeconomics, international trade, and economic development. He received his Ph.D. in economics from the University of Iowa and his Master of Science in economics from Carnegie Mellon University. In addition, he has a master’s degree in industrial engineering from the National Institute for Training in Industrial Engineering, a bachelor’s degree in electrical engineering from the Indian Institute of Science, and a bachelor’s degree in physics from the University of Bombay, India.
Ravikumar is also a visiting professor of economics at Washington University in St. Louis. Before joining the Bank, he was on the faculty in the economics departments at the University of Iowa, Arizona State University, Pennsylvania State University, and University of Virginia.
Webpage Link: https://www.stlouisfed.org/research/economists/ravikumar
Two research seminars on 12 Dec
10 DECEMBER, 2024: The Research and Publications Office at IIM Bangalore will host two research seminars – one by Prof. Ayushi Bajaj, Monash University, and the other by Prof. B Ravikumar, Federal Reserve Bank of St. Louis, on December 12, 2024.
Prof. Ayushi Bajaj, from the Economics area, will present her work on ‘Trade, Liquidity and Monetary Spillovers under Dollar Dominance’, at 2:30 pm on December 12, 2024, in Classroom P-22.
The US dollar is the dominant currency for international trade invoicing. Additionally, US dollar bonds have low returns reflecting a liquidity premium over other assets traded internationally. Using these facts in a two-country model with international trade and liquidity, Prof. Bajaj and her fellow-researchers find a striking difference in spillovers of monetary policy emanating from the dominant country as compared to its non-dominant trading partner. While firm entry falls in both countries in response to a contractionary monetary policy in the dominant country, it rises in the dominant country in response to the same shock from the non-dominant country. Interestingly, higher trade integration marginally increases unemployment in the dominant country but reduces it in the other.
Speaker Profile:
Ayushi Bajaj is a Senior Lecturer (Assistant Professor) at Monash University in Melbourne, Australia.
She joined the Department of Economics at Monash University as a Lecturer in 2017 after completing her PhD at University of California, Irvine. Her field of research is macro and monetary economics with a focus on theoretical analysis. Her ongoing research, teaching approach and policy-oriented writings are motivated by the fact that monetary institutions and policy can directly affect people’s livelihoods.
Webpage Link: https://sites.google.com/site/ayushibajaj/
The second seminar is on ‘Cross-country mortality convergence’ and Prof. B Ravikumar, Federal Reserve Bank of St. Louis, will present his work, at 4 pm in Classroom P-22 on 12th December.
Prof. Ravikumar and his fellow-researchers have developed a quantitative theory of age-specific mortality that focuses on individual decisions to adopt better health technology to reduce mortality risk. The expanded use of such technology generates a dynamic externality by decreasing the cost of adoption and increasing the future number of users. Their model generates a diffusion curve that determines the pace of mortality reduction. In contrast to Malthusian theory, their model explains the recent convergence of crude death rates across countries despite the lack of income convergence. Notably, the data reveal a dramatic reduction in the child-mortality gap between rich and poor countries, but not in the old-age-mortality gap. Their model is consistent with these facts.
Speaker Profile:
B. Ravikumar is a senior vice president and deputy director of research at the Federal Reserve Bank of St. Louis, which he joined in May 2011. His current research focuses on macroeconomics, international trade, and economic development. He received his Ph.D. in economics from the University of Iowa and his Master of Science in economics from Carnegie Mellon University. In addition, he has a master’s degree in industrial engineering from the National Institute for Training in Industrial Engineering, a bachelor’s degree in electrical engineering from the Indian Institute of Science, and a bachelor’s degree in physics from the University of Bombay, India.
Ravikumar is also a visiting professor of economics at Washington University in St. Louis. Before joining the Bank, he was on the faculty in the economics departments at the University of Iowa, Arizona State University, Pennsylvania State University, and University of Virginia.
Webpage Link: https://www.stlouisfed.org/research/economists/ravikumar