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Raghuram Rajan

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance
at the University of Chicago’s Booth School. He was the Governor of the Reserve Bank of
India between 2013 and 2016, Vice-Chairman of the Board of the Bank for International
Settlements (2015-16) and Chief Economist at the International Monetary Fund (2003-
2006).

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  • Tuesday, 19 December, 2023
    Central banks
    Central banks are wrong to abandon key guardrails

    Emerging markets can teach us all a lesson about the importance of not relying solely on discretion

    The Federal Reserve building in Washington, DC
  • Monday, 14 August, 2023
    Global Economy
    Unilateral action on climate change can have unintended consequences

    Uncoordinated moves at a national level pose dangers for other countries, particularly poor ones

    Cooling towers at a coal-fired power station in Peitz, Germany
  • Friday, 10 March, 2023
    Federal Reserve
    Hard landing or harder one? The Fed may need to choose

    Beliefs in an immaculate disinflation with only mild job losses could soon be put to the test

  • Wednesday, 22 February, 2023
    Megan Greene
    QE has become ‘Hotel California’ for central banks

    While commercial lenders change behaviour when the balance sheet expands, they do not change it back when it shrinks

    Janet Yellen in 2017, when the then Fed chair said quantitative tightening would be ‘like watching paint dry’
  • Monday, 9 January, 2023
    Federal Reserve
    Central banks can’t win when it comes to credibility on inflation

    Institutions are scrambling to rebuild their toolkits to deal with the new regime

    Pedestrians walk past the US Federal Reserve building
  • Friday, 26 August, 2022
    Central banks
    Stop berating central banks and let them tackle inflation

    Despite their slow reaction, now is not the time for a radical redesign of their mandates

    An illustration of a central bank gliding towards the edge of a waterfall with notes of different denominations falling in the water
  • Friday, 6 May, 2022
    Global Economy
    We need to revitalise the world economy in inclusive ways

    It is hard but necessary for governments to reverse the trend towards deglobalisation

    Early morning commuters arriving for work
  • Tuesday, 2 November, 2021
    Climate change
    Reducing global emissions can be simple and self-financing

    The world needs a plan that supplants fuzzy commitments with real penalties for the big polluters

    Machinery used to fracture shale formations at a site near Mentone, Texas
  • Wednesday, 21 July, 2021
    Coronavirus economic impact
    A lopsided recovery from the pandemic bodes ill for emerging economies

    Advanced industrial countries can and should take measures to spur investment and growth around the globe

    A garment worker registers to receive a Covid vaccine in Bangladesh. Developing countries’ governments have very limited fiscal resources to support out-of-work households and shuttered firms
  • Sunday, 4 April, 2021
    Coronavirus economic impact
    A riot of US spending spells trouble for future generations

    Useful infrastructure investment makes better sense than badly designed handouts

  • Monday, 21 December, 2020
    Coronavirus
    State support for Covid-hit companies has to change

    The blanket help governments first provided needs to be better targeted and private expertise brought in

    James Ferguson illustration of Raghuram Rajan comment story ‘State support for Covid-hit companies has to change’
  • Thursday, 15 October, 2020
    Economists Exchange
    Raghuram Rajan: ‘Society has to find a new equilibrium’

    In the first of a series, the former Indian central banker explains why the solution to economic adversity is to strengthen local communities

  • Tuesday, 7 July, 2020
    Coronavirus economic impact
    Pursue self-interest by helping other economies too

    Industrialised Europe and Asia have contained the virus but elsewhere prospects are bleaker

    Ipanema beach in Rio de Janeiro last weekend. Brazil is an unfortunate standout, vying with the US for the largest number of identified new cases
  • Friday, 22 May, 2020
    Life & Arts
    The first thing I’ll do after lockdown is...

    Sailing the Med? Watching Arsenal? A hug? Christine Lagarde, Yuval Noah Harari, Carlo Rovelli and many more on their post-lockdown dream

  • Tuesday, 12 May, 2020
    Global Economy
    Business cannot simply awake from this coma and carry on

    It made sense to support everyone when the coronavirus crisis first hit but now hard choices are needed

    NEW YORK, NY - May 9: MANDATORY CREDIT Bill Tompkins/Getty Images GEM SPA Candy store closes. After months of struggles and rounds of social media campaigns, legendary East Village shop Gem Spa has announced that it will permanently close on May 9, 2020 in New York City. It"u2019s been a rocky year for the 1920s era newsstand where New York City"u2019s egg cream was reportedly born. In August last year, the shop announced that it was cutting back on items like newspapers and magazines and that it had lost its lottery and cigarette license which accoiunted for 8p percent of its revenue. May 9th, 2020. (Photo by Bill Tompkins/Getty Images)
  • Friday, 20 March, 2020
    Coronavirus
    Rich countries cannot win the war against coronavirus alone

    We need to fight this pandemic into submission everywhere in order to relax measures anywhere

  • Tuesday, 25 February, 2020
    Global inequality
    Thomas Piketty’s ‘Capital and Ideology’: scholarship without solutions

    The French economist’s data-driven analysis of inequality offers a flawed prospectus for change

    An area frequently used for homeless encampments near a highway ramp in San Francisco, Sept. 11, 2019. California Democrats have been energized by a wave of anti-Trump sentiment to enact a sweeping liberal agenda that in almost every way offers a counternarrative to Trump administration policies. (Jason Henry/The New York Times) Credit: New York Times / Redux / eyevine For further information please contact eyevine tel: +44 (0) 20 8709 8709 e-mail: info@eyevine.com www.eyevine.com
  • Tuesday, 17 December, 2019
    Climate change
    A fair and simple way to tax carbon emissions

    Rich countries that pump out more than average should pay into a fund that rewards low emitters

    FILE - In this Tuesday, Dec. 4, 2018 file photo, trucks line up on a highway in Frankfurt, Germany. Germany's parliament is poised to more than double the starting price for carbon dioxide emissions from the transport and heating industries when the charge is introduced in 2021. (AP Photo/Michael Probst, file)
  • Wednesday, 21 August, 2019
    Monetary policy
    Central bankers seek fresh policy tools to combat slowdown

    Record-low rates trigger hunt for stimulus measures at Jackson Hole gathering

    F3PJYC Tourists enjoy interior window view of famous & historic Jackson Lake Lodge; Grand Teton National Park; Wyoming, USA
  • Tuesday, 30 April, 2019
    Urban planning
    Investment alone cannot save distressed communities

    Policies for reviving such places have to dovetail with the interests of residents

    CHICAGO, IL - OCTOBER 16: Christian murals are painted on a storefront in the predominately Hispanic Pilsen neighborhood on October 16, 2017 in Chicago, Illinois. The U.S. Justice Department has accused four cities including Chicago, New York, New Orleans and Philadelphia of violating the law with their "sanctuary city" policies. (Photo by Scott Olson/Getty Images)
  • Wednesday, 24 April, 2019
    ExplainerBank of England
    Who will replace Mark Carney as Bank of England governor?

    Six names stand out in race to secure top job at UK’s central bank

    The search for Mark Carney’s replacement at the Bank of England has begun
  • Wednesday, 6 March, 2019
    US-China trade dispute
    Xi Jinping needs a trade deal just as much as Donald Trump does

    While elected leaders can blame predecessors in bad times, Beijing must appear unfailing

    US President Donald Trump (L) shakes hands with China's President Xi Jinping during a press conference at the Great Hall of the People in Beijing on November 9, 2017. - Donald Trump urged Chinese leader Xi Jinping to work "hard" and act fast to help resolve the North Korean nuclear crisis, during their meeting in Beijing Thursday, warning that "time is quickly running out". (Photo by Nicolas ASFOURI / AFP)
  • Wednesday, 6 March, 2019
    ReviewEconomics books
    Have markets and states forgotten about people?

    Raghuram Rajan’s The Third Pillar skilfully unpicks the tensions between capitalism, democracy and community

    NEW YORK, NY - JANUARY 30: New York's city council holds its second hearing questioning the city and state's deal that gave Amazon three billion dollars to move a second headquarters to Long Island City in Queens. City council members criticized Amazon for its anti-union policies and its alleged cooperation with immigration authorities. (Photo by Andrew Lichtenstein/Corbis via Getty Images)
  • Monday, 10 December, 2018
    FT People: Public affairs
    India’s central bank governor Urjit Patel resigns amid tense stand-off

    Reserve Bank of India head has been at odds with the government over its independence

    Urjit Patel cited ‘personal reasons’ for his decision to quit as central bank governor
  • Tuesday, 4 December, 2018
    US-China trade dispute
    Donald Trump and Xi Jinping must negotiate a careful trade deal

    Making China feel like a country under siege risks causing cold, or even hot, war

    BUENOS AIRES, ARGENTINA - NOVEMBER 30: President of the People's Republic of China Xi Jinping looks on during the plenary session on the opening day of Argentina G20 Leaders' Summit 2018 at Costa Salguero on November 30, 2018 in Buenos Aires, Argentina. (Photo by Amilcar Orfali/Getty Images)
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