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The Phillips curve shows the relationship between unemployment and inflation in an economy. Since its ‘discovery’ by New Zealand economist AW Phillips, it has become an essential tool to analyse macro-economic policy. The Phillips curve and fiscal policy Background After 1945, fiscal demand management became the general tool...

Prabhat Patnaik The European Central Bank last month pushed its benchmark interest rate to minus 0.5 per cent, which means that if it gives a loan of 100 euros then it would be paid back only 99.5 euros at the expiry of the loan. This has...

Jomo Kwame Sundaram and Anis Chowdhury Public or state development banking will be vital to achieving the Sustainable Development Goals, argues UNCTAD’s Trade and Development Report 2019 (TDR 2019). Ongoing World Bank led efforts seek to leverage private finance via shadow banking by using public money to guarantee handsome returns managed...

Edited by Vikas Rawal and Dorian Kalamvrezos Navarro The Global Economy of Pulses, a key research output of the International Year of Pulses 2016, has been released by the Food and Agriculture Organization of the United Nations (FAO). Bulk of the work for the report, edited...

Article Shared by  The below mentioned article provides an overview on the models of technical change in economic growth. Subject-Matter: Technical progress plays an imperative role in influencing the pace of economic growth. It is the technical change which results in an increased output per unit labour....

Prabhat Patnaik The news that India’s rank in 2019 according to the Global Hunger Index (GHI) was 102nd among the 117 countries for whom this index was calculated (it is not calculated for countries where hunger is not a problem), instead of causing consternation as it should...

Smitha Francis The stated objective of the regional comprehensive economic partnership (RCEP) agreement under negotiation is to integrate ASEAN countries and its bilateral free trade partners — Australia, China, India, Japan, New Zealand and South Korea— into a mega regional free trade area. This is the...

C. P. Chandrasekhar In an unusual and ill-advised move, the Reserve Bank of India issued a brief ‘clarification’ on October 1st which said: “There are rumours in some locations about certain banks including cooperative banks, resulting in anxiety among the depositors. RBI would like to assure...

Jomo Kwame Sundaram and Anis Chowdhury October 15, 2019 The OECD Secretariat published its proposed ‘unified approach’ to reform international tax rules to address tax challenges posed by digitalization on 9 October 2019. Under current rules, there is little chance of a company being taxed without its physical...