Research Associate

Center for Advance Financial Research and Learning

2018 – Present Mumbai, India

Worked on various project including:

  • “Distributional Impacts of Household Financial Inclusion Policies Across Countries” by Gautham Udupa and Fan Wang
  • “Estimating the New-Keynesian Phillip’s Curve for India” by Hariharan Jayashankar and Gautham Udupa
  • “DSGE for India” by Amartya Lahiri and Rajesh Singh.

Responsibilities include:

  • Conducting literature reviews
  • Collecting and managing a variety of datasets
  • Estimating models
  • Producing writeups on results

Research Associate


2017 – 2018 Bangalore, India

Assisted a project whose principal investigators were Arun Chandrasekhar, Melanie Morten and Alessandr Peters with a naturalistic field experiment trying to look at frictions to small firms expanding in India including moral hazard, limited commitment and hidden income.

Responsibilities include:

  • Coming up with design ideas for experiments
  • Managing logistics of the experiment like overseeing field staff, and coordinating vendors

Personal Projects

Replicating and extending the model of Beraja et al (2019)


This is the first paper to estimate the NKPC in India using labour share as the activity variable. New Keynesian theory argues that inflation dynamics are determined by the marginal cost of firms in the economy. Gali and Gertler (1999) argue that labour share tracks marginal cost more precisely than what is typically used in NKPC estimations - the output gap. We find that, in the Indian context, the labour share shows more a more consistent and desirable relationship with inflation across inflation measures. This is in stark contrast with the output gap, which gives seemingly opposite dynamic correlation properties depending on whether one uses CPI or the GDP deflator. This gives us confidence of the labour share being a better measure of marginal cost compared to the output gap. Our main estimates of the Phillip’s curve give us more statistically accurate estimates of the slope of the Phillip’s curve when using labour share as compared to the output gap.