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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).

  • Sunday, 25 August, 2024
    Central banks
    Central banks should raise the bar for intervention

    Economic stabilisation may, paradoxically, raise the chances of financial market instability

    Jerome Powell, chairman of the US Federal Reserve, from left, Tiff Macklem, governor of the Bank of Canada, and Andrew Bailey, governor of the Bank of England
  • Sunday, 16 June, 2024
    FT News Briefing podcast43 min listen
    Martin Wolf and Raghuram Rajan on democracy’s year of peril

    The FT’s chief economics commentator speaks with the renowned Indian economist

  • Sunday, 9 June, 2024
    Indian politics & policy
    Reform may be the winner in the Indian election

    The setback to Modi’s high-handed style of rule can galvanise the economy and make the country a reliable partner

    Narendra Modi
  • Monday, 13 May, 2024
    Indian economy
    Trading democracy for prosperity is a false choice for Indians

    Modi’s government is popular despite the lived economic experience of people, not because of it

    People wearing orange jump suits hold up several cutouts of Narendra Modi, the Indian prime minister
  • Thursday, 21 March, 2024
    Global trade
    The world needs reminding — governments are not good at picking winners

    To break the vicious protectionist cycle, we need new rules of the game

    A cargo ship passes under a road bridge
  • 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)
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