I am a PhD candidate in economics at the University of California, Irvine. My research interests are in Macroeconomic Policy, Monetary Economics, Behavioral Macroeconomics, Climate change and Macroeconomy. My current work focuses on how economic sentiments interact with fiscal policy in a currency union.

I will be on the job market in Academic Year 2022-23.


Job Market Paper

Fiscal Policy and Sentiments in a Monetary Union.
A non-technical summary of the paper is available at: Federal Reserve Bank of St. Louis.

Abstract: Members of a monetary union have limited control over monetary policy. This can elevate the role of fiscal policy as the primary macroeconomic tool against country-specific shocks. In this paper, I argue that fiscal policy is highly effective at stimulating output in countries via its impact on consumer sentiments. Using data for the European Economic and Monetary union, I provide evidence that the sentiments channel for fiscal policy is strongly present in peripheral European countries but absent in core countries. The impact of fiscal policy on consumer sentiments also make fiscal consolidation more costly in terms of output in peripheral countries. I validate my empirical findings using a New Keynesian model of currency union where agents form expectations based on non-fundamental factors (animal spirits) correlated with fiscal policy. I show the existence of a stronger response of output to fiscal policy through the latter's impact on consumer sentiments.

Working Papers

Stock Returns of Federal Reserve Officials. (with Cody Couture)
Abstract: This paper examines the trading behavior of members of the Federal Reserve’s Federal Open Market Committee (FOMC). We calculate the financial market returns of FOMC members relative to the overall market and examine if there is any evidence of abnormal returns. We also test whether FOMC members exhibit evidence of market timing around FOMC meeting dates. In both cases, we find no evidence of abnormal returns.

Unconventional Monetary Policy and Consumption.
Abstract: This paper provides empirical evidence on the role played by home mortgages in transmission of unconventional monetary policy. Using household level panel data on consumption, I show that the ability of households to refinance their mortgages and extract home equity, determines the efficacy of monetary policy in stimulating consumption. Homeowners who refinance their loan in response to an expansionary monetary policy shock consume more than other households. This heterogeneity is conditioned by local home prices. I find that mortgage owners who refinance their loan in states with higher house prices have higher consumption growth following an expansionary shock.

Work in Progress

Do Forecasters Check the Weather? Climatic Extremes and Inflation Forecast Errors.
(with Gunes Kamber and Roland Meeks)
Abstract: Central banks around the world depend on availability of reliable inflation forecasts to fulfil their core policy mandate of price stabilization. Climate change have raised concerns about higher macroeconomic volatility and the availability of accurate macroeconomic forecasts. In this paper we ask how the occurrence of temperature anomalies affect inflation forecast errors in a sample covering the last three decades. We find that forecasters make larger inflation forecast errors both on average in countries experiencing larger temperature anomalies, and also following an observed temperature anomaly. Forecast errors for EMDEs are particularly sensitive to temperature anomalies, with the largest impact occurring in the wake of a hot summer. Forecast disagreement, however, is almost unaffected by weather anomalies, suggesting private sector forecasters may not be attentive to them. Our results indicate the need to incorporate climate related indicators in forecasting frameworks, as recently done by many central banks.

Climate Change and Wealth Portfolio.
(with Vinod Dharmarajan)


I have been a Teaching Assistant (TA) at the Economics department since the Fall of 2017. As of Spring 2022, I have completed 16 quarters of instruction. As a TA, my prime responsibility is teaching multiple discussion sections with an average of 50 students each. Apart from teaching, my duties include holding office hours for students, reviewing, proctoring, and grading exams, and providing input into the development of future assignments and exams.

I have extensive experience in teaching principles and advanced macroeconomic courses. I have also taught courses in microeconomics and statistics. Below is a list of courses I have taught as a TA-

  • Econ 161B: International Money & Finance     (Winter 2018, 2020, 2021, 2022)
  • Econ 161A: Money and Banking             (Fall 2019)
  • Econ 140: Managerial Economics           (Spring 2018)
  • Econ 137W: Financial Markets and           (Spring 2020)
  •   the Macroeconomy
  • Econ 100C: Intermediate Economics III       (Spring 2019, 2020, 2022)
  • Econ 100A: Intermediate Economics I         (Fall 2018)
  • Econ 15B: Probability and Statistics II         (Winter 2019)
  • Econ 20A & 20B: Basic Economics           (Fall 2017, 2021, Summer 2019)

Curriculum Vitae

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Last Updated: 20th October 2022