This paper tries to advance the perspective that the poor and the marginalized in society lack a sense of “participatory equity,†by building a new model where a person’s community identity matters, ex post, in determining if he or she will be poor, even though (unlike in the...

Inflation management is one of the hardest tasks an economic policymaker has to undertake. It appears, at first sight, that one can rely entirely on commonsense to carry out this task. But that will be a cardinal mistake. While inflation policy does require judgment and intuition, it is...

Major credit rating agencies give out the sovereign credit rating of each nation as an absolute grade. How other nations fare over the period under consideration does not matter in a particular nation’s rating score. This is very different from a comparative rating which would tell us...