How does access to finance impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform...

The thought-provoking book presents alternative viewpoints to mainstream macroeconomic theory, questions conventional policy wisdom and suggests a systematic re-orientation of current macroeconomic and financial regulatory policies in India. The New Consensus Macroeconomics (NCM), which...