Using a survey sample of students from a business school in India, we conduct an empirical analysis of different aspects of gift giving on the occasion of Diwali in lines with a similar analysis for Christmas in Waldfogel (1993). Based on simple OLS regression analysis, we find that accessories...

This paper studies the nature of optimal monetary policy under a Leviathan monetary authority in a microfounded model of money based on ?. Such a monetary authority is a reality whenever and wherever fiscal policy is a primary driver of the monetary policy. Under no commitment, we characterize...

In this paper, we use a dual currency Lagos-Wright model to explore the nature of optimal monetary policy under currency competition using different timing protocols. The central banks are utility maximizing players. To characterize equilibrium with reputation, we model the centralized market...

Research on state government spending in India shows that difference in political cohesiveness of the ruling political entity affects its spending choices. However, the evidence is not completely conclusive and there is a lack of a theoretical model backing the analysis. Also, economists and...

This paper studies the nature of optimal monetary policy under a utility-maximizing monetary authority in a micro-founded model of money based on Lagos and Wright (2005). Such a monetary authority represents a monopoly private money supplier or situations where fiscal policy drives monetary...