Raghuram Rajan

Economist

1963-02-03

Books by Raghuram Rajan

Saving capitalism from the capitalists
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The Third Pillar
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Fault lines
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Quotes by Raghuram Rajan

If developed countries' citizens want to feel slightly better about their economies' slow growth and high unemployment, they should contemplate how much worse matters could be without the institutions that they have.
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In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.
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Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected.
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If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.
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Competition is like a treadmill. If you stand still, you get swept off. But when you run, you can never really get ahead of the treadmill and cover new terrain - so you never run faster than the speed that is set.
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The difficulty in a number of Western democracies is that the playing field is being tilted. For many in the middle class, prosperity seems unattainable because a good education - today's passport to riches - is unaffordable.
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Endorsing unconventional monetary policies unquestioningly is tantamount to saying that it is acceptable to distort asset prices if there are other domestic constraints on growth.
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In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies.
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We should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees.
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Monetary policy is like juggling six balls... it is not 'interest rate up, interest rate down.' There is the exchange rate, there are long term yields, there are short term yields, there is credit growth.
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