Staff profile

Prior to joining Durham, Professor Basu held positions at Fordham University and Case Western Reserve University in the United States. He has held visiting positions for research and teaching at various universities and research institutes which include University of Essex in the UK, Tilburg University in the Netherlands, University of Sydney in Australia, Auckland University in New Zealand, Indira Gandhi Institute of Development Research In India, Federal Reserve Banks in Minneapolis and St Louis in the United States. He served on the scientific committee of an EU sponsored project in 2010-11, as a Senior Research Consultant at the National Council of Applied Economic Research in 2014 and a visiting scholar at the Bank of Japan. Parantap has published widely in various fields of Macroeconomics which include Macro-Finance, Growth and Development, Business Cycle Theory.

Professor Basu is currently the Co-Director of the Centre for Macroeconomic Policy (CEMAP) at Durham University Business School.

Parantap is an Associate Editor of Economic Modelling. He is a recipient of the Hindrattan (Jewel of India) award in 2020. 

Personal webpage

Mini Biography

 

• Asset Pricing
• Business Cycles
• Growth and Inequality

Chapter in book

• Is India ready for digital currency?
  
  Basu, P. (2024). Is India ready for digital currency?. In C. Biswajit & J. Sasmal (Eds.), The Indian Economy @ 75: Successes and Challenges. Routledge. https://doi.org/10.4324/9781003416074
• Indian Economy During the Era of Quantitative Easing: A Dynamic Stochastic General Equilibrium Perspective
  
  Banerjee, S., & Basu, P. (2016). Indian Economy During the Era of Quantitative Easing: A Dynamic Stochastic General Equilibrium Perspective. In C. Ghate & K. M. Kletzer (Eds.), Monetary policy in India : a modern macroeconomic perspective. (pp. 549-580). Springer Verlag. https://doi.org/10.1007/978-81-322-2840-0_17
• Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development?
  
  Basu, P. (2009). Too Hungry to Read: Is an Education Subsidy a Misguided Policy for Development?. In R. Brent (Ed.), Handbook of Research in Cost Benefit Analysis.. Edward Elgar Publishing.
• Long-run Relation between Manufacturing and Agricultural Prices in India:
  
  Basu, P., & Ray, S. (1998). Long-run Relation between Manufacturing and Agricultural Prices in India:. In R. Mukherjee & S. Chakravorty (Eds.), Quantitative Economics: Theory and Practice, (pp. 204-217). Allied Publishers.
• Monetary Uncertainty, Velocity and the Nominal Interest Rate: An Explanatory Note
  
  Basu, P. (1996). Monetary Uncertainty, Velocity and the Nominal Interest Rate: An Explanatory Note. In Economic Theory, Trade and Quantitative Economics (Essays in Honour of Professor P.N. Roy). (pp. 68-75). University of Calcutta.
• Reestimating the Cost of Production in a Fuzzy Technological Environment
  
  Basu, P., & Vinod, H. (1990). Reestimating the Cost of Production in a Fuzzy Technological Environment. In W. Greer & D. Jr. Nussbaum (Eds.), Cost Analysis and Estimating Tools and Techniques (pp. 3-29). Springer-Verlag.
• Auctioning Approach to Market Equilibrium
  
  Basu, P. (1984). Auctioning Approach to Market Equilibrium. In P. Basu, R. Byrns, & G. Stone (Eds.), Great Ideas for Teaching Economics (pp. 33-34). Scott Foresman and Company.

Journal Article

• Bitcoins and Central Bank Digital Currency in a Simple Real Business Cycle Model
  
  Basu, P. (2025). Bitcoins and Central Bank Digital Currency in a Simple Real Business Cycle Model. South Asian Journal of Macroeconomics and Public Finance. Advance online publication. https://doi.org/10.1177/22779787251338905
• Rural–Urban Divide of COVID-19 Fatalities in India—Investigating the Role of Lifestyle Disorder Diseases
  
  Basu, P., Das, S., Dutta Choudhury, A., Mazumder, R., & Sengupta, M. (2025). Rural–Urban Divide of COVID-19 Fatalities in India—Investigating the Role of Lifestyle Disorder Diseases. Journal of Quantitative Economics, 23(1), 33-58. https://doi.org/10.1007/s40953-024-00422-w
• Trilemma or Trinity? The nexus of economic growth, circular economy and net zero
  
  Basu, P., Jamasb, T., & Sen, A. (2024). Trilemma or Trinity? The nexus of economic growth, circular economy and net zero. Energy Economics, 138, Article 107844. https://doi.org/10.1016/j.eneco.2024.107844
• Labour immobility between industries: Consequences for the macroeconomy
  
  Basu, P., Chivers, D., & Park, C. (2024). Labour immobility between industries: Consequences for the macroeconomy. Economic Systems, 48(2), Article 101184. https://doi.org/10.1016/j.ecosys.2024.101184
• Payment delay in workfare programmes and household welfare: Theory and some evidence from India
  
  Basu, P., Raj S. N, R., & Sen, K. (2024). Payment delay in workfare programmes and household welfare: Theory and some evidence from India. The Manchester School, 92(2), 93-121. https://doi.org/10.1111/manc.12460
• Unconventional Monetary Policy and the Bond Market in Japan: A New Keynesian Perspective
  
  Basu, P., & Wada, K. (2023). Unconventional Monetary Policy and the Bond Market in Japan: A New Keynesian Perspective. Japan and the World Economy, 67, Article 101207. https://doi.org/10.1016/j.japwor.2023.101207
• Cross-country Disparities in Skill Premium and Skill Acquisition
  
  Banerjee, A., Basu, P., & Keller, E. (2023). Cross-country Disparities in Skill Premium and Skill Acquisition. Economic Inquiry, 61(1), 179-198. https://doi.org/10.1111/ecin.13107
• COVID Social Distancing and the Poor: An Analysis of the Evidence for England
  
  Basu, P., Bell, C., & Edwards, T. H. (2022). COVID Social Distancing and the Poor: An Analysis of the Evidence for England. BE Journal of Macroeconomics, 22(1), 211-240. https://doi.org/10.1515/bejm-2020-0250
• Regional Disparity of Covid-19 Infections: An Investigation using State Level Indian Data
  
  Basu, P., & Mazumder, R. (2021). Regional Disparity of Covid-19 Infections: An Investigation using State Level Indian Data. Indian Economic Review., 56(1), 215-232. https://doi.org/10.1007/s41775-021-00113-w
• A Monetary Business Cycle Model for India
  
  Banerjee, S., Basu, P., & Ghate, C. (2020). A Monetary Business Cycle Model for India. Economic Inquiry, 58(3), 1362-1386. https://doi.org/10.1111/ecin.12855
• Redistributive Innovation Policy, Inequality and Efficiency
  
  Basu, P., & Getachew, Y. (2020). Redistributive Innovation Policy, Inequality and Efficiency. Journal of Public Economic Theory, 22(3), 532-554. https://doi.org/10.1111/jpet.12386
• Capital adjustment cost and inconsistency in income based dynamic panel models with fixed effects
  
  Basu, P., Bhattarai, K., & Getachew, Y. (2019). Capital adjustment cost and inconsistency in income based dynamic panel models with fixed effects. German Economic Review, 20(4), e1002-e1018. https://doi.org/10.1111/geer.12202
• Technology Shocks and Business Cycles in India
  
  Banerjee, S., & Basu, P. (2019). Technology Shocks and Business Cycles in India. Macroeconomic Dynamics, 23(5), 1721-1756. https://doi.org/10.1017/s1365100517000438
• Universal Banking, Asymmetric Information and the Stock Market
  
  Banerji, S., & Basu, P. (2017). Universal Banking, Asymmetric Information and the Stock Market. Ecological Modelling, 60, 180-193. https://doi.org/10.1016/j.econmod.2016.09.009
• Partial Inflation Indexation and Long-run Inflation Targeting in a Growing Economy: A Comparison of Calvo and Rotemberg Pricing Models
  
  Basu, P., & Sarkar, A. (2016). Partial Inflation Indexation and Long-run Inflation Targeting in a Growing Economy: A Comparison of Calvo and Rotemberg Pricing Models. Journal of Macroeconomics, 50, 293-306. https://doi.org/10.1016/j.jmacro.2016.10.001
• Negative Correlation between Stock and Futures Returns: An Unexploited Hedging Opportunity?
  
  Basu, P., & Gavin, W. (2016). Negative Correlation between Stock and Futures Returns: An Unexploited Hedging Opportunity?. Bulletin of Economic Research, 69(3), 209-215. https://doi.org/10.1111/boer.12090
• An adjustment cost model of social mobility
  
  Basu, P., & Getachew, Y. (2015). An adjustment cost model of social mobility. Journal of Macroeconomics, 44, 177-190. https://doi.org/10.1016/j.jmacro.2015.02.008
• Borrower’s moral hazard, risk premium, and welfare : a comparison of universal and stand-alone banking systems
  
  Banerji, S., & Basu, P. (2015). Borrower’s moral hazard, risk premium, and welfare : a comparison of universal and stand-alone banking systems. Journal of Economic Asymmetries, 12(1), 61-72. https://doi.org/10.1016/j.jeca.2015.01.003
• Productive Government Purchases and the Real Exchange Rate.
  
  Basu, P., & Kollmann, R. (2013). Productive Government Purchases and the Real Exchange Rate. Manchester School, 81(4), 461-469. https://doi.org/10.1111/j.1467-9957.2012.02295.x
• Inflation, Human Capital and Tobin's q.
  
  Basu, P., Gillman, M., & Pearlman, J. (2012). Inflation, Human Capital and Tobin’s q. Journal of Economic Dynamics and Control, 36(7), 1057-1074. https://doi.org/10.1016/j.jedc.2012.02.004
• Cognitive Skills, Openness and Growth
  
  Basu, P., & Bhattarai, K. (2012). Cognitive Skills, Openness and Growth. Economic Record, 88(280), 18-38. https://doi.org/10.1111/j.1475-4932.2011.00764.x
• Government Bias in Education, Schooling Attainment and Long-run Growth.
  
  Basu, P., & Bhattarai, K. (2012). Government Bias in Education, Schooling Attainment and Long-run Growth. Southern Economic Journal, 79(1), 127-143. https://doi.org/10.4284/0038-4038-79.1.127
• Uninsurable Risk and Financial Market Puzzles
  
  Basu, P., Semenov, A., & Wada, K. (2011). Uninsurable Risk and Financial Market Puzzles. Journal of International Money and Finance, 30(6), 1055-1089. https://doi.org/10.1016/j.jimonfin.2011.05.012
• International business cycles and the relative price of investment goods
  
  Basu, P., & Thoenissen, C. (2011). International business cycles and the relative price of investment goods. Canadian Journal of Economics, 44(2), 580-606. https://doi.org/10.1111/j.1540-5982.2011.01645.x
• What explains the growth in commodity derivatives?
  
  Basu, P., & Gavin, W. (2010). What explains the growth in commodity derivatives?. Review, 93(1), 37-48.
• A New Methodology for Studying the Equity Premium
  
  Basu, P., & Appelbaum, E. (2010). A New Methodology for Studying the Equity Premium. Annals of Operations Research, 176(1), 109-126. https://doi.org/10.1007/s10479-008-0484-1
• Government Purchases and the Real Exchange Rate: A Comment
  
  Basu, P. (2010). Government Purchases and the Real Exchange Rate: A Comment. Open Economies Review, 21(1), 65-67. https://doi.org/10.1007/s11079-009-9154-4
• Understanding Labour Market Frictions: An Asset Pricing Approach
  
  Basu, P. (2009). Understanding Labour Market Frictions: An Asset Pricing Approach. Bulletin of Economic Research, 61(4), 305-324. https://doi.org/10.1111/j.1467-8586.2008.00295.x
• Does Low Education Delay Structural Transformation?
  
  Basu, P., & Guariglia, A. (2008). Does Low Education Delay Structural Transformation?. Southern Economic Journal, 75(1), 104-127.
• Foreign Direct Investment, inequality and growth.
  
  Basu, P., & Guariglia, A. (2007). Foreign Direct Investment, inequality and growth. Journal of Macroeconomics, 29, 824-839.
• Optimal Dynamic Labour Taxation.
  
  Basu, P., & Renstrom, T. (2007). Optimal Dynamic Labour Taxation. Macroeconomic Dynamics, 11, 567-588.
• Is low international risk sharing consistent with a high equity premium? A reconciliation of two puzzles
  
  Basu, P., & Wada, K. (2006). Is low international risk sharing consistent with a high equity premium? A reconciliation of two puzzles. Economics Letters, 93(3), 436-442. https://doi.org/10.1016/j.econlet.2006.06.018
• What drives the cross-country growth and inequality correlation?
  
  Basu, P., & Bandyopadhyay, D. (2005). What drives the cross-country growth and inequality correlation?. Canadian Journal of Economics, 38(4), 1272-1297. https://doi.org/10.1111/j.0008-4085.2005.00325.x
• Optimal Dynamic Taxation with Indivisible Labor
  
  Basu, P., Renstrom, T., & Marsiliani, L. (2004). Optimal Dynamic Taxation with Indivisible Labor. Manchester School, 72, 34-54.
• Liberalization, FDI and growth in developing countries: A panel cointegration approach
  
  Basu, P., Chakraborty, C., & Reagle, D. (2003). Liberalization, FDI and growth in developing countries: A panel cointegration approach. Economic Inquiry, 41(3), 510-516. https://doi.org/10.1093/ei/cbg024
• Liquidity constraints and the firms' investment return behavior
  
  Basu, P., & Guariglia, A. (2002). Liquidity constraints and the firms’ investment return behavior. Economica, 69(276), 563-581. https://doi.org/10.1111/1468-0335.00301
• Foreign Direct Investment and Growth in India: A Cointegration Analysis
  
  Basu, P., & Chakraborty, C. (2002). Foreign Direct Investment and Growth in India: A Cointegration Analysis. Applied Economics, 34(9), 1061-1073.
• Redistributive Tax and Growth in a Model with Discrete Occupational Choice
  
  Bandyopadhyay, D., & Basu, P. (2001). Redistributive Tax and Growth in a Model with Discrete Occupational Choice. Australian Economic Papers, 40(2), 111-132. https://doi.org/10.1111/1467-8454.00116
• Volatility and stock prices : Implications from a production model of asset pricing.
  
  Basu, P., & Samanta, P. (2001). Volatility and stock prices : Implications from a production model of asset pricing. Economics Letters, 70(2-3), 229-235.
• Seigniorage, reserve ratio and growth.
  
  Basu, P. (2001). Seigniorage, reserve ratio and growth. Journal of Macroeconomics, 23(3), 397-416.
• Modeling Money Demand in Growing Economies
  
  Basu, P., & Salyer, K. (2001). Modeling Money Demand in Growing Economies. Bulletin of Economic Research, 53(1), 53-60.
• Interest Rate Risk, Labor Supply and Unemployment
  
  Basu, P., Ghosh, S., & Kallianioti, I. (2001). Interest Rate Risk, Labor Supply and Unemployment. Ecological Modelling, 18, 223-231.
• A Re-examination of Excess Smoothness Puzzle when Consumers Estimate the Income Process
  
  Basu, P., & Banerjee, A. (2001). A Re-examination of Excess Smoothness Puzzle when Consumers Estimate the Income Process. Journal of Forecasting, 20, 357-366.
• Stock Prices in India after Economic Liberalization
  
  Basu, P., & Morey, M. (1998). Stock Prices in India after Economic Liberalization. Economic and Political Weekly., 33(7), 355-58.
• Proportional Income Tax and Ricardian Equivalence in a Nonexpected Utility Maximizing Model
  
  Basu, P. (1996). Proportional Income Tax and Ricardian Equivalence in a Nonexpected Utility Maximizing Model. Southern Economic Journal, 63(1), 233-244.
• Behavior of Velocity and the Nominal Interest Rate in a Cash-in-Advance Model
  
  Basu, P., & Dua, P. (1996). Behavior of Velocity and the Nominal Interest Rate in a Cash-in-Advance Model. Journal of Macroeconomics, 18(3), 463-478.
• Velocity Instability: Real or Monetary Phenomenon?
  
  Basu, P., & Dua, P. (1996). Velocity Instability: Real or Monetary Phenomenon?. Applied Economics Letters, 3. https://doi.org/10.1080/758530652
• Consumption, Income and Real Interest Rates in Alternative State Space Models
  
  Basu, P., & Vinod, H. (1995). Consumption, Income and Real Interest Rates in Alternative State Space Models. International Journal of Forecasting, 11(2), 217-231.
• Tax Rate Uncertainty and Sensitivity of Consumption to Income in an Overlapping Generations Model
  
  Basu, P. (1995). Tax Rate Uncertainty and Sensitivity of Consumption to Income in an Overlapping Generations Model. Journal of Economic Dynamics and Control, 19(1-2), 421-439.
• Capital Risk and Consumption Puzzles: A Pedagogical Note
  
  Basu, P. (1994). Capital Risk and Consumption Puzzles: A Pedagogical Note. Zeitschrift Fur Nationalokonomie, 60(1), 99-107.
• Savings under General Changes in Uncertainty: A Nonexpected Utility Maximizing Approach
  
  Basu, P., & Ghosh, S. (1993). Savings under General Changes in Uncertainty: A Nonexpected Utility Maximizing Approach. Southern Economic Journal, 60(1), 119-127.
• Mean Reversion in GNP and Stock Prices: An Adjustment Cost Hypothesis
  
  Basu, P. (1993). Mean Reversion in GNP and Stock Prices: An Adjustment Cost Hypothesis. Kyklos, 46(Fasc. 1), 87-104.
• Terms of Trade, and Economic Fluctuations in Developing Countries
  
  Basu, P., & McLeod, D. (1991). Terms of Trade, and Economic Fluctuations in Developing Countries. Journal of Development Economics, 37, 89-110.
• Local Expectations Hypothesis in a Production Economy
  
  Basu, P. (1991). Local Expectations Hypothesis in a Production Economy. Rivista Internazionale Di Scienze Economiche E Commerciali, 38(8), 719-724.
• Business Cycles with Endogenous Growth: A Parametric Example
  
  Basu, P. (1990). Business Cycles with Endogenous Growth: A Parametric Example. Journal of Macroeconomics, 12(3, Summer), 475-481.
• A Martingale Theory of Asset Prices in a Production Economy
  
  Basu, P. (1990). A Martingale Theory of Asset Prices in a Production Economy. Mathematical Social Sciences, 20, 215-225.
• An Adjustment Cost Model of Asset Pricing
  
  Basu, P. (1987). An Adjustment Cost Model of Asset Pricing. International Economic Review, 28(3), 609-621.
• An Optimal Redistributive Capital Income Tax for an Economy with Public Investment
  
  Basu, P. (1987). An Optimal Redistributive Capital Income Tax for an Economy with Public Investment. Economics Letters, 23(1), 79-82.
• Equity Premium in a Production Economy A Parametric Example
  
  Basu, P., & Chib, S. (1985). Equity Premium in a Production Economy A Parametric Example. Economics Letters, 18, 53-58.

Newspaper/Magazine Article

• Terrible Tariffonomics?
  
  Basu, P. (2025, February 25). Terrible Tariffonomics?. Millennium Post.
• The popularity paradox
  
  Basu, P. (2024, October 26). The popularity paradox. The Popularity Paradox.
• Donald Trump: Elections, rust-belts and Trump
  
  Basu, P. (2024, October 16). Donald Trump: Elections, rust-belts and Trump. Donald Trump: Elections, Rust-Belts and Trump.
• It's not selfish
  
  Basu, P. (2024, May 13). It’s not selfish.
• How is the world after the pandemic?
  
  Basu, P. (2024, February 22). How is the world after the pandemic?. Ei Samay.
• Future of the Kirana stores in India
  
  Basu, P. (2024, January 16). Future of the Kirana stores in India. Anadabazar Patrika.
• The labour shortage has become a major problem in the western world
  
  Basu, P. (2023, November 7). The labour shortage has become a major problem in the western world. Anandabazar.
• Memory, Loss and the Aging Crisis
  
  Basu, P. (2023, August 21). Memory, Loss and the Aging Crisis. Anandabazar.
• The Road to Sustainable Development
  
  Basu, P. (2023, July 17). The Road to Sustainable Development. Anandabazar.

Other (Print)

• Refined repetition
  
  Basu, P. (in press). Refined repetition. Millenium Post.
• Cushioning a crisis
  
  Basu, P. (2023). Cushioning a crisis. MillenniumPost.
• Demonetization: Reasons behind the demonetization of the 2000 Currency Note
  
  Basu, P. (2023). Demonetization: Reasons behind the demonetization of the 2000 Currency Note. Ananda Bazar.
• Silicon Valley Bank The new danger in banking?
  
  Basu, P. (2023). Silicon Valley BankThe new danger in banking?. Anandabazar Patrika.
• Government debt: Does the government's debt mean bad?
  
  Basu, P. (2023). Government debt: Does the government’s debt mean bad?. Anandabazar Patrika.
• An illusory Phillips curve: Is now the right time for a rate hike?
  
  Basu, P. (2022). An illusory Phillips curve: Is now the right time for a rate hike?. Ideas for India.
• Beware of digital currency
  
  Basu, P. (2022). Beware of digital currency. Anandabazar Patrika.
• Does Revenue rise when tax rate is lowered? Reflections on Truss-Sunak debate on tax policy
  
  Basu, P. (2022). Does Revenue rise when tax rate is lowered? Reflections on Truss-Sunak debate on tax policy. Anandabazar Patrika.
• Inflation is looming all over the world
  
  Basu, P. (2022). Inflation is looming all over the world. Anandabazar Patrika.
• Need growth with economic balance: Reflections on the budget of 2021
  
  Basu, P. (2021). Need growth with economic balance: Reflections on the budget of 2021. Anandabazar Patrika.
• Age composition of population and Covid-19
  
  Basu, P., & Sen, K. (2020). Age composition of population and Covid-19. Ideas for India.
• Where are all Covid victims in India and where should vaccines go?
  
  Basu, P., & Mazumder, R. (2020). Where are all Covid victims in India and where should vaccines go?. ET HealthWorld.
• To lockdown or not to lockdown
  
  Basu, P. (2020). To lockdown or not to lockdown. Millennium Post.