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

• 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 (549-580). Springer Verlag. https://doi.org/10.1007/978-81-322-2840-0_17
• 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
• 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, (204-217). Allied Publishers
• 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) (68-75). University of Calcutta
• 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 (3-29). Springer Verlag
• Basu, P. (1984). Auctioning Approach to Market Equilibrium. In P. Basu, R. Byrns, & G. Stone (Eds.), Great Ideas for Teaching Economics (33-34). Scott Foresman and Company

Journal Article

• Basu, P., Raj S. N, R., & Sen, K. (2024). Payment delay in workfare programmes and household welfare: Theory and some evidence from India. Manchester School, 92(2), 93-121. https://doi.org/10.1111/manc.12460
• Basu, P., Chivers, D., & Park, C. (2024). Labour immobility between industries: Consequences for the macroeconomy. Economic Systems, Article 101184. https://doi.org/10.1016/j.ecosys.2024.101184
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• Banerjee, S., & Basu, P. (2019). Technology Shocks and Business Cycles in India. Macroeconomic Dynamics, 23(5), 1721-1756. https://doi.org/10.1017/s1365100517000438
• Banerji, S., & Basu, P. (2017). Universal Banking, Asymmetric Information and the Stock Market. Economic Modelling, 60, 180-193. https://doi.org/10.1016/j.econmod.2016.09.009
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• 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
• Basu, P., & Gavin, W. (2010). What explains the growth in commodity derivatives?. Review - Federal Reserve Bank of St. Louis, 93(1), 37-48
• 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
• 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
• 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
• Basu, P., & Guariglia, A. (2008). Does Low Education Delay Structural Transformation?. Southern Economic Journal, 75(1), 104-127
• Basu, P., & Guariglia, A. (2007). Foreign Direct Investment, inequality and growth. Journal of Macroeconomics, 29, 824-839
• Basu, P., & Renstrom, T. (2007). Optimal Dynamic Labour Taxation. Macroeconomic Dynamics, 11, 567-588
• 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
• 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
• Basu, P., & Morey, M. (2005). Trade Opening and the Behavior of Emerging Stock Market Prices. Journal of Economic Integration,
• Basu, P., Renstrom, T., & Marsiliani, L. (2004). Optimal Dynamic Taxation with Indivisible Labor. Manchester School, 72, 34-54
• 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
• 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
• Basu, P., & Chakraborty, C. (2002). Foreign Direct Investment and Growth in India: A Cointegration Analysis. Applied Economics, 34(9), 1061-1073
• 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
• Basu, P., & Samanta, P. (2001). Volatility and stock prices : Implications from a production model of asset pricing. Economics Letters, 70(2-3), 229-235
• Basu, P., & Ghosh, S. (2001). Tax Rate Uncertainty and Optimal Labor Supply Decision in a
• Basu, P., & Salyer, K. (2001). Modeling Money Demand in Growing Economies. Bulletin of Economic Research, 53(1), 53-60
• Basu, P., Ghosh, S., & Kallianioti, I. (2001). Interest Rate Risk, Labor Supply and Unemployment. Economic Modelling, 18, 223-231
• Basu, P. (2001). Seigniorage, reserve ratio and growth. Journal of Macroeconomics, 23(3), 397-416
• Basu, P., & Banerjee, A. (2001). A Re-examination of Excess Smoothness Puzzle when Consumers Estimate the Income Process. Journal of Forecasting, 20, 357-366
• Basu, P., Morey, M., & Kawasaki., H. (2000). Emerging Markets, Liberalization and the Stationarity of Real Stock Prices
• Basu, P., & Morey, M. (1998). Stock Prices in India after Economic Liberalization. Economic and political weekly, 33(7), 355-58
• Basu, P., & Reside, R. (1996). Inflation, Growth and Policy Coordination
• Basu, P. (1996). Proportional Income Tax and Ricardian Equivalence in a Nonexpected Utility Maximizing Model. Southern Economic Journal, 233-244
• 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
• Basu, P., & Dua, P. (1996). Velocity Instability: Real or Monetary Phenomenon?. Applied Economics Letters, 3, https://doi.org/10.1080/758530652
• Basu, P., & Vinod, H. (1995). Consumption, Income and Real Interest Rates in Alternative State Space Models. International Journal of Forecasting, 11(2), 217-231
• 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
• Basu, P. (1994). Capital Risk and Consumption Puzzles: A Pedagogical Note
• Basu, P., & Ghosh, S. (1993). Savings under General Changes in Uncertainty: A Nonexpected Utility Maximizing Approach. Southern Economic Journal,
• Basu, P. (1993). Mean Reversion in GNP and Stock Prices: An Adjustment Cost Hypothesis. Kyklos, 46(Fasc. 1), 87-104
• Basu, P., & McLeod, D. (1991). Terms of Trade, and Economic Fluctuations in Developing Countries. Journal of Development Economics, 37, 89-110
• Basu, P. (1991). Local Expectations Hypothesis in a Production Economy
• Basu, P. (1990). A Martingale Theory of Asset Prices in a Production Economy. Mathematical Social Sciences, 20, 215-225
• Basu, P. (1990). Business Cycles with Endogenous Growth: A Parametric Example. Journal of Macroeconomics, 12(3, Summer), 475-481
• Basu, P. (1987). An Optimal Redistributive Capital Income Tax for an Economy with Public Investment. Economics Letters, 23(1), 79-82
• Basu, P. (1987). An Adjustment Cost Model of Asset Pricing. International Economic Review, 28(3), 609-621
• Basu, P., & Chib, S. (1985). Equity Premium in a Production Economy A Parametric Example. Economics Letters, 18, 53-58

Newspaper/Magazine Article

• Basu, P. (in press). The Road to Sustainable Development. [Online news article]
• Basu, P. (2024). How is the world after the pandemic?. [Ei Samay]
• Basu, P. (2024). Future of the Kirana stores in India. [Anadabazar Patrika]
• Basu, P. (2023). The labour shortage has become a major problem in the western world. [Online article]
• Basu, P. (2023). Memory, Loss and the Aging Crisis. [Online newspaper]

Other (Print)

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