Director, Full-Time MBA Program

& Associate Professor of Economics

Terry College of Business

University of Georgia

Athens, GA 30602

Phone: (706) 542-1709




University of Washington, Seattle, USA

      Ph.D., Economics, 2001


Delhi School of Economics, Delhi University, INDIA

      M.A., Economics, 1996


St. Xavier’s College, University of Calcutta, INDIA

      B.Sc.(First Class-Honors), Economics, 1994



University of Georgia

      Director, Full-Time MBA Program, August 2014-present

Associate Professor, Department of Economics (with tenure), August 2007-present

      Graduate Coordinator, Department of Economics, 2009-2013

      Assistant Professor, Department of Economics, August 2001-July 2007


Other Positions

University of Hamburg, Germany

      Visiting Scholar, 2008-present (summer semester)


Hamburg Institute of International Economics (HWWI), Germany

      Visiting Scholar, 2008-2009 (summer semester)


International Monetary Fund, Washington, D.C.

      Visiting Scholar (Research Department), November 2005


University of California, Berkeley

      Visiting Scholar, January-March 2000


National Bureau of Economic Research (NBER)

      Research Assistant (for Charles Engel), June-September 1999


Research Interests

      Macroeconomics, International Economics, Growth, Development, Public Policy



Graduate: Macroeconomic Theory (PhD), International Economics (PhD), Economic Growth (PhD), Business Macroeconomics (MBA), Macroeconomic Analysis for Business Leaders (EMBA)

Undergraduate: International Economics, Intermediate Macroeconomics, Economic Growth and Development, The International Business Environment




I.   Refereed Publications


[1] “To Spend the U.S. Government Surplus or Increase the Deficit? A Numerical Analysis of the Policy Options” (with S.J. Turnovsky). Journal of the Japanese and International Economies 16, p. 405-435 (2002).  NBER-CEPR Special Issue on Fiscal Adjustment (lead article).


[2] “Unilateral Capital Transfers, Public Investment, and Economic Growth” (with G. Sakoulis and S.J. Turnovsky).  European Economic Review, 47(6), p. 1077-1103 (2003).


[3] “Substitutability of Capital, Investment Costs, and Foreign Aid” (with S.J. Turnovsky) in S. Dowrick, R. Pitchford and S.J. Turnovsky (ed.), Economic Growth and Macroeconomic Dynamics: Recent Developments in Economic Theory.  Cambridge University Press (2004). 


[4] “Capital Income Taxes and Growth in a Stochastic Economy: A Numerical Analysis of the Role of Risk Aversion and Intertemporal Substitution” (with P. Guiliano and S.J. Turnovsky).  Journal of Public Economic Theory, 6(2), p. 277-310 (2004).


[5] “Financing Public Investment Through Foreign Aid: Consequences for Economic Growth and Welfare” (with S.J. Turnovsky).  Review of International Economics, 13(1), p. 20-44 (2005).


[6] “Capital Utilization, Economic Growth, and Convergence” Journal of Economic Dynamics and Control, 29(12), p. 2093-2124 (2005) (lead article).


[7] “Foreign Aid and Economic Growth: The Role of Flexible Labor Supply” (with S.J. Turnovsky). Journal of Development Economics, 84(1), p. 507-533 (2007).


[8] “Should the Private Sector Provide Public Capital?”  Macroeconomic Dynamics, 11 (3), p. 318-346 (2007).


[9] “How Misleading is Linearization? Evaluating the Dynamics of the Neoclassical Growth Model” (with M. Atolia and S. Turnovsky).  Journal of Economic Dynamics and Control 34, p. 1550-1571 (2010).


[10] “Infrastructure Provision and Macroeconomic Performance” (with AKM Mahbub Morshed).  Journal of Economic Dynamics and Control 35, p. 1151-1386 (2011).


[11] “The Dual Nature of Public Goods and Congestion: The Role of Fiscal Policy Revisited” (with Sugata Ghosh), Canadian Journal of Economics 44, p. 1471-1496 (2011).


[12] “Growth and Inequality: Dependence on the Time Path of Productivity Increase (and Other Structural Changes)” (with Manoj Atolia and Stephen Turnovsky), Journal of Economic Dynamics and Control 36, p. 331-348 (2012).


[13] “Where Has all the Money Gone? Foreign Aid and the Quest for Growth” (with P. Giuliano and I. Kaya). The B.E. Journal of Macroeconomics (Contributions) 12 (1), article 26, 1-34 (2012).


[14] “Infrastructure and Inequality” (with S. Turnovsky). European Economic Review 56, 1730-1745 (2012).


[15] “Got Water? Social Divisions and Access to Public Goods in Rural India” (with D. Balasubramaniam and D. Mustard).  Economica 81, 140-160 (2014).


[16] “Fiscal Policy and the Real Exchange Rate” (with A. Murzagulov). Macroeconomic Dynamics, forthcoming.


II.  Non-refereed Publications


Workbook for Methods of Macroeconomic Dynamics, Second Edition (with S.J. Turnovsky and M.K. Hendrickson). The MIT Press (2000).


Research in Progress


“The Macroeconomic Consequences of Remittances” (with Berrak Bahadir and Thomas Lebesmuehlbacher)


“Aid, Remittances, and the Informal Economy” (with S. Turnovsky)


 “The Distributional Consequences of Access to Safe Water and Sanitation on Child Nutrition in India: A Quantile Regressions Approach” (with D. Balasubramaniam and D. Mustard)





Academic Presentations


I.    Conference Presentations




II.   Invited Seminars, 2001-2013


Academic: Karlsruhe Institute of Technology, IMF Institute, Georgia State University, International Monetary Fund (Research Dept.), University of Hamburg, Hamburg Institute for International Economics, University of Tennessee, University of Florida, Florida State University, Southern Illinois University, Auburn University, University of Arkansas, University of Georgia, Louisiana State University, Georgia Institute of Technology, Clemson University, University of Kansas, University of Warwick, Emory University, and University of Washington.


Non-academic: Eastman Chemical Company, TradeSecure, Inc., GE Capital




I.    Teaching Awards



II.   Research Awards and Fellowships




Ph.D. Advising


Major Professor

            Azer Mursagulov (PhD, 2008; International Monetary Fund)

            Ilker Kaya (PhD, 2009; American University, UAE)

            Divya Balasubramaniam (PhD, 2010; Saint Joseph’s University)

            Mark Kelly (in progress)

            Thomas Lebesmuehlbacher (in progress)

Abhinav Narayanan (in progress)



            David Beckworth (PhD, 2003; Texas State University)

            Won-Joong Kim (PhD, 2005; Samsung Research Institute, Korea)

            Hakan Danis (PhD, 2009; BBVA Compass Bank)

            Ramaprasad Rajaram (PhD, 2010; GE Healthcare)

            Elkin Nurmmamadov (PhD, 2010; Central Bank of Azerbaijan)

            Ruxandra Brebenel (in progress)


Refereeing Activity:


Economic Journal, European Economic Review, Journal of Economic Growth, International Economic Review, Review of Economic Dynamics, Journal of Economic Dynamics and Control, Journal of International Economics, Journal of Public Economics, Journal of Development Economics, Economic Theory, Macroeconomic Dynamics, Economic Inquiry, Scandinavian Journal of Economics, Canadian Journal of Economics, Review of Development Economics, Journal of Public Economic Theory, Journal of Macroeconomics, Scottish Journal of Political Economy, Bulletin of Economic Research, Open Economies Review, Economics Bulletin, Japanese Economic Review, Journal of Income Inequality, Public Finance Review, Princeton University Press, Johns Hopkins University Press.