This paper pursues a computationally intensive approach to generate future inflation, followed by an exploration of the determinants of inflation expectations by estimating a new Keynesian type Phillips curve that takes into account country-specific characteristics, the stance of monetary and fiscal policies, marginal costs and exogenous supply shocks. The empirical results indicate that high and climbing inflation could easily seep into people’s anticipation of future inflation and linger. There is a reputational bonus for monetary policy to act against inflation now rather than going for cold turkey when societal compulsions reach a critical mass.
Law of one price continues to be a central tenet of Financial Economics. This book is devoted towards examining law of one price in the context of dually-listed shares of Indian companies. Put simply, this book delves on the relationship between the prices of domestic shares issued by Indian companies and the prices of foreign shares issued by the same companies. It also examines the evolving uncertainty in relationships between such dually-listed shares issued by Indian companies. It draws upon the insights that we garnered over the years while working on technical papers in this area. The book, thus, undertakes concerted efforts to present facts in a manner that sensitise and meaningfully inform readers of the prevalent breadth and depth of dual-listing (cross-listing) landscape globally and more so, locally (India).
Set against a backdrop of financial-sector reforms in India, this analysis explores theories and empirical evidence regarding the behavior of commercial banks and their reactions to centralized monetary policy. A comprehensive account of the credit channels of monetary transmission is presented along with observations of the modified IS-LM model within the independent banking sector. Progressive issues such as future consolidation of the banking sector are also addressed. Ultimately, not all commercial banks react uniformly to monetary policy, as ownership, size, liquidity, and capitalization play key roles in determining individual responses.
This paper traces the story of Indian financial sector over the period 1950–2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., (a) the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; (b) the 1970s and 1980s that experienced the process of financial development across the country under government auspices, accompanied by a degree of financial repression; and (c) the period since the 1990s till date, that has been characterized by gradual and calibrated financial deepening and liberalization. Focusing more the third period, the paper argues that as a consequence of successive reforms over the past 25 years, there has been significant progress in making interest and exchange rates largely market determined, though the exchange rate regime remains one of managed float, and some interest rates remain administered. Considerable competition has been introduced in the banking sector through new private sector banks, but public sector banks continue have a dominant share in the market. Contractual savings systems have been improved, but pension funds in India are still in their infancy. Similarly, despite the introduction of new private sector insurance companies coverage of insurance can expand much further, which would also provide greater depth to the financial markets. The extent of development along all the segments of the financial market has not been uniform. While the equity market is quite developed, activities in the private debt market are predominantly confined to private placement form and continue to be limited to the bluechip companies. Going forward, the future areas for development in the Indian financial sector would include further reduction of public ownership in banks and insurance companies, expansion of the contractual savings system through more rapid expansion of the insurance and pension systems, greater spread of mutual funds, and development of institutional investors. It is only then that both the equity and debt markets will display greater breadth as well as depth, along with greater domestic liquidity. At the same time, while reforming the financial sector, the Indian authorities had to constantly keep the issues of equity and efficiency in mind.
The biomedical sciences have recently undergone revolutionary change, due to the ability to digitize and store large data sets. In neuroscience, the data sources include measurements of neural activity measured using electrode arrays, EEG and MEG, brain imaging data from PET, fMRI, and optical imaging methods. Analysis, visualization, and management of these time series data sets is a growing field of research that has become increasingly important both for experimentalists and theorists interested in brain function. Written by investigators who have played an important role in developing the subject and in its pedagogical exposition, the current volume addresses the need for a textbook in this interdisciplinary area. The book is written for a broad spectrum of readers ranging from physical scientists, mathematicians, and statisticians wishing to educate themselves about neuroscience, to biologists who would like to learn time series analysis methods in particular and refresh their mathematical and statistical knowledge in general, through self-pedagogy. It may also be used as a supplement for a quantitative course in neurobiology or as a textbook for instruction on neural signal processing. The first part of the book contains a set of essays meant to provide conceptual background which are not technical and shall be generally accessible. Salient features include the adoption of an active perspective of the nervous system, an emphasis on function, and a brief survey of different theoretical accounts in neuroscience. The second part is the longest in the book, and contains a refresher course in mathematics and statistics leading up to time series analysis techniques. The third part contains applications of data analysis techniques to the range of data sources indicated above (also available as part of the Chronux data analysis platform from http://chronux.org), and the fourth part contains special topics.
Exploring theories and applications developed during the last 30 years, Digital Geometry in Image Processing presents a mathematical treatment of the properties of digital metric spaces and their relevance in analyzing shapes in two and three dimensions. Unlike similar books, this one connects the two areas of image processing and digital geometry,
In 1921 a traveling religious man appeared in eastern British Bengal. Soon residents began to identify this half-naked and ash-smeared sannyasi as none other than the Second Kumar of Bhawal--a man believed to have died twelve years earlier, at the age of twenty-six. So began one of the most extraordinary legal cases in Indian history. The case would rivet popular attention for several decades as it unwound in courts from Dhaka and Calcutta to London. This narrative history tells an incredible story replete with courtroom drama, sexual debauchery, family intrigue, and squandered wealth. With a novelist's eye for interesting detail, Partha Chatterjee sifts through evidence found in official archives, popular songs, and backstreet Bangladeshi bookshops. He evaluates the case of the man claiming, with the support of legions of tenants and relatives, to be the long-lost Kumar. And he considers the position of the sannyasi's detractors, including the colonial government and the Kumar's young widow, who resolutely refused to meet the man she denounced as an impostor. Along the way, Chatterjee introduces us to a fascinating range of human character, gleans insights into the nature of human identity, and examines the relation between scientific evidence, legal truth, and cultural practice. The story he tells unfolds alongside decades of Indian history. Its plot is shaped by changing gender and class relations and punctuated by critical historical events, including the onset of World War II, the Bengal famine of 1943, and the Great Calcutta Killings. And by identifying the earliest erosion of colonialism and the growth of nationalist thinking within the organs of colonial power, Chatterjee also gives us a secret history of Indian nationalism.
This book starts at an introductory level and leads reader to the most advanced topics in fluorescence imaging and super-resolution techniques that have enabled new developments such as nanobioimaging, multiphoton microscopy, nanometrology and nanosensors. The interdisciplinary subject of fluorescence microscopy and imaging requires complete knowledge of imaging optics and molecular physics. So, this book approaches the subject by introducing optical imaging concepts before going in more depth about advanced imaging systems and their applications. Additionally, molecular orbital theory is the important basis to present molecular physics and gain a complete understanding of light-matter interaction at the geometrical focus. The two disciplines have some overlap since light controls the molecular states of molecules and conversely, molecular states control the emitted light. These two mechanisms together determine essential imaging factors such as, molecular cross-section, Stoke shift, emission and absorption spectra, quantum yield, signal-to-noise ratio, Forster resonance energy transfer (FRET), fluorescence recovery after photobleaching (FRAP) and fluorescence lifetime. These factors form the basis of many fluorescence based devices. The book is organized into two parts. The first part deals with basics of imaging optics and its applications. The advanced part takes care of several imaging techniques and related instrumentation that are developed in the last decade pointing towards far-field diffraction unlimited imaging.
This book lays out the fundamentals of friction stir welding and processing and builds toward practical perspectives. The authors describe the links between the thermo-mechanical aspects and the microstructural evolution and use of these for the development of the friction stir process as a broader metallurgical tool for microstructural modification and manufacturing. The fundamentals behind the practical aspects of tool design, process parameter selection and weld related defects are discussed. Local microstructural refinement has enabled new concepts of superplastic forming and enhanced low temperature forming. The collection of friction stir based technologies is a versatile set of solid state manufacturing tools.
In the New York Times, critic Teju Cole offered this appreciation of the work of Indian–born photographer Raghubir Singh (1942—1999): "Singh gives us photographs charged with life: not only beautiful experiences or painful scenes but also those in–between moments of drift that make up most of our days." This richly illustrated volume, the first in–depth study of Singh's work, situates it at the intersection of Western modernism and traditional South Asian modes of picturing the world. A major practitioner of color street photography, Singh captured images that demonstrate the diverse culture of India. Raghubir Singh features over 100 of his photographs—in counterpoint with the work of such influences as Henri Cartier–Bresson and Lee Friedlander and with images of traditional South Asian artworks that inspired his practice—providing an extensive overview of the artist's career. With its vibrant plates and insightful essays, this publication brilliantly illustrates Cole's assessment that Singh's work draws "breathtaking coherence out of the chaos of the everyday.
Partha Mitter's book is a pioneering study of the history of modern art on the Indian subcontinent from 1850 to 1922. The author tells the story of Indian art during the Raj, set against the interplay of colonialism and nationalism. The work addresses the tensions and contradictions that attended the advent of European naturalism in India, as part of the imperial design for the westernisation of the elite, and traces the artistic evolution from unquestioning westernisation to the construction of Hindu national identity. Through a wide range of literary and pictorial sources, Art and Nationalism in Colonial India balances the study of colonial cultural institutions and networks with the ideologies of the nationalist and intellectual movements which followed. The result is a book of immense significance, both in the context of South Asian history and in the wider context of art history.
When Siraj, the ruler of Bengal, overran the British settlement of Calcutta in 1756, he allegedly jailed 146 European prisoners overnight in a cramped prison. Of the group, 123 died of suffocation. While this episode was never independently confirmed, the story of "the black hole of Calcutta" was widely circulated and seen by the British public as an atrocity committed by savage colonial subjects. The Black Hole of Empire follows the ever-changing representations of this historical event and founding myth of the British Empire in India, from the eighteenth century to the present. Partha Chatterjee explores how a supposed tragedy paved the ideological foundations for the "civilizing" force of British imperial rule and territorial control in India. Chatterjee takes a close look at the justifications of modern empire by liberal thinkers, international lawyers, and conservative traditionalists, and examines the intellectual and political responses of the colonized, including those of Bengali nationalists. The two sides of empire's entwined history are brought together in the story of the Black Hole memorial: set up in Calcutta in 1760, demolished in 1821, restored by Lord Curzon in 1902, and removed in 1940 to a neglected churchyard. Challenging conventional truisms of imperial history, nationalist scholarship, and liberal visions of globalization, Chatterjee argues that empire is a necessary and continuing part of the history of the modern state.
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