noreply@blogger.com (Naveen Mutnal)Thu, 5 Sep 2024 03:27:00 +0530Blogger http://www.blogger.com503125http://naveenmutnal.blogspot.com/en-usnonoreply@blogger.comhttp://naveenmutnal.blogspot.com/2019/05/an-open-letter-to-prime-minister-modiji.htmlBangaloreInfrastructureJobsLakesNarendra ModiPMOPollutionPrime MinisterVillagesnoreply@blogger.com (Naveen Mutnal)Sun, 26 May 2019 14:31:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1886180227440362641 Dear Modiji,  Congratulations on much deserved victory in recently concluded elections. Without wasting your valuable time, straight away I will come to a point why I thought of writing to you. I think you can deliver on the expectations of this great nation and it citizens and you understand them very well. But, I took the liberty of clubbing them together and bringing to your notice 1Bengaluru, Karnataka, India12.9715987 77.59456269999998312.4764182 76.949115699999979 13.4667792 78.240009699999987http://naveenmutnal.blogspot.com/2016/06/rexit.htmlCPICurrencyImpossible TrinityInflationNarendra ModiRaghuram RajanRBIRupeeWPInoreply@blogger.com (Naveen Mutnal)Mon, 20 Jun 2016 00:23:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-6200493446808814206 Yesterday, June 18, 2016, Raghuram Rajan in an email address to his staff in RBI communicated that he is not going to seek an extension to his term as a RBI governor, which is ending on September 4, 2016 and will be going back to academia. The timing of his decision is debatable considering the upcoming Brexit voting but his decision may not be debatable considering recent mud-slinging 0http://naveenmutnal.blogspot.com/2014/11/effectiveness-of-quantitative-easing-qe.htmlBank of JapanBen BernankeBubblesCrisisECBFederal ReserveQERaghuram RajanRBInoreply@blogger.com (Naveen Mutnal)Wed, 5 Nov 2014 23:58:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-8472175912820863484 Last week, October 29, 2014, the U.S. Federal Reserve (Fed) concluded its $4 trillion QE programs   saying "there has been a substantial improvement in the outlook for the labor market" and "there is sufficient underlying strength in the broader economy". Many economists’ opinions on QE are divided,  some arguing in favor of it and some against it. Let’s have a look at the things0http://naveenmutnal.blogspot.com/2013/12/will-feds-qe-taper-talk-topple-rupee.htmlBond YieldCurrent Account DeficitFederal ReserveGDPInflationRaghuram RajanRupeeTapernoreply@blogger.com (Naveen Mutnal)Fri, 13 Dec 2013 16:01:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-4076676041381439715 When U.S. Federal Reserve chairman Ben Bernanke spoke of reducing bond buying quantity (Presently Fed is buying $85 billion per month and the program is popularly known as QE, quantitative easing) first time in the month of May, markets were surprised and spooked. U.S. Benchmark 10 year treasury yields jumped more than 100 basis points within a short duration, equity markets throughout 0http://naveenmutnal.blogspot.com/2013/12/micro-decoupling-factors-in-macro.htmlCurrent Account DeficitDecouplingEquityHot MoneyInflationInterest ratesMonetary policynoreply@blogger.com (Naveen Mutnal)Tue, 3 Dec 2013 16:22:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-8345677597981715557 During early part of the recent financial crisis, decoupling concept started popping out in financial markets, that certain part of the world is not dependent on the rest of the world. But as crisis deepened, people started realising that in the present globalised world, it’s very difficult say that we are no longer dependent on others! But there are certain factors, which are very micro0http://naveenmutnal.blogspot.com/2013/11/raghuram-rajans-balancing-act-of.htmlCurrent Account DeficitD. SubbaraoFederal ReserveGrowthInflationRaghuram RajanRupeenoreply@blogger.com (Naveen Mutnal)Sat, 9 Nov 2013 05:41:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-2090129888591742000 When Raghuram Rajan took over the charge of the governorship of Reserve Bank of India (RBI), India was facing multiple issues. Because of Federal Reserve bond buying tapering speculation (at that time) hot money started flowing out of the emerging countries and India was no different. In addition to that India's unsustainable current account deficit (CAD) fuelled the bearish sentiment 0http://naveenmutnal.blogspot.com/2013/11/basic-tips-for-resume-and-interview.htmlInterviewResumenoreply@blogger.com (Naveen Mutnal)Wed, 6 Nov 2013 14:09:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-3949303164965045052 As a part of my job, now I have the privilege of scrutinizing resumes and taking interviews. Over the course of this time I have realised some basic things about resumes and interviews, which may be very common, but not finding them in most of the candidates and their resumes. Here I am mentioning certain basic tips, which we all might know but may not be giving much importance. 0http://naveenmutnal.blogspot.com/2013/10/rajanomics-and-its-decoding.htmlGrowthInflationNDTVPrannoy RoyRaghuram RajanRBIRupeenoreply@blogger.com (Naveen Mutnal)Thu, 31 Oct 2013 14:19:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-4026292270821031566 Prannoy Roy of NDTV discussing overall Indian economic situations like Inflation, Growth (faltering), Sovereign rating and Rupee volatility with RBI governor Raghuram Rajan.   For Video: Click here 0http://naveenmutnal.blogspot.com/2013/10/limitations-of-dow.htmlbonusCiscoDow JoneGEGoldman SachsGoogleIBMIntelPrice-weighted indexreverse splitStock splitVisanoreply@blogger.com (Naveen Mutnal)Mon, 28 Oct 2013 00:21:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1232444717303364874 When I was reading an article about “Why Google and its $1,000 shares will never crack the Dow”, in Bloomberg business certain thoughts came to my mind, so thought of writing about them. Often people look at the stock index as it is perceived to be broad representation of overall stock market. Dow Jones Industrial Average is one of the three main indices of U.S. (other two being NASDAQ 0http://naveenmutnal.blogspot.com/2013/10/interesting-readings-on-economics-nobel.htmlBubblesCrisisEconomicsNobel Prizenoreply@blogger.com (Naveen Mutnal)Sun, 20 Oct 2013 21:31:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-2044912417815107587 The Royal Swedish Academy of Sciences has decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to Eugene F. Fama Lars Peter Hansen Robert J. Shiller Trendspotting in asset markets: There is no way to predict the price of stocks and bonds over the next few days or weeks. But it is quite possible to foresee the broad course of these prices over 1http://naveenmutnal.blogspot.com/2013/10/what-is-happening-in-us.htmlCrisisDebt CeilingTreasuriesU.S. Government Shut Downnoreply@blogger.com (Naveen Mutnal)Tue, 8 Oct 2013 16:48:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-4288481352756530058 When one of my friends asked me what’s happening in U.S., so I thought of writing about it in a layman terminology, so that non-finance guys like many of my friends can understand. Most of you might have already read or heard about American government being shut down from last one week or so. You might be wondering, what is this shut down. Why it happened and what is the impact of it? 2http://naveenmutnal.blogspot.com/2013/09/raghuram-rajan-questions-his-peers.htmlBank of JapanCapital FlowsCrisisCurrencyCurrent Account DeficitFederal ReserveMonetary policyRaghuram RajanTapernoreply@blogger.com (Naveen Mutnal)Sat, 28 Sep 2013 21:16:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-3005890569736431919 Recently the Center for Financial Studies (CFS) awarded the Deutsche Bank Prize in Financial Economics 2013 to Raghuram Rajan. He presented his recent research paper on monetary response after the crisis. He started his keynote lecture by saying “we seem to be in a situation where we are doomed to inflate bubbles elsewhere to boost the domestic demand” to question the low 1http://naveenmutnal.blogspot.com/2013/09/interpretations-of-raghuram-rajans.htmlArticlesInflationMonetary policyRaghuram RajanRBInoreply@blogger.com (Naveen Mutnal)Sat, 21 Sep 2013 21:57:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1873177836385542174 Business Standard: Rajan putting house in order before tapering Business Standard: Inflation-wary Rajan skips Fed party The Economic Times: The buck doesn’t stop at the RBI: Lowering food inflation is the govt’s job The Financial Express: RBI wastes Fed moment Sajjid Chinoy of JP Morgan: Balanced and pragmatic Niranjan Rajadhyaksha of mint: Why has Raghuram Rajan hiked the repo 0http://naveenmutnal.blogspot.com/2013/09/raghuram-rajans-first-step-towards-walk.htmlCPICRRInflationMonetary policyMSFRaghuram RajanRBIrepoWPInoreply@blogger.com (Naveen Mutnal)Sat, 21 Sep 2013 06:15:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-7638682505175222398 Reserve bank of India governor Raghuram Rajan surprised financial markets on Friday in his first monetary policy review by increasing repo rate. Repo rate is interest rate at which RBI lends to banks. Financial markets took knock as they weren't prepared for rate hike since economy is growing at slowest pace in recent time, manufacturing/industrial production is almost at 0http://naveenmutnal.blogspot.com/2013/09/bond-markets-dictate-fed-policy.htmlBen BernankeBond YieldFederal ReserveFOMCMortgage ratePaul Volckerreponoreply@blogger.com (Naveen Mutnal)Thu, 19 Sep 2013 14:07:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-5307573716746748481 U.S. Federal Reserve chairman Ben Bernanke in his press conference after FOMC meeting on September 18 said “we can't let market expectations dictate our policy actions”, when asked about Fed tapering. But Federal Reserve did exactly let bond markets to dictate or reverse their policy guidance communication. From last 4 months Fed wanted to prepare markets for the reduction in bond buying0http://naveenmutnal.blogspot.com/2013/09/bernanke-may-be-worried-about-greenspan.htmlAlan GreenspanBen BernankeBubble and BurstFederal ReserveHousing bubbleMonetary policyQEnoreply@blogger.com (Naveen Mutnal)Tue, 17 Sep 2013 13:57:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-6447111490198761424 According to various polls and forecasts U.S. Federal Reserve Chairman Ben Bernanke is expected to announce scaling back the monetary stimulus in the FOMC meeting (17th &18th September). As per consensus Fed is expected to cut down its monthly bond buying program by $10 billion from present $85 billion (Fed is buying $45 billion government bonds and $40 billion mortgage securities per 0http://naveenmutnal.blogspot.com/2013/09/raghuram-rajan-governorship-is-not.htmlCapital FlowsCPID. SubbaraoFederal ReserveInflationMonetary policyRBI Raghuram RajanRupeenoreply@blogger.com (Naveen Mutnal)Thu, 5 Sep 2013 16:21:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-3188326877158278901 Yesterday, 4th September, Raghuram Rajan took the charge of Reserve Bank of India (RBI) governor’s role from outgoing D. Subbarao.  He started his first day with a bang, effectively communicating his priorities, by this he has taken care of recent criticism faced by RBI of not communicating clearly! To begin with, he acknowledges the fact that “the economy faces challenges” and0http://naveenmutnal.blogspot.com/2013/08/rupee-is-what-rupee-does.htmlBen BernankeBig Mac IndexBondsCurrent Account DeficitDollarEquityFiscal DeficitPPPRBIRupeenoreply@blogger.com (Naveen Mutnal)Thu, 29 Aug 2013 15:39:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-6123051124237995564 Exactly, headline is derived from economic definition of money, "money is what money does", which is applicable to Rupee too. As per economic definition, value of Rupee is determined by its purchasing power parity (PPP) compared to international standards. But is this definition holds true in this turmoil markets? I don't think so. In recent days Rupee depreciation or speed of 0http://naveenmutnal.blogspot.com/2013/08/do-policy-makers-have-any-other-option.htmlBen BernankeCPIFederal ReserveGDPGoldHot MoneyIIPImpossible TrinityKeynesianismRBITreasuriesWPInoreply@blogger.com (Naveen Mutnal)Fri, 16 Aug 2013 14:01:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1779961707183988222 After recent Federal Reserve meeting, when Chairman Ben Bernanke’s commented about tapering of bond buying program, global financial markets have become very volatile. U.S. benchmark 10 year treasury yields touched 2.8% recently from 1.6% in early May. Hot money started flowing out of emerging markets (EM) following some kind of theme like sell EMs and buy U.S.! As a result of this majority 0http://naveenmutnal.blogspot.com/2013/08/raghuram-rajans-trilemma.htmlD. SubbaroaDollarFederal ReserveImpossible TrinityQERaghuram RajanRBIRupeeTrilemmsnoreply@blogger.com (Naveen Mutnal)Wed, 7 Aug 2013 17:13:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-8050343427460638509 Yesterday, 6th August, 2013 Prime Minister Manmohan Singh appointed Raghuram Rajan as next Reserve Bank of India's governor for 3 years. Rajan will take the charge from present RBI governor D. Subbaroa whose term is ending on September 4, 2013. Rajan is taking charge at a crucial stage of economic cycle, where India's growth rate is at decade low, currency is depreciating, CPI denominated 1http://naveenmutnal.blogspot.com/2013/01/interested-people-can-follow-me-in.htmlnoreply@blogger.com (Naveen Mutnal)Thu, 24 Jan 2013 15:08:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1830076567790818706 Hi Guys, Recently I started using Twitter and tweeting on an average daily basis and sharing information. All my tweets are also forwarded to my Facebook professional page. Interested people can follow me and can have a discussion and share information and learn together. https://twitter.com/NaveenMutnal https://www.facebook.com/pages/Naveen-Mutnals-Professional-FB-Page/0http://naveenmutnal.blogspot.com/2012/06/interesting-readings.htmlGDPInflationMonetary policynoreply@blogger.com (Naveen Mutnal)Fri, 29 Jun 2012 16:46:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-1908342787074117672 I was thinking of writing about "over dependency on Monetary Policy" from a month ago, but somehow couldn't do it.  But never mind, a week back I read a nice report and a blog about same, here is the blog and full report of BIS (Bank of International Settlements)   About same topic under different prospective, read a nice article in mint&0http://naveenmutnal.blogspot.com/2012/04/fundamental-technical-views.htmlArticlesTechnical Analysisnoreply@blogger.com (Naveen Mutnal)Fri, 20 Apr 2012 13:39:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-8099547573114666071Ajay Shah's interview in CNBC about macro economy and fundamentals. He is talking about RBI's surprise rate cut move, inflation threat (CPI numbers versus WPI numbers and their respective combination), robust revenue growth of listed companies, dilemma of IIP numbers and GDP data from CSO, economic problems (obviously not BOP crisis like early 90s). Gautam Shah of JM Financial talking about 0http://naveenmutnal.blogspot.com/2012/04/interesting-updates.htmlArticlesnoreply@blogger.com (Naveen Mutnal)Tue, 17 Apr 2012 14:04:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-3541694669307623247RBI Governor took quantum leap by decreasing Repo rate 50 basis points when most of the analyst community was expecting 25 basis points. Below are some of the important highlights of his speech...--> Repo rate reduced by 50 basis points to 8 percent and consequently Reverse repo would be adjusted to 7 percent and Marginal Standing Facility (MSF) rate gets back to 9 percent as both of these are0http://naveenmutnal.blogspot.com/2012/04/great-depression-and-great-recession.htmlArticlesnoreply@blogger.com (Naveen Mutnal)Mon, 16 Apr 2012 00:40:00 +0530tag:blogger.com,1999:blog-3931427588742623199.post-7680176285997158090Read an interesting speech by Prof. Michael D. Bordo about above mentioned topic...Click here to read.0