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Dr. Deba Prasad Rath
RBI Chair Professor

Dr. Deba Prasad Rath is a former Principal Adviser of the Department of Economic and Policy Research (DEPR), Reserve Bank of India (RBI). As an Adviser of the Monetary Policy Department, RBI during 2016-20, he was associated with the monetary policy formulation process of India. Dr. Rath has more than thirty years of central banking research experience.

Dr. Rath holds a Ph.D from Indira Gandhi Institute for Development Research (IGIDR), Mumbai.  His research covers diverse areas of central banking namely, national accounts, monetary economics, public finance, regional economics, macroeconomics and financial stability. He has several publications in domestic and international journals and refereed books.  He has contributed to several Committees and Working Groups set up by the Government of India and the Reserve Bank of India. He was a Member of the Academic Advisory Council (AAC), RBI Academy.

Among his assignments abroad, Dr. Rath had a brief stint with the Bank for International Settlements (BIS), Basle in 2015 as a visiting fellow. He was deputed to the Central Bank of Oman (CBO), between 2012 and 2015, where he was instrumental in not only setting up the Financial Stability Department, but also drafting its first three Financial Stability Reports for 2013, 2014 and 2015.

Dr. Rath's research interest covers diverse areas of central banking namely, national accounts, monetary economics, public finance, regional economics, macroeconomics and financial stability.

His publications in peer-reviewed journals (subject-wise) are as below:

International Journals

Monetary Economics

Fiscal Policy

Banking Policy

  • Rath, D.P et al. (2014), ‘Concentration and Competition in Oman’s Banking Sector - Implications for Financial Stability’, Lambert Academic Publishing, Saarbrücken, Germany (www.lap-publishing.com).

Domestic Journals

Monetary Economics

  • Rath, D. P et al. (2023), ‘Assessing Oil Price Trajectory: An Evaluation of Alternate Sources of Information’, Reserve Bank of India Bulletin, December.
  • Rath, D. P et al. (2023), ‘Low’ Stagflation Risk in India’, Reserve Bank of India Bulletin, December.
  • Rath, D.P et al. (2023), ‘Reassessing Investment Dynamics – ‘Leverage and Investment of the Indian Corporate Sector – Is Investment on a Recovery Path’, Indian Journal of Finance and Economics, Vol 4, No.1, 2023, pp. 1-38 (https://DOI:10.47509/IJFE.2023.v04i01.01).
  • Rath, D. P et al. (2021), ‘GDP Deflator Inflation Projection’, Journal of Income and Wealth, Vol. 43, No. 1&2, pp 1-12, January - December.
  • Rath, D. P et al. (2020), ‘Asset Quality and Credit Channel of Monetary Policy Transmission in India: Some Evidence from Bank Level Data’, Reserve Bank of India Working Paper Series, November.
  • Rath, D. P et al. (2018), ‘Asset Quality and Monetary Transmission in India’, Reserve Bank of India Occasional Papers, Vol 37, No. 1&2, May.
  • Rath, D. P et al. (2017), ‘A Measure of Finance-Neutral Output Gap for India’, RBI Working Paper Series, February.
  • Rath, D.P et al. (2007), ‘Money-Price Variability and Asset Price Volatility – Evidence from India’, Journal of Quantitative Economics, Volume 4, No. 2, July.
  • Rath, D.P et al. (2000), ‘Measures of Core Inflation for India’, Economic and Political Weekly, Vol. XXXV, No. 5, January 29 - February 4.
  • Rath, D.P et al. (1999), ‘Residency in Money Supply’, Reserve Bank of India Occasional Papers, April 1999; reprinted in the Book “Money and Banking” (Editor: Dr. A. Vasudevan), September 2003, Academic Publishers, New Delhi.
  • Rath, D.P (1999), ‘Does Money Supply Process in India Follow a Mixed Portfolio - Loan Demand Model?’, Economic and Political Weekly, Vol. XXXIV, Nos. 3 and 4, January 16-23.

Fiscal Policy

  • Rath, D.P et al. (2024), ‘Asymmetric Impact of Monetary Policy on 10-Year G-Sec Yield in India’, Journal of Quantitative Economics, May.
  • Rath, D.P et al. (2024), ‘Estimation of State-level Fiscal Multipliers in India: Local Fiscal Multiplier Approach’, Journal of Quantitative Economics, January.
  • Rath, D. P et al. (2023), ‘Shifting Tides: Growing Influence of Non-bank Investors in G-Sec Market in India’, Reserve Bank of India Bulletin, August.
  • Rath, D. P et al. (2023), ‘Quality of Public Expenditure and Economic Growth: An Empirical Assessment at Sub-National Level’, Reserve Bank of India Bulletin, July.
  • Rath, D. P et al. (2023), ‘OPEC Oil Supply Announcements and Assessment of Impact on the Indian Economy’, Reserve Bank of India Bulletin, June.
  • Rath, D. P et al. (2023), ‘Capital Outlay of Indian States: An Empirical Assessment of its Role and Determinants’, Reserve Bank of India Bulletin, April.
  • Rath, D. P et al. (2023), ‘Cyclical Stance of Fiscal Policy: An Investigation of the Indian Case’, The Indian Journal of Economics, No.410,Vol.CIII, PART-III, January.
  • Rath, D.P et al. (2021), ‘States’ Fiscal Management During COVID-19’, Odisha Economic Journal, Volume 53, Issue 2.
  • Rath, D.P. et al. (2006), ‘Examining Sustainability of Federal Finances in India: An Application of Non-stationary Panel Methods’, Journal of Quantitative Economics, Volume 4, No. 1,January.

 Trade Policy

  • Rath, D. P et al. (2024), A Different Perspective to Better Negotiate Free Trade Agreements (FTAs), Economic and Political Weekly, Vol. 59, Issue No. 9, March 02.
  • Rath, D. P et al. (2023), ‘Exploring India’s Export Potential through the Lens of Export Similarity Indices’, Reserve Bank of India Bulletin, May.

Macroeconomics

  • Rath, D. P et al. (2024), ‘State of Economy’, Reserve Bank of India Bulletin, January 2021 to January 2024.
  • Rath, D.P et al. (2022), ‘Towards Atma Nirbhar Bharat: An Exploration of Linkages and Leakages’, Reserve Bank of India Working Paper Series (No. 08/2022), July.
  • Rath, D.P (2007), ‘Direct Estimation of Household Saving – An Overview of Issues’, The Journal of Income and Wealth, Volume 29, No. 2, July-December.
  • Rath, D.P et al. (2007), ‘A User’s Perspective on the Database of Services Sector in Indian Economy’, Economic and Political Weekly, Vol XLII No. 37, September.
  • Rath, D. P et al. (2006), ‘Analytics and Implications of Services Sector Growth in Indian Economy’, The Journal of Income and Wealth, Volume 28, No. 1,January-June.
  • Rath, D.P et al. (2004), ‘Declining Output Volatility – What Role for Structural Change and Policy?’, The Journal of Income and Wealth, Volume 26, Nos. 1 & 2,January-December.
  • Rath, D.P (2002), ‘Impact of Capital Flows on Money Supply Process in India’, Udyog Pragati, Special Issue on Money and Finance, A quarterly research journal of the National Institute of Industrial Engineering (NITIE), Mumbai, April-June.

Chapters in edited Books

Fiscal Policy

Monetary Policy

  • Rath, D.P et al. (2003), ‘On the Endogeneity of the Money Multiplier in India’ in the Book “Indian Economic Reforms” (Editor: Prof. Raghbendra Jha, Australian National University, Canberra), Palgrave-Macmillan, UK, September.
  • Rath, D.P et al. (2003), ‘Macro-Economics of Credit: An Indian Perspective’, in the Book “Indian Economic Reforms” (Editor: Prof. Raghbendra Jha, Australian National University, Canberra), Palgrave-Macmillan, UK, September.

Internal Publications (RBI)

  • Rath, D.P et al. (2018), ‘Finance-Neutral Output Gap: Empirical Estimates for India’ published as the Reserve Bank of India Mint Street Memo No. 14, September.
  • Rath, D.P et al. (2008), ‘Some Perspectives on the Possible Impact of the Recent Financial Turmoil in the Global Financial Markets on the Indian Economy’, RBI Staff Studies (SS DEAP: 2/2008), October.
  • Rath, D.P (1993), ‘Industrialisation of Bihar, 1970-71 to 1991-92’, Documented in the Reserve Bank of India, August.
  • Member of the Task Force on Central Finance Commission Grants to Rural Local Bodies vide Government of India Order dated November 2, 2022
  • Special Invitee of the Working Group on State Guarantees, October 17, 2022
  • Member of the Committee on Ways and Means Advances (WMA), Reserve Bank of India, June 2019
  • Member of the Sub-Committee on Household Financial Saving constituted by the HLC (for focused attention on the sector)
  • Report of the Working Group on Savings for the Eleventh Five Year Plan (2007-08 to 2011-12), Planning Commission, Government of India in December 2006

Dr. Rath participated in the international conferences/seminars as below:

  • 2023: BIS Meeting of Central Bank Chief Economists, Basel
  • 2023: Annual Conference of the Banco Central Do Brasil, Brasilia
  • 2022: 21st SEACEN EXCO Meeting and SEACEN-BIS High Level Seminar, Da Nang, Vietnam
  • 2019: Third Working Party Meeting on Monetary Policy in the Arab Region, Abu Dhabi
  • 2017: Seminar on ‘Monetary Policy Implementation and Liquidity Management’ at Banca d’Italia, Rome
  • 2016: Second SEACEN Research Week at The SEACEN Centre, Bank Negara Malaysia, Kuala Lumpur

His participation in conferences/seminars in India is as below:

  • Chief Guest at the Inaugural Session of the 64th Annual Conference of the Indian Society of Labour Economics (ISLE), Hyderabad and delivered the Inaugural Address on ‘Post-Covid Fiscal Policy – The Indian Experience’ on March 29, 2024
  • Valedictory Address on ‘Financial Sector Reforms in India: Impact on Economic Development’, National Conference on Institutional Finance and Economic Development, March 16, 2024, Utkal University, Bhubaneswar
  • Keynote Address on ‘Macro-econometric Modelling for Policy Making: Retrospect and Prospect’, 58th Annual Conference of The Indian Econometric Society (TIES), February 22-24, 2024, Tripura University, Agartala
  • A Talk on ‘Macroeconomic Scenario: Shaping Indian Economy through Banking’, CAFRAL - CEEI Financial Sector Leadership Program, February 5 -9, 2024, Mumbai
  • A Talk on ‘Key Issues in Indian State Finances’ at Gulati Institute of Finance and Taxation (GIFT), Thiruvananthapuram on January 24, 2024
  • A Special Lecture on ‘Post-Covid State Finances: A Deep Dive’, 106th Annual Conference of Indian Economic Association (IEA), December 27-29, 2023, KIIT University, Bhubaneswar
  • Outreach of State and Municipal Finance Reports at RBI, Gangtok (January 2024), Madurai Kamraj University (April 2023), Kalahandi University (February 2023), Narsinh Mehta University (December 2022), Ravenshaw University (November 2022), and Doon University (October 2022)
  • Panel Discussion on "Maintaining Financial Stability in Uncertain Times" ina three-day RBI Conference on the theme “Financial Stability in a Post-Pandemic World” during March 4-6, 2023 at Kaziranga, Assam, participated by senior officials of RBI and external speakers 
  • Keynote Address, 54th Annual Conference of Orissa Economics Association, February 12-13, 2022, G.M. University, Sambalpur
  • A Special Lecture on ‘State Finances in India’, 53rd Annual Conference of Orissa Economics Association, February 12-14, 2021, NISER, Bhubaneswar

Delivered extramural lectures to trainee officers of the Reserve Bank of India, Commercial Banks, Financial Institutions, and Government of India at Reserve Bank Staff College (RBSC), UTI Institute of Capital Markets

Dr. Rath was conferred with the Bharat Vikas Award in November 2017 and Rashtriya Gaurav Award in August 2022, and the Mahatma Gandhi Lifetime Achievement Award in August 2023 for his contributions as a professional economist. He was awarded under ‘RBI Annual Best Research Awards’ in 2017 and 2018.

Team