Sanjay Raj Singh
Research Advisor
Federal Reserve Bank of San Francisco
San Francisco CA 94105
Email: sanjay.singh@sf.frb.org
Phone: (415)-974-3018
Associate Professor
Department of Economics
University of California
Davis CA 95616
Email: sjrsingh@ucdavis.edu
Phone: (530)-752-9938
Research Statement PDF [July 2023]
Research Interests: Macroeconomics, International Finance, Productivity Growth
Conferences I am helping organize
11th Annual West Coast Workshop in International Finance. April 10, 2026
2025 Asia Economic Policy Conference at SF Fed. Agenda. Nov 20-21, 2025
Behavioral Macro Conference at SF Fed. Agenda. October 27, 2025
Policy/Blog Articles
(with Òscar Jordà)
SF Fed Blog, September 30, 2025.
(with Rohit Garimella and Òscar Jordà)
Federal Reserve Bank of San Francisco Economic Letter 2025-19, August 18, 2025.
(with Òscar Jordà and Alan M. Taylor)
Federal Reserve Bank of San Francisco Economic Letter 2023-23, September 5, 2023.
(with Òscar Jordà and Alan M. Taylor)
VoxEu.org, 8 April 2020.
(with Òscar Jordà and Alan M. Taylor)
Finance and Development, June 2020 Vol 57 Number 2: 12–15
Working Papers
(with Rohit Garimella and Òscar Jordà)
December 2025
(with Jean-Paul L'Huillier and Pierlauro Lopez)
August 2025
(with Emile A. Marin)
December 2025
Old version titled "Low Risk Sharing with Many Assets"
(with James Cloyne, Òscar Jordà, and Alan M. Taylor)
July 2025
Revise and Resubmit at Journal of Monetary Economics
(with Sushant Acharya and Keshav Dogra)
May 2023
(with Yumeng Gu)
February 2024
Publications / Articles Accepted for Publication
The Review of Economics and Statistics, forthcoming.
(with Òscar Jordà and Alan M. Taylor)
Won the Dr. Subir V Gokarn Best Paper Award at 19th Macroeconomics and Finance Conference
Review of Economic Studies, Volume 91, Issue 5, October 2024.
(with Jean-Paul L'Huillier and Donghoon Yoo)
American Economic Journal: Macroeconomics, Volume 16, Issue 3, Pages 389–416, July 2024.
(with Pablo Cuba-Borda)
Online Appendix with additional results
The Review of Economic Studies, Volume 90, Issue 6, November 2023, Pages 2822–2879.
(with Nicolas Caramp)
Won the Best Paper Award at the Delhi Winter School 2020
IMF Economic Review, Vol. 72(1), pages 152-195, March 2024.
(with Katheryn N Russ and Jay C Shambaugh)
European Economic Review, January 2024, 161, 104617.
(with Antonio Fatás)
Review of Economics and Statistics, Vol. 104 (1), pp 166–175, January 2022
(with Òscar Jordà and Alan M. Taylor)
Journal of Monetary Economics, Vol 117, pp. 871–886, January 2021
(with Vaishali Garga)
Online Appendix with proofs, additional results on fiscal policy, empirics, and quantitative
Journal of Economic Dynamics and Control, Vol 105, pp. 21–43, August 2019
(with Gauti Eggertsson)
India Policy Forum 2019, Vol 16: 1–47
(with Aeimit Lakdawala)
IMF Economic Review, Vol. 64(4), pp. 581–634, December 2016
(with Gauti Eggertsson, Neil Mehrotra and Larry Summers)
Tariffs and the Macroeconomy (publisher's link)
Oxford Research Encyclopedia in Economics and Finance, July 2023.
(with Xiangtao Meng and Katheryn N Russ)
Discussions
Golden Fetters and the Causal Effects of Countercyclical Monetary Policy, KJ Mitchener and G Pina, West Coast Workshop in International Finance, 2018 [discussion slides]
Multinational Firms, Trade and the Trade-Comovement Puzzle, G Udupa, CAFRAL conference on Financial system and Macroeconomy in Emerging Economies, 2018 [discussion slides]
Taking away the Punch Bowl: Monetary Policy and Financial Instability, KD Sheedy, XXI Annual Inflation Targeting Conference, 2019 [discussion slides]
Zombie Firm Dynamics and China's Monetary Policy, W Guo, D Jia and TW Li, 11th Tsinghua Workshop in Macroeconomics, 2019 [discussion slides]
Zombie Credit and (Dis-)inflation: Evidence from Europe. V Acharya, M Crosignani, T Eisert and C Eufinger, Bank of Finland and CEPR Joint Conference on Monetary Economics and Reality, 2019 [discussion slides]
Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy? G Georgiadis and F Zhu, CEBRA-IFM Annual Conference, 2019 [discussion slides]
Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment. A Krishnamurthy and W Li, CESifo Macro, Money and International Finance, 2021 [discussion slides]
Diagnostic Business Cycles. F Bianchi, C Ilut and H Saijo, NBER Monetary Economics Spring 2022 [discussion slides]
Assessing Central Bank Commitment to Inflation Targeting: Evidence From Financial Market Expectations in India. V. Garga, A. Lakdawala and R. Sengupta, CAFRAL conference on Financial system and Macroeconomy in Emerging Economies, 2022 [discussion slides]
Market Power and Monetary Policy Transmission. R. Duval, D. Furceri, R. Lee and M. Tavares, ASSA 2023 [discussion slides]
Can Today’s and Tomorrow’s World Uniformly Gain from Carbon Taxation? L. Kotlikoff, F. Kubler, A. Polbin, and S. Scheidegger, SF Fed "Climate and the Business Cycle Conference" 2023 [discussion slides]
Recent Media
Jordà, Singh, & Taylor “The Long-Run Effects of Monetary Policy” frbsf working paper
Covered by Bloomberg, Financial Times [1], Financial Times [2], Financial Times [3]
Summary at FRBSF Economic Letters
Jordà, Singh, & Taylor “Longer-run Economic Consequences of Pandemics” w26934.pdf
Covered by Barron's, Bloomberg, The Economist[1], The Economist [2], Reuters, The Telegraph
Summary at VoxEU and IMF Finance and Development
Eggertsson, Mehrotra, Singh, & Summers "A Contagious Malady? Open Economy Dimensions of Secular Stagnation" published draft