Sanjay Raj Singh

Visiting Fellow (Economic Research)

Federal Reserve Bank of San Francisco

San Francisco CA 94105

Assistant Professor (on-leave until June 2023)

Department of Economics

​University of California

Davis CA 95616



Curriculum Vitae

Google Scholar

​UC Davis Webpage

​Office 1122, SSH Building

Phone: (415)-974-2824

Research Interests: Macroeconomics, International Finance, Productivity Growth

Recent Media

Jordà, Singh & Taylor “Longer-run Economic Consequences of Pandemics” w26934.pdf

Jordà, Singh & Taylor “The Long-Run Effects of Monetary Policy” w26666.pdf

​​Working Papers​

  1. Incorporating Diagnostic Expectations into the New Keynesian Framework, with Jean-Paul L'Huillier and Donghoon Yoo, August 2022. Revise and Resubmit at The Review of Economic Studies

  2. Understanding Persistent ZLB: Theory and Assessment, with Pablo Cuba-Borda, December 2021, Revise and Resubmit at the American Economic Journal: Macroeconomics

  3. The Long-run Effects of Monetary Policy, with Òscar Jordà and Alan M. Taylor, September 2021​. Dr. Subir V Gokarn Best Paper Award at 19th Macroeconomics and Finance Conference

  4. The Financial Origins of Non-Fundamental Risk, with Sushant Acharya and Keshav Dogra, November 2021

  5. Supply or Demand? Policymakers' Confusion in the Presence of Hysteresis,with Antonio Fatás, April 2022. Reject and Resubmit at the European Economic Review

  6. Currency Areas, Labor Markets, and Regional Cyclical Sensitivity, with Katheryn N Russ and Jay C Shambaugh, prepared for the 23rd Jacques Polak Annual Research Conference – The Global Economy: Looking Back, Moving Forward, September 2022

  7. Distribution of Market Power and Monetary Policy, with Yumeng Gu, draft available upon request (presented at SED 2021, NASMES 2021)


  1. A Contagious Malady? Open Economy Dimensions of Secular Stagnation, with Gauti Eggertsson, Neil Mehrotra and Larry Summers, IMF Economic Review, Vol. 64(4), pp. 581–634, December 2016

  2. Log-linear Approximation versus an Exact Solution at the ZLB in the New Keynesian Model, with Gauti Eggertsson, Journal of Economic Dynamics and Control, Vol 105, pp. 21–43, August 2019

  3. Output Hysteresis and Optimal Monetary Policy, with Vaishali Garga, Journal of Monetary Economics, Vol 117, pp. 871–886, January 2021​

  4. The Effect of Foreign Shocks on the Indian Economy, with Aeimit Lakdawala, India Policy Forum 2019, Vol 16: 1–47, 2021

  5. Longer-run economic consequences of pandemics, with Òscar Jordà and Alan M. Taylor, The Review of Economics and Statistics, Vol. 104 (1), pp 166–175, January 2022

  6. Tariffs and the Macroeconomy, with Xiangtao Meng and Katheryn N Russ, Oxford Research Encyclopedia in Economics and Finance, conditionally accepted

  7. Bond Premium Cyclicality and Liquidity Traps, with Nicolas Caramp, The Review of Economic Studies​, Accepted

Best Paper Award at the Delhi Winter School 2020


  1. Golden Fetters and the Causal Effects of Countercyclical Monetary Policy, KJ Mitchener and G Pina, West Coast Workshop in International Finance, 2018 [discussion slides]

  2. Multinational Firms, Trade and the Trade-Comovement Puzzle, G Udupa, CAFRAL conference on Financial system and Macroeconomy in Emerging Economies, 2018 [discussion slides]

  3. Taking away the Punch Bowl: Monetary Policy and Financial Instability, KD Sheedy, XXI Annual Inflation Targeting Conference, 2019 [discussion slides]

  4. Zombie Firm Dynamics and China's Monetary Policy, W Guo, D Jia and TW Li, 11th Tsinghua Workshop in Macroeconomics, 2019 [discussion slides]

  5. 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]

  6. 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]

  7. Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment. A Krishnamurthy and W Li, CESifo Macro, Money and International Finance, 2021 [discussion slides]

  8. Diagnostic Business Cycles. F Bianchi, C Ilut and H Saijo, NBER Monetary Economics Spring 2022 [discussion slides]