Dr. Nirupama Kulkarni
Senior Research Director 

Dr. Nirupama Kulkarni is Senior Research Director at CAFRAL. She is an applied empirical economist and her research interests include corporate finance, banking, household finance, real estate and monetary policy. Her recent work focuses on the role of government policies in the financial and housing market and its implications. Her research looks at how government regulation can stack the odds against private market competition and the implications of government policies aimed at increasing homeownership.

Nirupama has...

Dr. Gautham Udupa
Research Director 

Dr. Gautham Udupa is a Research Director at CAFRAL. His research interests include issues related to open economy macro, international trade, and cross-border spillovers. Gautham uses empirical and applied theoretical techniques. His recent paper focuses on the relative importance of multinational firms in generating cross-border spillovers relative to international trade channels. In another working paper, he is evaluating if the presence of frictions to borrowing and savings on households worsens inequality due to...

Dr. Kaushalendra Kishore
Research Director 

Dr. Kaushalendra Kishore is a Research Director at CAFRAL. He is a applied theorist and his research interest includes banking, corporate finance, contract theory and financial crisis. His recent research looks at how banks manage their risks from organization design perspective and explores reasons for risk management failure.

Kaushalendra has an undergraduate degree in mechanical engineering from IIT Kanpur, an M.Phil from IGIDR and a Ph.D. in business administration...

Dr. Yogeshwar Bharat
Research Director 

Dr. Yogeshwar Bharat is a Research Director at CAFRAL. He is an applied economist and his fields of interest include International Trade, Macroeconomics, and Emerging Market Economies. In particular, he is interested in looking at the effect on a firm's decision to stay in the export market if they borrow from a government-owned bank, and how heterogeneity in bank ownership can lead to a misallocation in credit across firms and industries.


Dr. Nirvana Mitra
Research Director 

Dr. Nirvana Mitra is a Research Director at CAFRAL. He is a macroeconomist focusing primarily on sovereign defaults, political economy, climate change, and associated fiscal and monetary policy issues. His other areas of interest include topics in misallocation and productivity for firms and their relationship with the banking sector.

Nirvana holds a Master's degree in economics from Jadavpur University, and a Ph.D. in economics from Stony Brook University, New York. He is...

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