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Giri Subramaniam
Giri completed his Ph.D. in economics from Boston College in 2020. During his Ph.D., he worked as a graduate research assistant at the Federal Reserve Bank of Boston in the Consumer Payments Research Center. His research interests include applied macroeconomics, monetary economics, and development economics.
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The supply-side effects of India’s demonetisation
What were the effects of the 2016 Indian demonetisation that removed 86% of currency in circulation overnight, on the production side of the economy? By combining data from financial statements and surveys of firms and workers, this article finds that firms that use cash more and obtain larger shares of labour or material inputs from the informal sector, experienced declines in these input shares after demonetisation. Further, casual labourers were more likely to report being unemployed post demonetisation.
