Dr Saten Kumar

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Associate Professor

Phone: +64 9 921 9999 – ext: 5817

Email: saten.kumar@aut.ac.nz

Links to relevant web pages:


  • Phd in Economics
  • Master of Commerce in Economics
  • B.Ed in Economics

Memberships and Affiliations:

  • Research Associate, Centre for Applied Macroeconomic Analysis (CAMA), Australian National University (ANU), 2014 onwards
  • Research Associate, Centre for Macroeconomics, Massey University, 2018 onwards
  • Research Associate, Auckland Centre for Financial Research (ACFR), 2012 onwards
  • Member of the Royal Economic Society (RSA), 2012 onwards
  • Member of the American Economic Association (AEA), 2014 onwards


Please visit www.satenkumar.com

Teaching Areas:

  • Macroeconomics
  • Applied Econometrics

Research Areas:

  • Macroeconomics
  • Monetary Economics

Research Summary:

I work on macroeconomic topics, including monetary policy, price setting behaviour of firms, how agents form their expectations, and inflation measurement. My recent work utilized primary quantitative surveys to explore macroeconomic issues. My research papers have been presented at the following conferences or institutions (among others): American Economic Association (AEA), Royal Economic Society (RES), National Bureau of Economic Research (NBER), Board of Governors of the Federal Reserve System, European Central Bank, Reserve Bank of New Zealand (RBNZ), Brookings Institution, Reserve Bank of Australia (RBA), Sveriges Riksbank, Bank of Canada, Bank of France, CES Ifo, Federal Reserve Bank of Cleveland, Federal Reserve Bank of San Francisco, Federal Reserve Bank of Dallas, Southern Economic Association (SEA), Princeton University, University of Chicago, University of California Los Angeles and University of California Berkeley.

Current Research Projects:

  • Firms’ inflation expectations
  • Higher order inflation expectations
  • K-level thinking


  1. Coibion, Olivier, Gorodnichenko, Yuriy, Kumar, Saten and Pedemonte, Mathieu. Inflation Expectations A Policy Tool?, forthcoming in Price and Wage Setting in Advanced Countries, Proceedings of the ECB Forum on Central Banking. NBER Working Paper # 24788.
  2. Coibion, Olivier, Gorodnichenko, Yuriy and Kumar, Saten. How Do Firms Form Their Expectations? New Survey Evidence, accepted for publication in American Economic Review. NBER Working Paper # 21092.  
  3. Kumar, Saten (2016). Is the U.S. Consumer Credit Asymmetric?, Scottish Journal of Political Economy, 63, pp.194-216
  4. Kumar, Saten, Afrouzi, Hassan, Coibion, Olivier and Gorodnichenko, Yuriy (2015). Inflation Targeting Does Not Anchor Inflation Expectations: Evidence from Firms in New Zealand, Brookings Papers on Economic Activity, Fall Issue, pp. 151-225. NBER Working Paper # 21814.
  5. Kumar, Saten (2015). Regional Integration, Capital Mobility and Financial Intermediation Revisited: Application of GETS Procedure in Panel Data, Journal of International Financial Markets, Institutions and Money, 36, pp.1-17.
  6. Paradiso, Antonio., Kumar, Saten and Margani, Patricia (2014). Are Italian Consumer Confidence Adjustments Asymmetric? A Macroeconomic and Psychological Motives Approach, Journal of Economic Psychology, 43, pp.48-63.
  7. Paradiso, Antonio, Kumar, Saten and Lucchetta, Marcella (2014). Investigating the US Consumer Credit Determinants Using Linear and Nonlinear Cointegration Techniques, Economic Modelling, 42, pp.20-28.
  8. Kumar, Saten (2014). Money Demand Income Elasticity in Advanced and Developing Countries: New Evidence from Meta-Analysis, Applied Economics, 46, pp.1873-1882.
  9. Kumar, Saten, Sen, Rahul and Srivastava, Sadhana (2014). Does economic integration stimulate capital mobility? An analysis of four regional economic communities in Africa, Journal of International Financial Markets, Institutions and Money, 29, pp.33-50.
  10. Kumar, Saten (2013). Financial Crisis, Taylor Rule and the Fed, Applied Economics Letters, 20, pp. 1557-1561.
  11. Kumar, Saten, Webber, Don and Fargher, Scott (2013). Money Demand Stability: A Case Study of Nigeria, Journal of Policy Modeling, 35, pp. 978-991.
  12. Paradiso, Antonio, Kumar, Saten and Rao, B. Bhaskara (2013). A New Keynesian IS Curve for Australia: Is it Forward Looking or Backward Looking? Applied Economics, 45, pp.3691-3700.
  13. Paradiso, Antonio, Kumar, Saten and Rao, B. Bhaskara (2013). Growth Effects of Education in Australia, Applied Economics, 45, pp.3843-3852
  14. Kumar, Saten, Chowdhury, Mamta and Rao, B. Bhaskara (2013). Demand for Money in the Selected OECD Countries: A Time Series Panel Data Approach and Structural Breaks, Applied Economics, 45 pp. 1767-1776.
  15. Kumar, Saten and Webber, Don (2013). Australasian Money Demand Revisited: Application of Structural Break Tests, Applied Economics, 45, pp. 1011-1025.
  16. Kumar, Saten (2013). Systems GMM Estimates of the Health Care Spending and GDP Relationship: A Note, The European Journal of Health Economics, 14, pp.503-506.
  17. Kumar, Saten, Webber, Don and Perry, Geoff (2012). Real Wages, Inflation and Labour Productivity in Australia, Applied Economics, 44, pp. 2945-2954.
  18. Kumar, Saten and Pacheco, Gail (2012). What Determines the Long run Growth Rate in Kenya, Journal of Policy Modeling, 34, pp. 705-718.
  19. Kumar, Saten and Rao, B. Bhaskara (2012). Error Correction Based Panel Estimates of the Demand for Money of Selected Asian Countries with the Extreme Bounds Analysis, Economic Modelling, 29, pp. 1181-1188.
  20. Kumar, Saten, Webber, Don and Fargher, Scott (2012). Testing the Validity of the Feldstein-Horioka Puzzle for Australia, Applied Economics, 44, pp. 599-605.
  21. Kumar, Saten, Webber, Don and Fargher, Scott (2012). Wagner’s Law Revisited: Cointegration and Causality Tests for New Zealand, Applied Economics, 44, pp.607-616.
  22. Singh, Rup and Kumar, Saten (2012). Application of the Alternative Techniques to Estimate Demand for Money in Developing Countries, Journal of Developing Areas, 46, pp. 43-63.
  23. Kumar, Saten (2011). Financial Reforms and Money Demand: Evidence from 20 Developing Countries, Economic Systems, 35, pp.323-334.
  24. Rao, B. Bhaskara and Kumar, Saten (2011). Is US Demand for Money Unstable?, Applied Financial Economics, 21, pp.1263-1272.
  25. Kumar, Saten and Rao, B. Bhaskara (2011). A Time Series Approach to Feldstein-Horioka Puzzle with Panel Data for OECD Countries, The World Economy, 34, pp 473-485.
  26. Rao, B. Bhaskara, Tamazian, Arthur and Kumar, Saten (2010). Systems GMM Estimates of the Feldstein-Horioka Puzzle for the OECD Countries and Tests for Structural Breaks, Economic Modelling, 27, pp 1269-1273.
  27. Singh, Rup and Kumar, Saten (2010). Some Empirical Evidence on the Demand for Money in the Pacific Island Countries, Studies in Economics and Finance, 27, pp 211-222.
  28. Rao, B. Bhaskara, Singh, Rup and Kumar, Saten (2010). Do We Need Time Series Econometrics?, Applied Economics Letters, 17, pp 695-697.
  29. Rao, B. Bhaskara and Kumar, Saten (2009). A Panel Data Approach to the Demand for Money and the Effects of Financial Reforms in the Asian Countries, Economic Modelling, 26, pp 1012-1017.
  30. Rao, B. Bhaskara and Kumar, Saten (2009). Cointegration, Structural Breaks and the Demand for Money in Bangladesh, Applied Economics, 41, pp 1277-1283.
  31. Kumar, Saten (2009). Structural Breaks and Exports in Philippines, Global Economy Journal, 9, pp.1-8.
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