Professor Aditya Goenka

Professor Aditya Goenka

The Department of Economics
Chair in Economics

Contact details

Department of Economics
JG Smith Building
University of Birmingham
B15 2TT

Aditya is an economic theorist whose research interests cover sunspot equilibrium and endogenous fluctuations, economic epidemiology models, growth theory, general equilibrium theory, environmental economics, financial crises and financial market imperfections.


  • PhD Cornell University (1991)
  • MS Cornell University (1989)
  • BA St. Xavier’s College, University of Bombay (1985)


After finishing his PhD at Cornell, Aditya has worked at LSE (1990-91), University of Essex (1991-2006), and National University of Singapore (2006-2015). He has been an academic visitor in Carnegie-Mellon, CEPREMAP (Paris), CERMSEM (Paris I), Cornell, INET Institute (Cambridge), ITAM (Mexico), NTU, Rochester, Toulouse, VCREME (Hanoi).


Courses taught include macroeconomics (graduate and undergraduate), microeconomics (graduate and undergraduate), mathematical economics (graduate and undergraduate), monetary economics (graduate and undergraduate).

Postgraduate supervision

PhD Supervision at NUS

  • Mariel Monica Sauler (La Salle University, Manila), 2013.
  • Waqas Ahmend (State Bank of Pakistan), 2012.
  • Neil D' Souza (Energy Studies Institute, Singapore), 2011.
  • Tan Wei Lin (Bank Negara Malaysia), 2008.

PhD committees at NUS

Issahaq Umar Iddrisu, Li Yang, Yiew Siew Ling, Zhang Jianlin, Athakrit Thepmongkol, Nona Pepito, Mun Lai Yoke.

PhD Supervision at Essex

  • Melisso Boschi (University of Perugia, now at Italian Senate Office) (Joint).
  • Job Graca (Minister of Finance, Government of Angola) (Joint).
  • Talat Imtiaz (Government of Pakistan).
  • Stephen McKnight (Reading Business School, now at El Colegio Mexico) (Joint).
  • Yoshie Okochi (Private Sector).
  • Odile Poulsen (Arhus School of Business, now tenured at University of East Anglia).
  • Ernesto Sepulveda (Bank of Mexico).
  • Yasuhiro Yamamoto (United Nations) (Joint).

Ph.D. committees at Essex

Aristotelis Koutroulis, Teodora Shamandoura.

 M.Phil. Dissertations at Essex

  • Cyril Monnet (now Professor of Economics, University of Lausanne)
  • Francisco de Lemos Jose Maria (Government of Angola)
  • Ben Biwa (Bank of Namibia).

Supervision of M.Sc. Dissertations at Essex include

Stefano Matta (University of Cagliari) Yiannis Vailakis (University of Glasgow), Paolo Mattana (University of Cagliari).


Working Papers

  • ``Mental accounting and sunspot equilibria,'' (2014).
  • ``Existence of competitive equilibrium in the growth model with endogenous leisure'' (Joint with N-M. Hung), Revise and Resubmit. (2014)
  • ``Pollution, mortality and optimal environmental policy,'' (Joint with S. Jafarey and W. Pouilot), Revised and resubmitted (2015).
  • ``Testing for external habits in an asset pricing model,'' (Joint with M. Boschi and S. D'Addona), under review (2015).
  • ``Infectious diseases, human capital and endogenous growth," (Joint with L. Liu) (2015).

Work in Progress

  • ``Winners and losers from monetary taxation with extrinsic uncertainty,” (Joint with G. Cozzi, M. Kang, and K. Shell).
  • ``The political economy of monetary taxation'' (Joint with G. Cozzi, M. Kang, and K. Shell).
  • ``Rational over-emission of carbon dioxide,'' (Joint with N. D'Souza and L. Liu).
  • ``Contagion of infectious diseases and international aid,’’ (Joint with L. Liu and S. Roy)
  • ``Contagion of financial crises in emerging markets: the role of risk aversion,'' (Joint with M. Boschi and S. D'Addona).
  • ``Social norms and economic growth,'' (Joint with O. Poulsen.
  • ``Heath traps,'' (Joint with J. Bhattacharya and H. Bunzel).

Other activities

  • Advisory committee on moneylending, Ministry of Law, Singapore, 2015.

 Please see CV for more details.


Academic Papers

  • ``Rationing and Sunspot Equilibria,'' Journal of Economic Theory, 64(2), 424-442, December 1994
  • ``Fiscal Rules and Extrinsic Uncertainty,'' Economic Theory, 4(3), 401-416, 1994.
  • ``Income Redistributions Without Catastrophes,'' (With R. Garratt), J. of Economic Dynamics and Control, 19(1), 441-455, 1995.
  • ``When Don't Sunspots Matter,'' (Joint with K. Shell), Economic Theory, 9(1), 169-178, 1997.
  • ``Robustness of Sunspot Equilibria,'' (Joint with K. Shell), Economic Theory, 10(1), 79-98, 1997.
  • ``Endogenous Strategic Business Cycles,'' (Joint with D. Kelly and S.E. Spear), Journal of Economic Theory, 81(1), 97-125, 1998.
  • ``Informed trading and the `leakage' of information,'' Journal of Economic Theory, 109, 360-377, 2003.
  • ``Indeterminacy with Labor Augmenting Externalities,'' (Joint with O. Poulsen) Journal of Economics, Special Issue 2005, 143-166.
  • ``Stabilizing Sunspots,'' (Joint with C. Prechac) Journal of Mathematical Economics, 42(4-5), 544-555, 2006.
  • ``Manipulation via endowments and sunspot equilibrium" (Joint with S. Matta) Economic Theory, 36 (2), 267-282, 2008.
  • ``Infectious diseases and economic fluctuations,'' (Joint with L. Liu) Economic Theory, 50(1), 125-149, 2012.
  • ``Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure'' (Joint with C. Le Van and M-H. Nguyen), Macroeconomic Dynamics, S1, 33-51.
  • ``Relative risk aversion and the transmission of financial crises" (Joint with M. Boschi) Journal of Economic Dynamics and Control, 36(1), 85-99, 2012.
  • ``Infectious diseases and economic growth" (Joint with L. Liu and M-H. Nguyen), Journal of Mathematical Economics, published online 2014.

Edited Books

  • Moneylenders to microfinance: Southeast Asia's credit revolution in institutional, economic and cultural perspective, (Edited Joint with D. Henley) Routledge Press, 2009.