Chapter 1. Introduction by Ratan Khasnabis and Indrani Chakraborty (IDSK) -- Chapter 2. Monetary Policy, Financial Stability and Macroprudential Regulation: An Indian Perspective by Dilip Nachane (Emeritus Professor, IGIDR).- Chapter 3. Crisis as Paradigm Shifter: Reflections on 2008 by Subir Gokarn (Former Deputy Governor, RBI) -- Chapter 4. The Financial Sector and the Real Economy: Some Considerations in the Indian Context: Pronab Sen (Principal Advisor, Planning Commission, GOI) -- Chapter 5. Recent Drivers of Global Commodity Prices: An Exploration by Partha Ray (IIMC) -- Chapter 6. Fiscal Reforms, Fiscal Rule and Development Spending: Two Decades of Indian Experience by Pinaki Chakraborty (NIPFP) -- Chapter 7. Inflation Targeting in Developing Countries : Barking Up the Wrong Tree by Rohit Azad and Anupam Roy (JNU) -- Chapter 8. Global Ramifications of Reoriented US Policies towards Employment Generation by Parthapratim Pal and Atulan Guha (IIMC) -- Chapter 9. Employment, Growth and Inequality in India: A Critical Analysis by Subhanil Chowdhury(IDSK) -- Chapter 10. Effects of Changing Pattern of Corporate Savings on Firm Profitability in India: A New Approach by Indrani Chakraborty (IDSK) -- Chapter 11. Determinants of Price Deviations across Regions in India by Kaushik Bhattacharya (IIML) -- Chapter 12. Globalisation and Growth: The Indian Case in Perspective by Surajit Mazumdar (Ambedkar University, New Delhi) -- Chapter 13. Oil Price Shock, Pass-through Policy and its Impact on India by Surajit Das, Sukanya Bose and N. R. Bhanumurthy (JNU and NIPFP, New Delhi).

This volume's primary contribution to the field of economics is that it addresses the issue of inter-linkages between money, finance and macroeconomics with a broad analytical perspective that has commonality with the Post-Keynesians. In an attempt to assess the consequences of economic reforms and the fallout of the global financial crisis for India and the world around, the book argues that with the onset of the crisis, as in most advanced economies, debates and discussions in India were concerned with three main issues: monetary policy and asset prices, financial stability, and macro-prudential regulation. Three related issues which are also considered important in the Indian context are rule vs. principle-based supervision, integrated financial supervision, and regulatory and supervisory independence. The book argues that the crisis highlighted the inadequacies of macro-prudential regulatory structure, which mainly addresses idiosyncratic risks specific to individual financial institutions. The crisis sparked off an extensive debate on the role of national regulatory and supervisory authorities in crisis prevention and crisis management as a result of macro-prudential regulations, which involve a general equilibrium approach to regulation aiming at safeguarding the financial system as a whole. The book then argues that the crisis led to a paradigm shift in macroeconomic theory and policy. This shift has been categorized into four specific areas: monetary policy, financial regulation, corporate governance, and globalization. The book analyses how the characteristics of each of these four categories have changed from the pre-crisis to the post-crisis situation. The book also closely examines the phenomenon of rising global commodity prices post-crisis. The book also deals with an analysis of the impact of this crisis on employment in the US economy by simulating a macroeconomic model developed by the Cambridge Department of Applied Economics in the 1980s.