Somebody already explained macro to you — badly. A TV panel shouting past each other, a forwarded chart with no source. Meanwhile the repo rate set your EMI, the rupee priced your trip, and a yield curve you've never seen decided your offer letter. Prof. Tantri teaches the mechanism, not predictions — so the next time onions are setting the repo rate, you saw it coming.
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What’s in the room
Session 6 — Exchange rates & interest rate parity
1:04:00 · 7 chapters · notes the same evening
Every Sunday he teaches; by Sunday night the notes are up, chaptered, with screenshots from the recording. The video lands mid-week. Take them in order — the course builds.
Browse the sessions →Model №2 — the lender's arithmetic
22.22%
what a risk-neutral lender charges so survivors cover the defaulters — his 110/90. Not profit, not a risk premium. Arithmetic.
Three courses as long reads — corporate finance, the Indian financial system, macro — from his own notes, with nineteen interactive models built on his exact numbers. Break them with your own hands; every one has a trap he sets in class.
Start with corporate finance →CPI on the 12th. WPI on the 14th. IIP on the 28th. Six MPC decisions a year, on dates the RBI publishes every March. When the print drops, you should already know what to ask it. Subscribe once; your calendar knows forever.
See the full timetable →Coming soon. Right now he's glued to the screen — the economy is behaving far too interestingly to look away, and he frankly doesn't have time for you. Unlike you, he studies the market from sources. The moment things get boring again he's all yours: ask him anything from the course, he answers correctly, cites the page, and makes sure you know it cost him nothing.
He's busy — peek anyway →RBI Bulletin — original data link rbi-fed
Do not use newspaper sources. The original data link is this.
Gormsen & Huber — Corporate Discount Rates paper
Firms do not change their hurdle rate when cost of capital changes.
Papers, RBI circulars, his own columns — each filed with the one line that tells you how to read it, verdicts verbatim. Plus the book club: one book a quarter, his pick.
Into the library →But you can read it with your ISB id — one Google sign-in. (Even the stuff you can Google goes down easier here.) The point stands: if ten years from now you can say "I could've just Googled this," it hasn't worked. Karma keeps score of being useful to the room — class participation, same as it ever was at ISB, except this leaderboard never resets. Miss three quizzes and Maneshwar drops you; he's the bad guy.
Nothing in progress yet — open a note and it'll wait for you right here, with your spot saved.
New notes, essays and lectures — every update to the blog and the Sunday series lands here first.
Session 16 — the rupee at 89 read properly: current account is fine, the capital account did the work; a cheap rupee is a discount that lifts exports; FDI turned up while FII stayed out; and the RBI's FCNR(B) grab for hot money was the one move it didn't need.
Session 15 — Tantri walks the actual BoP table, row by row, to show why the rupee's fall is a choice RBI is making, not a crisis it's suffering.
Session 14 — a live case study in a central bank's real-rate math going wrong: RBI cut rates on 1% inflation, pumped in 8.8 lakh crore, and now Iran's oil shock has arrived on top of it.
Session 13 — the formal Phillips curve derivation, and why a supply shock leaves policymakers with two bad options and no good one.
A polished essay Tantri sent into the WhatsApp group, originally published in Mint — using the RBI and BIS REER data to argue that the recent rupee weakness, far from being a crisis, is well within historical norms.
A walk through Tantri's INFS final exam — every question is a historical or pop-culture vignette, and the answer is always macro. Rothschild, the Spanish empire, George Soros, Shakespeare, and Operation Twist.
Session 12 — the historical Phillips curve, Samuelson and Solow's policy dial, and Milton Friedman's warning: inflation expectations adapt. The 1970s is the story of what happens when a government tries to keep the dial turned.
Session 11 — transition to medium-term macro: wage-setting, price-setting, the natural rate, and the institutional z variable.
A standalone classroom reading of the Union Budget 2025-26 — fiscal stance, capex shift, tax changes, and the STT/SGB credibility problems.
Session 10 — the wage-setting and price-setting equations get their formal introduction (full derivation in Session 11), then the class turns to Japan: four decades of near-zero rates, a carry trade the whole world quietly depends on, and the first sign it might be ending.
Session 9 — a live diagnosis: are Indian interest rates rising because of a temporary liquidity squeeze, or because state and central governments are quietly printing money through borrowing? The rupee tells you which.
Session 8 — inflation, nominal depreciation, and interest-rate parity: three apparently contradictory facts reconciled.
Session 7 — the Keynesian Cross goes open: domestic demand splits from demand for domestic goods, X and imports enter the model, and the rice example that will carry the next three sessions gets built from scratch.
Session 5 — medium-term macro: tradables vs. non-tradables, PPP, Balassa-Samuelson, and RBI data on India's REER.
Session 4 — the GST tax-cut case, government borrowing and crowding out, a five-step transmission walkthrough, and AI/human capital.
Session 3A — building the IS-MP framework, walking through policy applications, and India's macro constraints.
Session 3 — real vs. nominal rates, liquidity preference, and the shift from IS-LM (money-supply) to IS-MP (interest-rate) monetary policy.
Session 2 — short-run Keynesian macro: the consumption function, the 45-degree cross, the multiplier, and the paradox of thrift.
Session 1 — foundations of long-run growth: pre-industrial stagnation, the leisure-work trade-off, and the island economy model.
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