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Madhav Ritesh Parikh

Madhav Ritesh Parikh is a Master of Banking and Finance student and Research Assistant at Monash Business School. His research examines how monetary policy operates through an evolving financial system, particularly as banking structure, new forms of money and settlement infrastructure reshape monetary transmission and financial intermediation. His recent work spans deposit competition, stablecoin governance, tokenization and cross-border payments. He also contributes to long-run banking and asset-pricing research, and has received support from the AUDDapt Grant Program and the Interledger Foundation for projects on atomic cross-border settlement and open-payment interoperability.
Antitrust and Competition

Bank Concentration Undermined the Fed’s Monetary Policy During the Last Tightening Cycle

Madhav Ritesh Parikh
In new analysis, Madhav Parikh examines how competition among banks in the United States shapes the way monetary policy reaches depositors. Tracking U.S. banks from late 2021 through mid-2026, he finds that banks in more concentrated local markets repriced their deposit interest rates less than banks in competitive markets, both as the Fed raised rates and as it cut them.

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