When Dr. Kuhelika De talks about economics, her energy is contagious.
She leans in, eyes bright, as she unpacks complex ideas like causes of business cycles or the transmission of monetary policy.
Her enthusiasm isn’t just for theory; it’s about understanding how these ideas can inform policy to create a better society.
She loves showing students how curiosity and guidance can spark insight and opportunity. Teaching, she believes, has the power to open doors that might otherwise stay closed.
“Your teachers make a lasting impression,” she reflects. “Back in high school, I had a great teacher who sparked my curiosity in economics. That’s what set me on this path.”
That early spark eventually carried her from classrooms in India to the United Kingdom, and then to the United States, shaping the path of her impressive academic journey. Dr. De earned her Bachelor’s (B.A. Hons.) in Economics from the University of Delhi, a Master’s in Economics from the University of Manchester, and her Ph.D. in Economics from the University of Georgia in 2017, with a concentration in monetary economics.
At the University of Georgia, her doctoral advisor, Dr. William D. Lastrapes, was a defining influence in her academic career, giving her both the technical training and the research mindset she now instills in her own students. “I owe my academic success to my doctoral advisor,” she said.
Having studied in three countries, Dr. De brings a scholarly global perspective into her classroom. She describes her experiences abroad as transformative – not just academically, but personally – as she navigated cultural differences, independence, and new ways of thinking.
As an Associate Professor of Economics, she joined Butler’s Lacy School of Business in August 2023 after five years at Seidman College of Business, Grand Valley State University in Michigan. She was particularly drawn to Butler, noting it’s number one ranking in the Midwest region for seven consecutive years.
Drawn by LSB’s strong reputation, small class sizes, and highly prestigious business school environment, the faculty member says the move has exceeded expectations.
“There’s such a positive externality here,” she laughs, borrowing an economics term. “The people around me – my colleagues, the Dean’s office, senior faculty – they’ve been incredibly supportive. They push me to innovate, to grow. You want to do more, give more, because you feel so inspired.”
While her background is extensive, Dr. De’s enthusiasm truly shines when she talks about her students.
“Interacting with students is the best part of my job,” she says with a smile. “Professors play a role that goes beyond teaching. We’re mentors and advisors. In some ways, we come next to parents in shaping a student’s future. I am where I am because of my professors. Now, I want to be that person for my students.”
Recently, Dr. De celebrated major milestones in her research. In 2024, she published a paper in Health Economics titled “Business Cycles and Healthcare Employment,” exploring how recessions affect employment in the healthcare industry and highlighting the real-world impact of economic fluctuations on critical industries. From a broader perspective, the study provides new robust evidence that U.S. healthcare employment is not recession‐proof.
In August, her paper, “Inequality, Household Credit Shocks, and House Price Dynamics,” was published in the International Monetary Fund Economic Review, one of the premier journals in the field of monetary economics published by the International Monetary Fund. Using data for 42 developed and emerging markets, the study shows how income and wealth inequality amplifies the impact of credit expansions on house price fluctuations, drawing lessons from the 2008 housing crisis. In simple terms, high inequality is associated with a larger proportion of credit-constrained households. These households tend to borrow more aggressively during periods of easy credit and then cut back spending more sharply when facing mounting debt. This creates a disproportionate distribution of debt, which can destabilize the housing market and contribute to a wider recession. Her conclusion is clear: “If we don’t address inequality, we risk making our economies less stable.”
Her research contributions have been recognized with two notable awards: the “Distinguished Early Career Scholar Award” from Grand Valley State University in 2022, and the “Research with Impact Award” from the Lacy School of Business, Butler University in Spring 2025.
For Dr. De, the motivation behind her research goes beyond analyzing economies – it’s about improving human well-being and creating a better society. Economics, as an interdisciplinary field, allows her to examine economic fluctuations and inform policies that can promote economic stability.
At Butler, she is already incorporating these insights into her teaching in “Principles of Macroeconomics”, “Intermediate Macroeconomics” and “Money and Banking”. In the future, the associate professor will teach “Development Economics”, again connecting global issues such as inequality, infrastructure, economic growth, and access to fair and secure jobs – what economists call “decent work” – to the United Nations Sustainable Development Goals. Her aim, she says, is not only to teach students the tools of economics, but also to instill a sense of responsibility as global citizens.
“I love my subject, but more than that, I love my students,” she says. For the educator, the joy of being a professor lies at the intersection of research, teaching, and mentorships. “They’re creative, curious, full of ideas. Every student is gifted in their own way. My job is to help them discover what’s meant for them – and give them the tools to pursue it.”