Macroeconometric Policy Modeling for India: A Review of Some Analytical Issues

Not availableStructural Macro Models, Identification, VAR

Sustainable Economic Growth for India: An Exercise in Macroeconomic Scenario Building

Not available

Structural Modelling Under Challenge

Over the last two decades or so macroeconometric modelling which was in vogue over the sixties and the seventies has ceased to be high on the academic agenda. This has been for a number of developments in macroeconomic theory and in econometric methodology. At the same time it is by no means true that macroeconometric modelling in the Cowles Commission tradition has been given up. Like all healthy disciplines the subject has incorporated some of the new developments and rejected some. Structural models continue to be used for policy formulation and continue to be used for policy formulation and evaluation all over the world because no viable alternative has emerged so far. This paper is intended to take stock of the prevailing situation and to suggest the course that the subject is likely to take in the years to come.

PUBLIC INVESTMENT IN AGRICULTURAL AND GDP GROWTH-- ANOTHER LOOK AT THE INTER SECTORAL LINKAGES AND POLICY IMPLICATIONS

Despite its reduced share in India’s GDP, agriculture continues to have a strategic importance in ensuring its overall growth and prosperity. As part of the new economic policy package introduced in the early nineties, there has been a reduction in the rate of public investment. While this may not be bad for the industrial sector, the impact of this policy on agriculture is a matter of concern, in sofar as it not only affects steady growth of agriculture but also influences the overall performance of the economy. This is more so because the agricultural sector public investment has also promoted private investment by way of what is termed as the crowding-in phenomenon. This phenomenon together with inter-sectoral linkages is used in this paper to examine the effect of higher public investment for agriculture on the stable growth of this sector as well as of the entire economy. Policy implications of this exercise are important for obvious reasons.Sectoral linkages, Public Investment, crowding-in

The Exotic Barium Bismuthates

We review the remarkable properties, including superconductivity, charge-density-wave ordering, and metal-insulator transitions, of lead- and potassium-doped barium bismuthate. We discuss some of the early theoretical studies of these systems. Our recent theoretical work, on the negative-U\/, extended-Hubbard model for these systems, is also described. Both the large- and intermediate-U\/ regimes of this model are examined, using mean-field and random-phase approximations, particularly with a view to fitting various experimental properties of these bismuthates. On the basis of our studies, we point out possibilities for exotic physics in these systems. We also emphasize the different consequences of electronic and phonon-mediated mechanisms for the negative U.\/ We show that, for an electronic mechanism, the \secin \,\,phases of these bismuthates must be unique, with their transport properties {\it dominated by charge $\pm 2e$ Cooperon bound states}. This can explain the observed difference between the optical and transport gaps. We propose other experimental tests for this novel mechanism of charge transport and comment on the effects of disorder.Comment: UUencoded LaTex file, 122 pages, figures available on request To appear in Int. J. Mod. Phys. B as a review articl

EFFICIENCY AND PRODUCTIVITY GROWTH IN INDIAN BANKING

This paper attempts to examine technical efficiency and productivity performance of Indian scheduled commercial banks, for the period 1979-2008. We model a multiple output/multiple input technology production frontier using semiparametric estimation methods. The endogenity of multiple outputs is addressed by semi parametric estimates in part by introducing multivariate kernel estimators for the joint distribution of the multiple outputs and correlated random effects. Output is measured as the rupee value of total loans and total investments at the end of the year. The estimates provide robust inferences of the productivity and efficiency gains due to economic reforms.Banking, Frontier efficiency, Productivity

On Distribution Free Tests for the Two-Sample Location Problem Based on Signs of Extreme Observations

A class of distribution-free tests for two-sample location problem is based on the signs of most extreme observations in the sub-samples of sizes c and d from X and Y samples respectively. The test statistics have been expressed in terms of linear rank statistics. The asymptotic normality of the test statistics is established. Asymptotic efficiencies indicate that members of our class do well in comparison with some already existing test statistics for light and medium tailed distributions