A Disequilibrium Macroeconometric Model for the Indian Economy

by Kalirajan, Kaliappa; Bhide, Shashanka

• ISBN13: 9780754634706
• ISBN10: 0754634701
• Format: Hardcover
• Copyright: 2004-02-01
• Publisher: Ashgate Pub Co
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Summary

This book presents a new approach to incorporating regional details on production in a disequilibrium macroeconometric model. The early studies on disequilibrium dealt with either partial-adjustment models or models involving excess demand or supplies in markets. In this study the authors consider a different type of disequilibrium model - one in which econometric analysis makes use of the varying coefficients stochastic production frontier approach, which permits estimation and analysis of production efficiencies of individual producers.The book presents an innovative approach to production modelling in macroeconometric models as it provides a useful framework for incorporating production efficiencies and regional details of production in the macro models. It is a pioneering study that combines the stochastic frontier approach with macroeconometric modelling. Primarily focused on India, it also provides insights into problems in modelling economies of other developing countries.

Table of Contents

List of Figures	vii
List of Tables	xi
Preface	xiii
Economic Reforms and Agriculture: Context for the Study	1	(19)
A Disequilibrium Framework	20	(16)
Model Development: The Agricultural Sector	36	(42)
The Non-Agricultural Sectors: Output, Prices and Trade	78	(20)
Integration of the Sectoral Details in the Macroeconomic Framework	98	(14)
Impact of Alternative Policy Choices on Agriculture: Applications of the Model	112	(53)
Summary and Conclusions	165	(8)
Appendix 1 Data Details	173	(10)
Appendix 2 Model Equations: Specification	183	(10)
Appendix 3 Model Equations: Estimation Results	193	(18)
References	211	(4)
Index	215