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A Disequilibrium Macroeconometric Model for the Indian Economy (Hardcover)
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A Disequilibrium Macroeconometric Model for the Indian Economy (Hardcover)
Series: Routledge Revivals
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This title was first published in 2003. This text 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 also presents an innovative approach to
production modelling in macro econometric 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 macro econometric modelling. Primarily focused on India, it
also provides insights into problems in modelling economies of
other developing countries.
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