The second paper finds that the domestic and global supply shocks, namely droughts and oil crises are the main reasons for the apparent absence of the Phillips curve for India. Once we adequately account for these shocks, and reconstruct data in India's crop year as opposed to fiscal year, the Phillips curve for India emerges in the conventional fashion. The Phillips curve exists even in the pre-reform era suggesting that the economic reform of the early 1990s did not bring any fundamental change in the Phillips curve for India.Apparently, output fluctuations remarkably increased since the early 1980s and continued until the mid 1990s. The variance of ... in the mid 1990s. Unlike US output growth, we can expect multiple breakpoints in the variance of Indian industrial growth. ... through 3 in Table B1 show high insignificance of the trend term suggesting a possibility of mean constancy over the entire sample. However , to have ananbsp;...
|Title||:||Essays on Indian Business Cycles and Inflation|
|Author||:||Biru Paksha Paul|
|Publisher||:||ProQuest - 2007|