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Studies in Macroeconomics and Welfare   

Studies in Macroeconomics and Welfare

Editors : B B BHATTACHARYA ARUP MITRA

Published by Academic Foundation
in association with
The Indian Econometric Society.
Hard  Back Book     :   Pages : 423
2005  Edition         :   ISBN - 81-7188-461-X
Price : Rs. 695.00   :   USD $ 49.95
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ABOUT THE BOOK :

This volume presents selected papers on macroeconomics and welfare, presented at the 40th annual conference of the Indian Econometric Society in 2004.

Collectively they cover a wide range of issues related to economic reform, growth and equity. In particular, the book contains studies on exchange rate, interest rate, money demand and supply and monetary and fiscal policies, inflation and its relationship with growth at aggregate and sectoral levels, growth and distribution, pollution, environment, rural poverty, health care and micro credit.

The analysis is done mainly through macroeconometric and time-series techniques. The basic purpose of these studies has been to evaluate the ongoing economic reforms and its impact on economic growth and welfare with special focus for the vulnerable sections of the population.

The volume is expected to be of special interest to those who are keen to learn the applications of econometric techniques in analysing economic growth, policy and welfare. It would also be useful to the policymakers for understanding the effectiveness of both macro and micro policies in the recent period.


ABOUT THE EDITOR :

BB Bhattacharya is Director, Institute of Economic Growth (IEG), Delhi. He specialises in macroeconomics and econometric modelling and forecasting. A former President of the Indian Econometric Society, Professor Bhattacharya is currently the President of the Indian Association for Research in National Income and Wealth.

Arup Mitra is Professor of Economics at the Institute of Economic Growth, Delhi. His research interests include : labour and welfare, urban development, industry, infrastructure and gender.


CONTENTS IN DETAIL :

Preface

Contributors to this Volume

Section I
Macroeconomics

1. Forecasting the Exchange Rate with a Bayesian Vector Auto Regression (BVAR) Model: The Indian Experience

B.B. BHATTACHARYA S. CHAKRAVARTY MAHUA PAUL

Introduction
Bayesian Statistics
Data and Variables
Empirical Results
Conclusions

 

2. Forecasting Indian Interest Rates Using Univariate and Multivariate Models

PAMI DUA NISHITA RAJE SATYANANDA SAHOO

Introduction
Interest Rates and Monetary Policy in India: Some Stylised Facts
Alternative Forecasting Models: A Brief Overview
Estimation of Alternative Forecasting Models
Conclusions

 

3. Macroeconomic Effects of Changes in Selected Monetary and Fiscal Variables: A Simulation Analysis for India

A. SOUMYA K.N. MURTY

Introduction
Literature Review
Methodology
Model
Empirical Results
Policy Simulations

 

4. Money Demand in the Indian Economy: A Time Varying Parameter Approach

PAMI DUA SRIVIDYA SUBRAMANIAM

Introduction
Specification of the Model
Econometric Methodology
Exploratory Analysis of the Data
Empirical Results
Summary and Conclusion

 

5. Search for Stable Money Demand Function for India:
A Co-integration Approach

A.K. GIRI B. KAMAIAH

Introduction
Survey of Empirical Studies on Stability of Money Demand Function
Empirical Evidence on Stability of Demand for Money in India
Methodology: An Overview
Empirical Results
Concluding Remarks

 

6. Optimising Growth and Inflation: Some Empirical Results Relating to the Indian Economy Using Control Theory

BALWANT SINGH SUSHILA AUGUSTINE

Introduction
Basics and Modeling Strategy
Real Sector
Fiscal Sector
Monetary Sector
External Sector
Prices
Discussion
The Cost Functional
The Results

 

7. Comparing Measures of Core Inflation for India

AJIT R. JOSHI RAJASHREE RAJPATHAK

Introduction
Definition of Core Inflation
Methods of Computing Core Inflation
Database for the Study
Core Measures based on Exclusion Principle
Core Measures based on Trimming
Unbiasedness and Volatility
Co-integration with Headline Inflation
Forecasting Ability

 

8. Endogenous Distribution, Politics and the Growth-Equity Tradeoff

SATYA P. DAS CHETAN GHATE

Introduction
The Basic Model
Political and Non-Political Policies
A General Income Tax
Summary

 

9. Measuring Benefits from Reduced Air Pollution in the Cities of Delhi and Kolkata in India Using Hedonic Property Prices Model

M.N. MURTY S.C. GULATI AVISHEK BANERJEE

Introduction
Choice of Functional Forms in Hedonic Price Models
Data Sources and Design of Household Survey
Model for Estimation and Measurement of Variables
Estimates of Hedonic Property Value Model Under Alternative Functional Forms
Inverse Demand Functions for Environmental Quality and Welfare Gains from Reduced Air Pollution
Conclusions

 

10. Dynamics of Rice Production in Kerala: A Cobweb Approach

K.P. MANI

Introduction
Cropping Pattern in Kerala
Cropping Pattern- Inter District Analysis
Materials and Methods

Section II
Welfare

 

11. Rural Poverty and Rural Infrastructure: The Case of India

SIDDHARTHA MITRA S.D. BRAHMANKAR V. HANDA

Introduction
The Model
Results
Lessons
Conclusions

 

12. Public Policy Stance and Human Development: A Panel Analysis

LEKHA S. CHAKRABORTY

Introduction
Theoretical Issues Related to Public Policy Stance and Human Development: A
   Synoptic View
Interpreting Data
Specification of the Model and Econometric Results
Conclusion

 

13. Maternal Health Care Utilisation: An Empirical Analysis Based on Rural India

ANINDITA CHAKRABARTI

Introduction
Literature Review
Data and Variables Used in the Analysis
Empirical Methodology
Results
Conclusion

 

14. Quality of Health Care and Household Choice: Evidence from NSS and NFHS Data for the State of West Bengal

SUBRATA MUKHERJEE

Introduction
Concept and Measurement of Health Care Quality
Theoretical Framework: A Representative Individual
Data Sources
Evidence from NSS 52 and NFHS 2 Data
Conclusion

 

15. Economic and Social Benefits of Micro-Finance Programmes: An Econometric Analysis

D. RAJASEKHAR S. MADHESWARAN

Introduction
Sources of Data
Empirical Results
Conclusions and Policy Implications

 

16. Repayment Performance of a Random Rosca in West Bengal

SAMAPTI GUHA GAUTAM GUPTA

Introduction
Factors Leading to Formation of Rosca
Repayment Performance of Group Members
The Comparison between Models
Conclusion


Contributors to this Volume


Sangeeta Chakravarty Lecturer, Institute of Economic Growth, Delhi.
   
Mahua Paul Lecturer, Institute for Social and Industrial Development, New Delhi.
 
Pami Dua Professor, Department of Economics, Delhi School of Economics, Delhi.
 
Nishita Raje Asstt. Adviser, Department of Economic Analysis and Policy, Reserve Bank of India, Mumbai.
 
Satyananda Sahoo Research Officer, Department of Economic Analysis and Policy, Reserve Bank of India, Mumbai.
A. Soumya Research Scholar, Central University, Hyderabad.
 
K.N. Murty Professor and Head, Department of Economics, Central University, Hyderabad.
Srividya Subramaniam Lecturer, Department of Economics, SGTB Khalsa College, Delhi.
 
A.K. Giri Asstt. Professor, Economics and Finance Group, Birla Institute of Technology and Science, Pilani.
 
B. Kamaiah Professor, Department of Economics, University of Hyderabad, Hyderabad.
 
Balwant Singh Adviser, NIPD, Reserve Bank of India, Mumbai.
 
Sushila Augustine Asstt. Adviser, Department of Statistical Analysis and Computer Services, Reserve Bank of India, Mumbai.
 
Ajit R. Joshi Director, Department of Statistical Analysis and Computer Services, Reserve Bank of India, Mumbai.
 
Rajashree Rajpathak Research Officer, Department of Statistical Analysis and Computer Services, Reserve Bank of India, Mumbai.
 
Satya P. Das Professor, Indian Statistical Institute, New Delhi.
 
Chetan Ghate Asstt. Professor, Indian Statistical Institute, New Delhi.
 
M.N. Murty Professor, Institute of Economic Growth, Delhi.
 
S.C. Gulati Professor, Institute of Economic Growth, Delhi.
 
Avishek Banerjee Consultant, Institute of Economic Growth, Delhi.
 
K.P. Mani Faculty, College of Co-operation Banking and Management, Kerala Agricultural University, Thrissur, Kerala.
 
Siddhartha Mitra Reader, Gokhale Institute of Politics and Economics, Pune.
 
S.D. Brahmankar Senior Statistician, National Council of Applied Economic Research, Delhi.
 
Vishal Handa Research Assistant, National Council of Applied Economic Research, Delhi.
 
Lekha S. Chakraborty Fellow, National Institute of Public Finance and Policy, New Delhi.
 
Anindita Chakrabarti Lecturer, Unit for Child and Youth Research, Tata Institute of Social Sciences, Mumbai.
 
Subrata Mukherjee Research Scholar, Centre for Development Studies; Thiruvananthapuram.
 
D. Rajasekhar Professor and Head, Decentralistion and Development Unit, Institute of Social and Economic Change, Bangalore.
 
S. Madheswaran Associate Professor, Institute of Social and Economic Change, Bangalore.
 
Samapti Guha Research Associate, MFMI Chair Unit, Institute of Rural Management, Anand.
 
Gautam Gupta Professor, Department of Economics, Jadavpur University, Kolkata.
 
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