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