Remember Me
Or use your Academic/Social account:


Or use your Academic/Social account:


You have just completed your registration at OpenAire.

Before you can login to the site, you will need to activate your account. An e-mail will be sent to you with the proper instructions.


Please note that this site is currently undergoing Beta testing.
Any new content you create is not guaranteed to be present to the final version of the site upon release.

Thank you for your patience,
OpenAire Dev Team.

Close This Message


Verify Password:
Verify E-mail:
*All Fields Are Required.
Please Verify You Are Human:
fbtwitterlinkedinvimeoflicker grey 14rssslideshare1
Mallick, Sushanta K.
Languages: English
Types: Doctoral thesis
Subjects: HC
The aim of this research is to understand the current economic scene and the\ud stabilisation policies in historical perspective, and to survey and develop models for\ud analysing issues of macroeconomic adjustment with growth. The topics have been\ud chosen for their continued relevance in the current policy debates. The standard open\ud economy model on which the Bretton Woods macroeconomics is based takes into\ud account neither the endogeneity and decomposition of aggregate government\ud expenditure or investment nor the price formation process in a developing economy.\ud Further, with the opening up of the Indian economy since 1991, macroeconomic policy\ud analysis needs to be examined in a different analytical framework from the essentially\ud closed economy framework that has hitherto characterised policy discussions in\ud India.T he present study investigates the appropriateness of the Fund-Bank approach to\ud macroeconomic adjustment; modifies and analyses the respective effects of the model\ud in light of the structural constraints in the form of low capital formation in the Indian\ud economy after having disaggregated government expenditure into government\ud consumption and investment expenditures. This thesis models trade, inflation and the\ud determinants of long-run growth considering the role of endogenous growth and the\ud demand factors in growth. The modelling procedure follows the VAR-based time series\ud literature as against the traditional Cowles Commission approach to structural\ud macroeconometric modelling. It estimates a macroeconomic model that incorporates the\ud paradigm underlying the IMF's policy recommendations to developing countries, using\ud Indian time series data from 1950-51 to 1995-96. It discusses structural sensitivities,\ud dynamics and deterministic optimal control. This study investigates the effectiveness of\ud three sets of key macroeconomic policy instruments which are typical in financial\ud liberalisation process - namely, a tight credit policy, a depreciation of domestic currency\ud and, a hike in regulated interest rates. Finally this study solves a multi-target and multi-instrument\ud optimal control problem and finds that the two-target two-instrument\ud problem of a standard policy package is not growth inducive and must target output\ud growth in order to make the adjustment program as growth-oriented. This research has\ud focused on explicitly recognising and analysing the operation of a credit or lending\ud channel in the transmission of monetary policy.
  • No references.
  • No related research data.
  • No similar publications.

Share - Bookmark

Cite this article