Production Sectors and Regions in Macroeconometric Models of India
Journal of Quantitative Economics, 2019, vol. 17, issue 4, 711-725
Abstract The macroeconometric modelling for India has its focus on providing estimates of macroeconomic parameters at the national level. These models have attempted to capture some of the variations across production sectors and the differences in market and non-market agents. However, the macroeconometric modelling effort so far has not captured the regional dimension of the economy. This paper notes that while there are commonalities in growth pattern across states exhibited by the co-integration of state domestic product in many pairs of states, there are also cases where the commonality is absent. We highlight the need for reflecting a regional dimension in the macroeconometric models either through satellite models or integration with the national models.
Keywords: Macroeconometric models; Production sectors; Regional models; Sectoral dimension; Spatial dimension; Satellite models; State level economies; Stochastic production frontier (search for similar items in EconPapers)
JEL-codes: C50 C51 E10 E23 O11 O53 R10 R15 (search for similar items in EconPapers)
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