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Has India emerged? Business cycle facts from a transitioning economy

Chetan Ghate (), Radhika Pandey () and Ila Patnaik ()

Working Papers from National Institute of Public Finance and Policy

Abstract: This paper presents a comprehensive set of stylised facts for business cycles in India from 1950 - 2009. We find that the nature of the business cycle has changed dramatically after India's liberalisation reforms in 1991. In particular, after the the mid 1990s, the properties of India's business cycle has moved closer in key respects to select advanced countries. This is consistent with India's structural transformation from a pre-dominantly agricultural and planned developing economy to a more mar- ket based industrial-income economy. We also identify in what respects the behaviour of the Indian business cycle is different from that of other advanced economies, and closer to that of other less developed economies. This is the first exercise of this kind to generate an exhaustive set of stylised facts for India using both annual and quarterly data.

Keywords: Macroeconomics; Real business cycles; Emerging market DSGE models; Volatility and growth (search for similar items in EconPapers)
JEL-codes: E10 E32 (search for similar items in EconPapers)
Pages: 27
Date: 2011-04
New Economics Papers: this item is included in nep-mac
Note: Working Paper 88, 2011
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