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Production Sectors and Regions in Macroeconometric Models of India

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  • Shashanka Bhide

    (Madras Institute of Development Studies)

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.

Suggested Citation

  • Shashanka Bhide, 2019. "Production Sectors and Regions in Macroeconometric Models of India," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(4), pages 711-725, December.
    • Handle: RePEc:spr:jqecon:v:17:y:2019:i:4:d:10.1007_s40953-019-00189-5
    DOI: 10.1007/s40953-019-00189-5
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    References listed on IDEAS

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    1. Mundle, Sudipto & Chowdhury, Samik & Sikdar, Satadru, 2016. "Governance Performance of Indian States 2001-02 and 2011-12," Working Papers 16/164, National Institute of Public Finance and Policy.
    2. Shashanka Bhide & Rajesh Chadha & Kaliappa Kalirajan, 2005. "Growth interdependence among Indian states: an exploration," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 12(2), pages 59-80, December.
    3. James H. Stock & Mark W. Watson, 2017. "Twenty Years of Time Series Econometrics in Ten Pictures," Journal of Economic Perspectives, American Economic Association, vol. 31(2), pages 59-86, Spring.
    4. V. Pandit, 2008. "Sustainable Economic Growth for India," Working Papers id:1546, eSocialSciences.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Macroeconometric models; Production sectors; Regional models; Sectoral dimension; Spatial dimension; Satellite models; State level economies; Stochastic production frontier;
    All these keywords.

    JEL classification:

    • C50 - Mathematical and Quantitative Methods - - Econometric Modeling - - - General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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