Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/176278
Authors: 
Ghate, Chetan
Pandey, Radhika
Patnaik, Ila
Year of Publication: 
2012
Series/Report no.: 
Working Paper 260
Abstract: 
This paper presents a comprehensive set of stylised facts for business cycles in India from 1950-2010. We show that most macroeconomic variables are less volatile in the post reform period, even though the volatility of macroeconomic variables is still high and similar to other emerging market economies. Consistent with other emerging market economies, consumption volatility has gone up, a result that is robust to a variety of specifications. In terms of co-movement and persistence however, India looks more similar to advanced economies, and less like other emerging market economies. We argue that these changes are driven primarily by structural changes caused by liberalization policy, and not by "good luck".
Subjects: 
Emerging Market Business Cycle Models
Structural Change
India's Economic Reforms
Good Luck Hypothesis
JEL: 
E10
E32
Document Type: 
Working Paper

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