Chakraborty, Suparna - EconWPA - 2005
for observed ‡uctuations in macro economic aggregates in India. We find that exogenous fl‡uctuations in productivity can … well account for fl‡uctuations in output during the boom periods of 1982 to 1988 and 1993 to 2002. However, fluctuations in … productivity alone results in a much worse drop in ouput during 1988 to 1993 than observed in the economy. …