Papers presented at the Seminar on "Central Authority versus Federal Autonomy: Problems of Centre State Relations in India and Germany" on 14 and 15 Oct. 1994 and National Symposium on "Re-orienting Federalism" on 3 and 4 December 1996 in Chennai, India

The most recent economic downturn has shown that economic activity nowadays is still prone to large fluctuations. Despite a long tradition of research, the understanding of such fluctuations, namely business cycles, is still far from comprehensive. Moreover, in a developing world with new...