Management of capital accounts in the global context and in the Indian context. [Inaugural address delivered by Dr. Y. V. Reddy, Governor, Reserve Bank of India at the Annual Conference of the Indian Econometric Society].

This paper presents the econometric approach to causal modeling. It is motivated by policy problems. New causal parameters are defined and identified to address specific policy problems. Economists embrace a scientific approach to causality and model the preferences and choices of agents to...

This study has offered a critical review of the literature on business fixed investment spending, and has assessed the current state of knowledge and future research agenda. To place some structure on this vast literature, the survey has been organized according to two principles. The first...

This paper studies how to compare different microscopic simulation (MS) models and how to compare a MS model with real world. The parameters of interest are classified and characterized, various econometric methods are applied for the comparison. We illustrate the methodolgy on testing of the...

We consider whether disaggregated data enhances the efficiency of aggregate employment forecasts. We find that incorporating spatial interaction into a disaggregated forecasting model lowers the out-of-sample mean-squared-error from a univariate aggregate model by 70 percent at a two-year horizon.

Genetic algorithms have been used by economists to model the process by which a population of heterogeneous agents learn how to optimize a given objective. However, most general equilibrium models in use today presume that agents already know how to optimize. If agents face any uncertainty, it...

Since demand for hospital services is subject to substantial variability, the relationship between uncertain demand, excess capacity, hospital costs and performance should be investigated thoroughly. In this paper a waiting time indicator to proxy hospital standby capacity is incorporated into a...