N, Vijayamohanan Pillai - In: Indian Economic Review 37 (2002) January, pp. 91-116
In this paper, we advance a Markov chain model for price movements in India, based on the general as well as a selected set of sectional wholesale price indices and on the three consumer price indices for 240 months from April 1981 to March 2001. The estimation period has been divided into two,...