The paper studies the effect of High Yielding Variety (HYV) of seeds on agricultural yield for the state of West Bengal and, in turn, goes ahead and prepares a postmortem of why, if so, the Òmiracle seedsÓ failed to deliver in West Bengal, as is so often claimed. The results indicate that the...

Using a simple pure-exchange overlapping generations model characterized by financial repression, purposeful government expenditures and cost of tax collection, we analyze whether financial repression can be explained by the cost of raising taxes. We show that with public expenditures affecting...

This paper develops a general equilibrium endogenous growth model in an overlapping generations framework, and compares, in terms of economic growth, a passive unemployment policy (unemployment insurance) with an active unemployment policy (government expenditures targeted towards improving the...

This paper assesses the impact of monetary policy on house price inflation for the nine census divisions of the US economy using a factor-augmented VAR (FAVAR), estimated a large data set comprising of 126 quarterly series over the period 1976:01 to 2005:02. The results based on the impulse...

The paper develops a more generalized short-run model of a small open financially repressed economy, characterized by unorganized money markets, intermediate good imports, capital mobility, flexible exchange rates and rational expectations, to analyze the price- and output- effects of financial...

This paper first tests the restrictions implied by Hall’s (1978) version of the permanent income hypothesis (PIH) obtained from a bivariate system of labor income and savings, using quarterly data over the period of 1947:01 to 2008:03 for the US economy, and then uses the model to forecast...

This paper uses the Dynamic Factor Model (DFM) framework, which accommodates a large cross-section of macroeconomic time series for forecasting regional house price inflation. As a case study, we use data on house price inflation for five metropolitan areas of South Africa. The DFM used in this...

In this paper, using the Fisher and Seater (1993) long-horizon approach, we estimate the long-run equilibrium relationship between money balance as a ratio of income and the Treasury bill rate for South Africa over the period of 1965:02 to 2007:01, and, in turn, use the obtained estimates of the...

The paper analyzes the effects of financial liberalization on steady-state inflation. We develop an overlapping generations model with endogenous growth where financial intermediaries are subjected to obligatory `high' cash reserves requirement, serving as the source of financial repression....

The paper develops a Bayesian Vector Error Correction Model (BVECM) of the South African economy for the period of 1970:1-2000:4 and forecasts GDP, consumption, investment, short-term and long term interest rates, and the CPI. We find that a tight prior produces relatively more accurate...