We analyze post 1991 liberalization Indian economy using the Monetary Business Cycle Accounting framework. We use quarterly National Accounts data from 1996.Q1-2017.Q4, and we find that efficiency wedges explain up to 68% of fluctuations in output and 40% of hours worked, while investment wedges...

We study the monetary policy transmission or lack of it in Indian context using a Monetary Business Cycle Accounting (MBCA) framework. The standard MBCA setup consists of a real business cycle model with a central bank following Taylor’s rule augmented with wedges which capture the deviation...

We study the volatility of growth rates and find that it differs systematically across countries. Our empirical investigation reveals that there is a high correlation between disparity in political regimes across countries and differences in volatility. This is not the case for some of the...

The paper attempts to formulate an axiomatic model of the classical balance of power system using the fundamental notion that a stable bal ance of power implies the absence of a predomin nant actor or coalition. It is shown that the basic motivation for participating in such a system is security...