Publisher's Synopsis
This book presents a new approach to incorporating regional details on production in a disequilibrium macroeconometric model. The early studies on disequilibrium dealt with either partial-adjustment models or models involving excess demand or supplies in markets. In this study the authors consider a different type of disequilibrium model - one in which econometric analysis makes use of the varying coefficients stochastic production frontier approach, which permits estimation and analysis of production efficiencies of individual producers. - - The book presents an innovative approach to production modelling in macroeconometric models as it provides a useful framework for incorporating production efficiencies and regional details of production in the macro models. It is a pioneering study that combines the stochastic frontier approach with macroeconometric modelling. Primarily focused on India, it also provides insights into problems in modelling economies of other developing countries. -
