Using a small macroeconometric model that examines the determinants of India’s trade and inflation, this paper addresses the effects of a reform policy package similar to those implemented in 1991. Policy simulations using dynamic simulation method compare the responses to devaluation with the responses to tight credit policy. It is shown that the trade balance effects of tight credit policy ar...

This paper focusses on survey expectations and discusses their uses for testing and modeling of expectations. Alternative models of expectations formation are reviewed and the importance of allowing for heterogeneity of expectations is emphasized. A weak form of the rational expectations hypothesis which focusses on average expectations rather than individual expectations is advanced. Other mod...

Nonlinearities in the drift and diffusion coefficients influence temporal dependence in scalar diffusion models. We study this link using two notions of temporal dependence: β − mixing and ρ − mixing. We show that β − mixing and ρ − mixing with exponential decay are essentially equivalent concepts for scalar diffusions. For stationary diffusions that fail to be ρ−mixing, we show that they are s...

This paper explores some implications for valuation and investment of challenging the standard assumption that there are no aggregate pure profits in the US economy. First, it highlights the theoretical importance of monopoly rents for fluctuations in average Q. A series for such rents is then computed by assuming that production is Cobb-Douglas, as fluctuations in the output share of pure prof...

We provide necessary and su¢ cient conditions for e¤ect identi…cation, thereby characterizing the limits to identi…cation. Our results link the non-structural potential outcome framework for identifying and estimating treatment e¤ects to structural approaches in economics. This permits economic theory to be built into treatment e¤ect methods. We elucidate the sources and consequences of identi…...

Lactoferrin (Lf) is an 80 kDa iron-binding glycoprotein with multifunctional properties and useful for clinical and commercial applications. Currently, Lf has some advantages including, immune system modulation, antibacterial activity and as antioxidant in infant and adult of human as well as animal health. In the present study, antibacterial activity of Lf has been scrutinized after isolation ...