This paper tests for the presence of persistence in Indian industrial production. Persistence implies the existence of a unit root in the series. We therefore employ the augmented Dickey Fuller and the Phillips Perron tests as well as the KPSS test. We also use the Bayesian framework, which is superior to classical hypothesis testing. Our results generally support the existence of a unit root thus differing from findings of earlier studies. The existence of persistence in industrial output has important policy implications.
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Article provided by Department of Economics, Delhi School of Economics in its journal Indian Economic Review.
Volume (Year): 34 (1999) Issue (Month): 1 (January) Pages: 23-38 Download reference. The following formats are available: HTML,
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Find related papers by JEL classification: E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization