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Growth dynamics in a general equilibrium macroeconomic model for India

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  • Goyal, Ashima

Abstract

Medium-run growth dynamics of a “modern” sector are examined in a simple aggregative general equilibrium macromodel. The effect of agriculture-industry interactions on the growth path are then analysed in a ten-sector disaggregated applied general equilibrium model (AGEM) for agriculture policy analysis. The model endogenously generates a relatively rigid mark-up and large quantity response to shocks. The latter explains endogenous growth amplifications. The model is used to understand the Indian growth experience. The emphasis on dynamics helps to identify policy interventions that, by changing parameters in desirable directions, can amplify growth.
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Suggested Citation

  • Goyal, Ashima, 1994. "Growth dynamics in a general equilibrium macroeconomic model for India," Journal of Policy Modeling, Elsevier, vol. 16(3), pages 265-289, June.
    • Handle: RePEc:eee:jpolmo:v:16:y:1994:i:3:p:265-289
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    References listed on IDEAS

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    1. Goyal, A., 1991. "Demand Supply and Savings Constraints in the Indian Economy," Papers 65, Indira Gandhi Institute of Development Research-.
    2. Jean-Paul Fitoussi, 1983. "Modern macroeconomic theory," Post-Print hal-03393109, HAL.
    3. Neary, J. P. & Roberts, K. W. S., 1980. "The theory of household behaviour under rationing," European Economic Review, Elsevier, vol. 13(1), pages 25-42, January.
    4. Dewatripont, Mathias & Michel, Gilles, 1987. "On closure rules, homogeneity and dynamics in applied general equilibrium models," Journal of Development Economics, Elsevier, vol. 26(1), pages 65-76, June.
    5. Wilcoxen, Peter J., 1993. "Supply elasticities in the presence of adjustment costs," Journal of Policy Modeling, Elsevier, vol. 15(1), pages 91-97, February.
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    Cited by:

    1. Ashima Goyal & Shridhar Dash, 2000. "Real and Financial Sector Interaction Under Liberalization in an Open Developing Economy," Metroeconomica, Wiley Blackwell, vol. 51(3), pages 257-283, August.
    2. Ashima Goyal, 2020. "Post Covid-19: recovering and sustaining India’s growth," Indian Economic Review, Springer, vol. 55(1), pages 161-181, November.
    3. Ashima Goyal, 1994. "Industrial Pricing and Growth Fluctuations in India," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 29(1), pages 13-32, January.
    4. Goyal, Ashima & Dash, Shridhar, 2000. "The Money Supply Process in India: Identification, Analysis and Estimation," MPRA Paper 24632, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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