This paper answers the puzzling questions that why under the similar set of economic conditions service sector in India grew while manufacturing could not and how economic reforms in 1990s accelerated the productivity growth. The paper provides a very innovative and convincing explanation. Two...

Studies on Indian manufacturing have been unable to provide consistent estimates of productivity and its growth rates. This paper performs detailed and exhaustive set of accounting exercises for the period 1970-2003 using production function, index number and envelopment analysis methods. TFP...

The Malmquist productivity index is one of the best known and most widely used measures in the economic literature to quantify and decompose changes in productivity of multi-input multi-output production processes over time. Two main approaches are used to calculate this index: the adjacent...

The conventional estimate of technological progress and aggregate productivity growth, the total factor productivity, or TFP, can be upwardly biased if environmental externalities generated during the production processes are not accounted for. In this paper, we revisit TFP growth rates across...

Emerging literature after the global financial crisis of 2007-08 have highlighted the important role of financial conditions as they provide a comprehensive snapshot of the overall economic health and stability. Following this, many academic researchers, central banks and international...

This paper demonstrates that if we intend to optimally rank order n objects (candidates) each of which has m attributes or rank scores awarded by m evaluators, then the ordinal ranking of objects by the conventional principal component based factor scores turns out to be suboptimal. Three...