This book consists of 19 selected papers of Professor Rao. In the first part, on the methodological issue, he argues that the aggregate demand and supply model (ADAS), which is the current dominant macroeconomic textbook model, is logically unsatisfactory. Easy to understand, these methodological essays clarify many confusions of lecturers in macroeconomics. The second part consists of several econometric papers on the estimation of the disequilibrium macro models for the USA and UK. It is shown that the Keynesian and neoclassical models can be nested within the disequilibrium framework, and the econometric results favour the Keynesian model. The final part consists of several recent papers in which time series, econometric techniques based on unit roots and cointegration have been applied to a number of topics. These are easily comprehensible to any applied economist with only a modest background in the econometric theory.
ABOUT THE AUTHOR B. Bhaskara Rao
Bhaskara Rao was educated at the Banaras Hindu University (BHU) and the London School of Economics (LSE) and received his Ph.D. from the University of New South Wales (UNSW). He was awarded the Wagle Gold medal and a University Prize at the BHU. He has taught at the University of New South Wales since 1971 and was the Director of Postgraduate Research in the School of Economics for two terms. He was appointed as the Professor of Economics at the USP in 2003. He has published research papers, well over 50, in journals like the Economic Journal, Review of Economics and Statistics, Economics Letters, Manchester School, Southern Economic Journal, Australian Economic Papers, Indian Economic Review and Journal of Quantitative Economics etc. He wrote and edited 5 books of which 2 are published by the Macmillan Press, UK and St. Martin’s Press, New York. His recent papers on the methodology of applied econometrics are forthcoming in the Indian Journal of Economics and Business and Applied Economics. Another methodological paper on the weaknesses of the textbook aggregate demand and supply model is forthcoming in the Cambridge Journal of Economics. His research fields are macroeconomics, economic methodology and philosophy, economics of growth and applied time series econometrics.Professor Rao is interested in the social problems of the migrant Indian community in Australia and other western countries. He is the Convener of the Sri Venkateswara Temple Association Inc., Sydney and was its President during 1981-1986. At present, he is the Chairman of the Sri Venkateswara Education Building Fund, Sydney.
ABOUT THE AUTHOR Venkata Seshaiah Sakalya
Dr. Venkata Seshaiah Sakalya holds an MA, M.Phil, Ph.D. (Econometrics) from Sri Venkateswara University, Tirupati. He is currently working as Associate Dean (Research) at Icfai Business School, Hyderabad. Prior to joining Icfai, he worked as a lecturer in the Department of Economics and Finance at BITS Pilani, Rajasthan. He was also associated with Siva Sivani Institute of Management, Hyderabad and Kirloskar Institute of Advanced Management Studies, Harihar, Karnataka. He also worked in NCAER as field investigator. He has twelve years of teaching and research experience. His research articles in the area of economics and finance were published in many reputed journals in India and abroad. He is the consulting editor for Icfai Journal of Applied Economics. His areas of interest are financial economics and development economics.
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