Steering the Macroeconomy With a Broken Compass and Stuck Rudder?

Research and Publications, W. P. No. 2019-09-02, September 2019

9 Pages Posted: 15 Oct 2019

Date Written: September 2, 2019

Abstract

In this paper we bring together the findings of Subramanian, A. (2019) and Morris and Kumari (2019), and others to claim that the problems with the new national income series are real and need to be addressed. The CPI11-12 too is problematic since the weight of basic food in the CPI11-12 is as high as 45% when there is no wat the same could have been more than 34%. As a result macroeconomic policy may have been handicapped pushing it to restrictive especially monetary policies that may have been one of the underlying causes of the current recession in the economy.

Keywords: India, GDP, Measurement, Controversy, Overestimation, National Income Accounting, SNA, Emerging Economies

JEL Classification: O2, E7, E0, E3

Suggested Citation

Morris, Sebastian, Steering the Macroeconomy With a Broken Compass and Stuck Rudder? (September 2, 2019). Research and Publications, W. P. No. 2019-09-02, September 2019, Available at SSRN: https://ssrn.com/abstract=3464130

Sebastian Morris (Contact Author)

Goa Institute of Management ( email )

Ribandar
Ribandar
Panaji, Goa 403006
India
09824232121 (Phone)
403505 (Fax)

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