ACKNOWLEDGEMENTS

This study is the result of a joint effort with my other team members from the Reserve Bank of India, Mumbai. All of them have put in their best. I am grateful to the Department of Economic Analysis and Policy, RBI, Mumbai for taking care of all the facilities for carrying out research for this study. Our team greatly benefited from our interactions with Dr. Narendra Jadhav, Principal Adviser and Chief Economist, Department of Economic Analysis and Policy, RBI, Mumbai. Somnath Chatterjee, then Director DRG, was extremely helpful in arranging meetings and setting the pace for us. Smt.Nishita Raje, the present Director DRG, has keenly monitored the progress of the study in its final stages. The team is grateful to the discussants and other participants in the presentation seminar for their suggestions. Our sincere thanks to the anonymous referee for highly useful comments on an earlier draft. Excellent research assistance at Delhi School of Economics was provide