Fiscal Dominance, Structural Rigidities and the Political Economy of Inflation in India: From Nehruvian Planning to the Monetary Policy Framework
India’s persistent inflation reflects fiscal dominance, structurally distorted agricultural markets and the primacy of distributional politics over price stability. Using ARDL bounds testing, Toda–Yamamoto Granger precedence, Bai-Perron structural break analysis (unconditional and conditional) and GARCH(1,1) with break...