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History of business economic cycles suggests that the market economy is subjected to fluctuations and that can be observed and predicted more meaningfully for the understanding of behavioral interactions of economic agents including institutions. Considerable amount of empirical analysis pertaining to firms' growth, expansion and survival during recession has demonstrated growth potentials of the firms which are ideally synchronized with all the operational areas of the firm's conducts and performances while focus has been laid down more on production, labor productivity and market share. Our proposed agenda is to examine how strategies have influenced the competition and competitiveness under broad scenario of recession in India nearly for five years and more particularly after the impact of covid-19. The simultaneous equation model is constructed which comprises of structural specifications consistent with the theory by netting the framework that are compatible and coherent. Persistent dynamics produced in the market by consumer, producer and retailer has a long bearing on firms' behavior both in terms of its strategy and long-term objectives. Although, combinations of strategies adopted during recession reveal both price and non-price competition strategies have been followed aggressively, as per our estimates, cut throat price competition strategies have evolved in complementing the firms' strategic positioning and market competition. [ABSTRACT FROM AUTHOR]

A Hidden Markov Model for burst errors is specified by a probability transition matrix P, an initial probability vector p, and the state dependent probability of error matrix B. Several procedures are available for estimating P, p sad B from a given error (observation) sequence. However, even with some restrictions on the structure of the underlying Markov models, the estimation procedures are computationally intensive particularly when the observation sequence contains Ions strings of identical symbols. In this paper we show that, under some mild assumptions, a Markov model with an arbitrary transition matrix P is equivalent to a Markov model with a unique 'block diagonal' transition matrix [Lambda]. We also present a computationally very efficient algorithm for estimating [Lambda] from a set or observations using a modified Baum-Welch algorithm.

There are growing consensuses regarding the efficiency and efficacy in the use of fiscal policy in stabilization, redistribution and also in the conduct of monetary policy. Despite inadequate revenues in the fiscal system to match the aggregate spending of the Government, the issue of deficit financing is not meaningfully addressed. A well-designed fiscal stimulus measures are prerequisite for those economies, including India, where fiscal space is perceived to be limited. This study is a modest attempt to capture the dynamic links between the Government deficits and interest rates through Hsiao based Granger causality. The evidences based on quarterly as well as on annual data clearly demonstrate the one-way causality from fiscal deficit to interest rate. Other possibilities of causality are ruled out as per the estimates produced. [ABSTRACT FROM AUTHOR]