Fiscal Revolution in India: A Macro-economic Analysis of Long Term Fiscal Policy

adjustment aggregate demand aggregate supply analysis assets balance of payments bonds budget deficit capital gains causes a rise cent changes consumers consumption corporate cost crores deficit financing demand for money deposits depreciation disposable income domestic effect employment equilibrium exchange rate exemption exports fall fiscal policy government expenditure higher impact important income tax incomes policy India indirect taxes induced inflation rate interest payments interest rates investment Keynesian labour long-run lower LTFP ment monetarist monetary expansion monetary growth monetary policy monetary target money supply multiplier nominal nominal interest rates non-bank offset output price level private sector problem productivity profits public debt public sector raise rate of growth rate of inflation rate of interest ratio reduce relative Reserve Bank result rupee savings shift short-run stabilisation stabilisation policy stability subsidies supply of money supply-side economics tax cuts tax payers tax rates tax revenue tax system taxation tion wage