This issue consists of three research papers. In the first paper, �Industry Rates of Return in Korea and Alternative Theories of Competition: Equalizing Convergence Versus Tendential Equalization�, the author, Ivan D Trofimov, has studied the convergence and gravitation tendencies of profit rates at the industry level in South Korea using average rate of profit (return on the total capital stock) and Incremental Rate of Profit (IROP) (return on regulating capital) for the period 1970-2015. The study reveals that against the background of a falling economy-wide rate of profit, the profit rate differentials (calculated based on average rate of profit) do not attenuate and no reduction in differential is observed. The study also reveals that the relative average rate of profit (as a proxy for profit rate differential) does not exhibit mean reversion in the majority of cases. The author opines that the study of profit rate convergence will thus necessarily become subordinate to the analysis of investment decisions and the effects and outcomes of such decisions made by business conglomerates and the government, which orchestrate and coordinate investment processes.

In the second paper, �An Empirical Investigation of the Inter-Linkages Between Different Indices of Multi Commodity Exchange of India �, the authors, Rakesh Shahani, Udhav Sarin and Madhav Malhotra, have examined the inter-relationship between the movement of the independent indices of the Multi Commodity Exchange of India (MCX), viz., MCX Agri, MCX Metal and MCX Energy, using Johansen cointegration test, VAR with optimal lag length criteria and Toda and Yamamoto causality test for the period June 2006-March 2017. The results suggest that the variables were not cointegrated, except MCX Agri impacting MCX Metal, and no other relation was shown by the VAR results. The findings reveal that with respect to causality, there is an indication of causal effect relation flowing from MCX Agri to MCX Metal as per the results of Toda and Yamamoto causality test. The authors opine that the results of the present study do not appear to match with the results of other similar studies pertaining mainly to developed economies because this study could not find any correlation between the movement of energy and the movement of agri indices, whereas in most other studies, movement of agri (if not metals) is highly dependent on the movement of energy (more specifically oil which is the main constituent of energy).

In the third paper, �Economic Performance Indicators Under Different Monetary Policy Frameworks: Evidence from India�, the authors, Madhvi Sethi, Saina Baby and Vandita Dar, have compared the effectiveness of monetary policy under various monetary policy frameworks by analyzing the trends in output gap and inflation using monthly data on Index of Industrial Production (IIP) growth rate and Wholesale Price Index (WPI) for the period April 1982 to March 2017. The study finds that the multiple-indicator and the inflation-targeting regimes have had most success in balancing the twin objectives of growth and inflation. The study reveals that India has also witnessed relative price stability and lower output volatility as a response to changing monetary policy regimes, though this process was initiated later in India, post the economic liberalization in the 1990s. The authors opine that by identifying the channel which has more impact on the performance indicators, appropriate policies can be taken to strengthen those channels which are more effective in achieving the twin objectives of monetary policy in India.