Course started on 19th September, 2022
Course Completed on 2nd February , 2023
Technical sessions - Cass task 1, submit by 10 pm, 30th September, 2022 Link
Basics- Reading List - Class task 2, 10 pm, 10th October, 2022 Submission Link
Previous Year Question Paper- old sets, 2017, 2018, 2020, 2021, 2022
Internal Marks(Official use), Presentation marks
Content/ Syllabus: Unit wise course content distribution
Lecture -1 A brief Introduction to the history of Economics
Unit -1. Introduction
• Scope and nature of Macro Economics with emphasis on macroeconomic problems and policies – Targets & Instruments of macroeconomic policy etc.
Unit-2 The National Income and Products Accounts
• Definition, Concepts and Measurement of GNP, NNP, GDP, NDP, NI, DI – The flow of product method, Income method and the flow of expenditure method; Concept of GNP deflator and Price Index • Interrelation between measures of National Income in the absence and presence of Governmental sector and International Transactions. • The Accounting Identity of Saving and Investment , Problems of using National Income as a measure of Economic Welfare.
Class task 1 Submission Link - Submit by 10 pm, 1st January 2023
Notes
Defining National Income -Notes
National Income –Additional Notes
Circular Flow of Income-Notes
Value Added Method - Notes
Comparing three NI Methods and Explanation of Income Method -Notes , Reading of Income Method
Expenditure Method - Notes
GDP Deflator and Price Index - Notes
Interrelation between different Sectors of the Economy -Notes
GDP and Welfare - Notes
Unit -3. The Classical System
• The Classical view of Macro Economics in respect of the determination of Employment, Output and Prices.-The Dichotomy between the real and monetary sectors- Neutrality of money. The Classical Theory of Rate of Interest • Say’s Law and Walras’ law - The classical quantity theory of money and its criticism - Loanable fund theory. .
Class task 2.1 Submission Link, Submit by 10 pm, 1st January 2023
Class task 2.2 - Question set 2 submit by 10 pm, 8th January 2023
Class task 2.2 -Submission Link submit by 10 pm, 8th January 2023
Notes and Videos
Classical Model - Assumptions Notes , Video
Classical Model-Output and Employment Determination -Notes
Determinants Factors of Output and Employment - Notes
Role of AD in the Classical Model- Notes
Determination of roi in the Classical Model - Notes
Say's law of market- Notes
QTM and its Criticism-Notes
Loanable Fund Theoy-Notes
Unit -4. The Simple Keynesian Model of Income Determination
•Introduction to Keynesian Theory of Employment and Output
•Keynesian Consumption Function and its properties – Factors affecting Consumption Expenditure – Saving Function & its properties
• Determination of National Income – nature of equilibrium – unemployment, full employment and inflation – stability of equilibrium-existence of equilibrium-comparison between Classical and Keynesian Model.
• Comparative static analysis – the Multiplier analysis with and without government sector – Investment Multiplier, Government Expenditure Multiplier, Balanced Budget Multiplier; Limitations of the multiplier analysis. The Paradox of Thrift.- Liquidity Preference theory
Class task 3.1 Submission Link - Submit by 10 Pm, 4th January, 2023
Class task 3.2 Submission Link-Submit by 10 Pm 8th January, 2023
Class task 3.3 Submission Link - Submit by 10 pm 11th January, 2023
Class task 3.4 Submission Link- Submit by 10 am 16th January, 2023
Notes and Videos
Introduction to Keynesian theory of Employment and Output - Notes
Nature of Equilibrium, Stability, existence- Follow Class Notes
Concept of Multiplier, its Limitation, Paradox of Thrift, Keynes&Classical Comparison- Notes, Video1, Video2
Balance Budget Multiplier - Notes
Unit -5. The Complete Keynesian Model
• Commodity market equilibrium (IS) – Money market equilibrium (LM) –Slope and shift of IS-LM - IS-LM equilibrium - Crowding out- FP and MP multiplier- the Aggregate Demand and Aggregate Supply.
• Introduction of the Labour Market –– the interaction between Commodity Market, Money Market and Labour Market – Determination of Equilibrium – Effects of changes in Money Supply and other factors – Comparison with the Classical system – Price Flexibility – Real Balance Effect and Full Employment.
Class task 4.1 Submission Link , Submit by 2 pm, 22nd January,2023
Class task 4.2 Submission link, Submit by 2 pm, 29th January, 2023
Class task 4.3 Submission Link, submit by 2 pm, 1st February, 2023
Notes
IS Curve - Good market equilibrium - Notes
Walras Law and Asset Market - Notes
Derivation of LM Curve - Notes
Slope of LM and Simultaneous Equilibrium- Follow Class Notes
Crowding Out and Policy Implication- Notes , Class Workout
Fiscal Policy and Monetary Policy Multiplier - Follow Class Notes
Concept of AD in the IS-LM Framework - Follow Class Notes , Video
Concept of AS, AD-AS, Effectiveness of FP and MP under different Supply condition- Follow Class Notes
Comparison of IS-LM Model with the Classical Model - Notes
General equilibrium in the IS-LM Framework - Introducing F.E Line- Notes
Real Balance Effect and Full Employment- Notes
References/ Suggested Readings
1. Soumyen Sikdar: Principles of Macroeconomics, OUP.
2. Dornbusch, Fischer and Startz: Macroeconomics, 12th Edition. McGraw Hill Education India.
3. N. Gregory Mankiw and Mark P. Taylor: Macroeconomics, 4th Edition, Cengage Learning (India).
4. Richard T. Froyen: Macroeconomics Theories and Policies, 12th Edition, Pearson Education ,India.
5. Abel, Bernanke and Croushore: Macroeconomics, 8th Edition, Pearson.
6. Olivier Blanchard: Macroeconomics, 7th Edition, Pearson Education India.
7. Sampat Mukherjee: Macroeconomics A Global Text, 1st Edition, New Central Book Agency (P) Ltd.
8. D.N Dwivedi: Macroeconomics Theory and Policy, 5th Edition, McGraw Hill India.
Macroeconomics 1- 2022 Batch (Internal Evaluation)
1. Attendance, Class Participation and regular performance + Class task (incentive marks) = 10 marks + 5 marks
2. Mcq/Subjective Exam - 5 marks
Criteria -
I have placed Class tasks to be incentive marks. From 2022 onwards all paper will have 5 incentive marks instead of 4 incentive marks.
a. Attendance above 75% with no Class Performance & no Class task submission = 5 marks/15 marks
b. Attendance above 60% and below 75% with no Class Performance & no Class task submission = 2 marks/15 marks only for attendance
c. Attendance above 50% with no Class Performance & no Class task submission = 1 marks/15 marks only for attendance
d. Attendance below 50% & no Class task submission = 0 marks/15 marks (Notice will be issued)
e. Attendance 75% with (Good Class Performance & all Class task submission) = 5+(5+5)= 15 marks marks/15 marks
f. Attendance above 60% and below 75% with (Good Class Performance & all Class task submission) = 2+(3+ 5) = 10 marks/15 marks (without Good class performance 7/15 marks)
g. Attendance above 50% with (Good Class Performance & all Class task submission) = 1+(3+5)= 9 marks/15 marks (without Good class performance 6/15 marks)