Course started on 4thSeptember,2023
Course Completed on 30th November, 2023
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Content/ Syllabus: Unit wise course content distribution
Unit -1. Consumption Function
Keynes Consumption Function- Empirical findings regarding Consumption Function – Alternative Theories regarding its behaviour – Keynes, Smithies, Duesenberry, Friedman, Ando-Modigliani.
Class task Submission Link- 20th Sep by 10 am
CLASS TASK 1.2 Submission Link-4th Oct, 10 pm
Summary- Class task 1.3 Link, Submit by 8th Oct, 2023
Unit -2. Money Market
Three motives of holding money – Transanction, Precautionary and Speculative demand for money. Keynsian liquidity preference theory – indeterminancyof rate of interest in the liquidity preference theory – the liquidity trap- - Baumol's Inventory Approach to Transaction Demand for Money- Tobin Portfolio approach to Money demand
Supply of money – credit creation by commercial banks – money multiplier – interest sensitivity of money supply
Notes/Videos
Primary and Secondary Deposits Supply of Money and Money Multiplier-Follow Class Notes
Other Multiplier, Endogenous Money Supply - Follow Class Notes
Class task 2 Submission Link, submit by 1st OCT, 10 pm
Summary - Class task 2.1 Link, Submit by 10 pm, 15th Oct, 2023
Unit -3. Theories of Inflation
The Quantity Theory approach to Inflation. • Demand Pull Inflation and Inflationary Gap analysis; Its shortcomings ---Concepts of Cost Push & Mark Up inflation---Consequences of inflation – Measures to control Inflation.
The Philips Curve and the trade-off between Inflation and Unemployment – short-run and long-run Philips Curve.
Phillips Curve- NAIRU and NRU-Notes
Notes & Summary - Class task 3 Link, Submit by 10 pm, 15th Oct, 2023
Unit-4. The Investment Function
• The Keynesian analysis of Investment – The Marginal Efficiency of Investment, and its relation with the amount of Investment – Shortcomings of Keynesian analysis
• Net Present Value criterion and Marginal Efficiency criterion of Investment
• The Fixed Accelerator Principle of Investment – its Implications and Limitations.
• The Flexible Accelerator Principle of Investment – its Implications and Limitations, (Multiplier accelerator theory).
Investment Function Part-1 Notes
Fixed Accelerator Principle -Notes
Class task 4 submission link- Submit by 10 am, 3rd Dec, 2023
References/ Suggested Readings
1. Dornbusch, Fischer and Startz: Macroeconomics, 12th Edition. McGraw Hill Education India.
2. N. Gregory Mankiw and Mark P. Taylor: Macroeconomics, 4th Edition, Cengage Learning (India).
3. Richard T. Froyen: Macroeconomics Theories and Policies, 12th Edition, Pearson Education India.
4. Abel, Bernanke and Croushore: Macroeconomics, 8th Edition, Pearson.
5. Olivier Blanchard: Macroeconomics, 7th Edition, Pearson Education India.
6. D.N Dwivedi: Macroeconomics Theory and Policy, 5th Edition, McGraw Hill India.
7. Sampat Mukherjee: Macroeconomics A Global Text, 1st Edition, New Central Book Agency (P)
Continuous Assessment (Internal Exam): 15 Marks
1. Attendance - 05 marks
attending less than 60 % - 0 marks
attending at least 60% but less than 75% - 2 marks
Students with over 75% but less than 90% attendance - 4 marks
With 90% attendance and more - 5 marks
2. Class Tasks/Homework - 05 marks
Unit 1 = 2 marks
Unit 2,3,4 - 1 marks each x 3 = 3 marks
3. Exam- Subjective/Objective type - 05 marks
Internal Exam carries 05 marks
4. Extra Incentive marks- 05 marks
Class participation, active involment in department activities, Presentation etc
End Semester Examination: 35 Marks
The end semester examination shall be conducted based on written test.
Question Pattern: Students have to answer 01 question carrying 10 marks out of given 03 questions
; 02 questions carrying 5 marks each out of given 05 questions;.
05 questions carrying 2 marks each out of given 08 questions;
05 questions carrying 1 mark each out of given 08 questions.