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Syllabus
Syllabus
Students Survey , Students Profiles(Official Use)
Course Completion - 24th March, 2021
Lecture -1 : A brief Introduction to the history of Economics
Previous Year Question Paper- old sets, 2020, 2021
Unit -1. Introduction
Unit -1. Introduction
• Scope and nature of Macro Economics with emphasis on macroeconomic problems and policies – Targets & Instruments of macroeconomic policy etc. - Notes
Unit-2 The National Income and Products Accounts
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.
• Interrelation between measures of National Income in the absence and presence of Governmental sector and International Transactions - Circular flow and identity method
• The Accounting Identity of Saving and Investment, Problems of using National Income as a measure of Economic Welfare
Lecture -2 : Defining National Income - Notes
Lecture-3 : Terminology and Circular Flow - Reading
Lecture-4 : Circular Flow (2,3,4 sectors) and calculating N.I using Value added method - Notes
Lecture-5 : Calculating NI using Income method - Reading , Notes
Lecture 6 - Expenditure method, GDP deflator and Price Index - Notes
Lecture 7 - Importance of National Income, GDP and Welfare - Reading , Notes
National Income - Practice Mcq ,Question &Answer only, no Numerical -
Reading , Extra Notes , (C& F chp-20) , ( C& F chp-21)
Play with numbers : GDP calculator
Unit -3. The Classical System
Unit -3. The Classical System
The Classical view of Macro Economics in respect of the determination of Employment, Output and Prices. The classical quantity theory of money and its criticism; The Classical Theory of Rate of Interest - Loanable fund theory. Say’s Law and Walras’ law - The Dichotomy between the real and monetary sectors Neutrality of money.
INTRODUCTION: Classical Economics: The tradition of economics that began with Adam Smith, and continued with other theorists including David Ricardo, Thomas Malthus, Jean-Baptiste Say, and others. The classical economists wrote in the early years of capitalism, and they uniformly celebrated the productive, innovative actions of the new class of industrial capitalists. They focused on the dynamic economic and political development of capitalism, analyzed economics in class terms, and advocated the labour theory of value.Lecture 8 , 9 , 10 - Background concept - Notes
Lecture 11, 12 - Background Concept - Notes
Lecture 13 - Classical Model - Lecture 1 - Assumptions Notes
Lecture 14 - Classical Model - Lecture 2 - Assumptions revisit, Labor demand, ineffectiveness of Nominal variables , (two correction check yellow box)
Lecture 15 - Determination of Equilibrium Aggregate output, employment and Price level in Classical Model - Notes
Lecture 15 - Classical Model Assumptions, determination of roi, full employment output - Notes2
Lecture 16- Employment and output determinants - Notes
Lecture 17 - Determinants factor, role of AD, Introduction of taxes and Govt role - Notes 1 , Notes 2
Lecture 18 - Reading from graph, technique and policy effect - Notes
Lecture 19- Say's Law of Market, Policy implication - Notes
Lecture 20 - Policy Implication and crowding out - Notes
Lecture 21 - QTM, Velocity formulation - Notes
Lecture 22 - Revision and Proportional relationship - Notes
Lecture 23 - Cash balance approach - Notes
Lecture 24 - Loanable fund theory of rate of interest - Notes , Video1, Video2
Video Lectures
Quantity Theory of Money - Classical and Cambridge approach Part 1/3
Quantity theory of Money- Cash balance approach technical Part 2/3
Quantity theory of money - Cash balance approach Part 3/3
Neoclassical theory of rate of interest part 1/2
Lonable fund theory-graph explanation part 2/2
• 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
• 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.
Background-The Great Depression and Keynesian Economics
Lecture -25 - Keynes Theory Roadmap - Notes 1 , Notes 2
Lecture-26 Technical notes on Keynesian Consumption function and its properties - Notes1 , Notes2 (same)
Lecture-27 Graphical representation of Consumption function and Saving Function -Notes1 , Notes 2(same)
Lecture-28 Consumption and Saving function and its Properties - Notes1
Lecture-29 Determination of equilibrium output in two sector model - Notes
(Ex-ante saving and Investment, Ex-post Saving and Investment, Unplanned Inventory accumulation, Equilibrium determination and Determinant factors of Saving)
Lecture-30 Nature of Equilibrium in the Keynesian Model - Notes1, Notes2(same)
Lecture-31 Determination of Equilibrium Income - General framework, Multiplier Analysis- Notes
Lecture 32-33 Concept of Multiplier, Budget surplus, BBM, Paradox of thrift, Comparison of Classical & Keynesian model Notes1 Notes2
Video Lectures (Total 9 Videos Playlist) - Link
Unit -5. The Complete Keynesian Model
Unit -5. The Complete Keynesian Model
• Commodity market equilibrium (IS) – Money market equilibrium (LM) – IS-LM equilibrium - 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.
Lecture 34 - Introduction to IS-LM Model and derivation of IS Curve- Video1 , Notes1
Lecture 35 - Comparing Keynesian cross model and IS schedule derivation, determining factor for IS slope and shift of IS Curve- Video2
Lecture 36- Asset market, LM Curve derivation, shift, slope and Simultaneous equilibrium in the IS-LM Model - Video 3, Video 4
Lecture 37 - Crowing out in the IS-LM Framework and policy Implication - Video 5
1. What is crowding out? 2. What is liquidity trap? 3. Discuss the effectiveness of Fiscal and Monetary policy in the IS-LM Model? 4. Do you think fiscal policy is more effective than Monetary policy? Discuss 5. How monetary authority can avoid crowding out in case of positive slope LM Curve ? 6. Write notes on a. Full crowding out b. No crowding out c. Partial Crowding out
Lecture 38 - Recap of LM Slope, Fiscal policy and Monetary policy multiplier, Derivation of AD, Slope and Shift in AD, FP & MP under alternative AS Condition.
Video 7 - Fiscal policy & Monetary policy multiplier in the IS-LM Model
Video 8 - Derivation of Aggregate Demand curve in the IS-LM Model
Video 9 - Derivation of AD, Slope and Shift in AD
Video 10 - FP & MP under alternative Aggregate Supply Condition.
Video 11 - General equilibrium in the IS-LM Framework - Introducing F.E Line
(After the completion of the course the students will be able to)
1. Be acquainted with the aggregative behavoiur of an economic system. The concept of national income, price level, level of employment will guide the learners to judge the situation of an economy in a better manner.
2. Understand the development of the macroeconomic thoughts from the last quarter of the eighteenth century to mid twentieth century, the Classical and the Keynesian theory of income and employment.
3. Know the impacts of great depression on the world economy and the development of different macro theories as a consequence of this event.
References/ Suggested Readings
1 Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th edition, 2010
2 N. Gregory Mankiw. Macroeconomics, Worth Publishers, 7th edition, 2010.
3 Macroeconomic Theory and Policy: William H. Branson, UBS
4 Macroeconomics: Abel, Bernake and Croushore. Pearson (8th Edition)
5 Macroeconomics: Theories and Policies.Richard T. Froyen Pearson (10th Edition)
6 Macroeconomic Theory: Gardner Ackley,Macmillan.
Notice :
Notice :
26TH February 2021
Second Part of Internal Exam - Google form MCQ BASE EXAM - Exam Proceeding 9.30 AM, Open link 9.55 AM submit before 10.30 AM, 35 MCQ Questions
2nd Internal Exam, 10th March. From 6 pm to 7.30 pm , 30 minutes extra for submission - Question paper
Students Name - Aayush, Deb, Ammar, Manish, Bikram, Manisha, Aditya, Nandan, Lakshmi, Danish, Aakash, Sukniya and Umair
The students mention above are not doing and submitting class tasks/homework/problem set regularly. It's to inform them that future possibility for the continuity of classes will be allowed after submitting; 1. reason for non compliance and 2. show cause notice. Also get it sign by your guardian and provide their valid contact detail
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