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Students Profile, Attendance, Internal evaluation criteria
Course starting date 27th October, 2021
Internal Exam -Link
Course Completed on 17th February, 2022 - Students Survey
Lecture -1 : A brief Introduction to the history of Economics
Class task 1 submission link- 23rd Nov, 2021.
Content/ Syllabus: Unit wise course content distribution
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 - Covered Offline Completed on 16th Dec 2021
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. The Accounting Identity of Saving and Investment, Problems of using National Income as a measure of Economic Welfare.
Lecture -1 : Defining National Income - Notes
Lecture-2 : Terminology and Circular Flow - Reading
Lecture-3 : Circular Flow (2,3,4 sectors) and calculating N.I using Value added method - Notes
Lecture-4 : Calculating NI using Income method - Reading , Notes
Lecture 5 - Expenditure method, GDP deflator and Price Index - Notes
Lecture 6 - Importance of National Income, GDP and Welfare - Reading , Notes
National Income - Practice Mcq ,Question &Answer only, no Numerical - Reading, Extra Notes
Class task 2 -NIA- Submission Link
Unit -3. The Classical System
The Classical view of Macro Economics in respect of the determination of Employment, Output and Prices. Say’s Law and Walras’ law - The Dichotomy between the real and monetary sectors Neutrality of money.
Classical Model - Assumptions Notes , Video
Classical Model Assumptions revisit, determination of roi, determination of Equilibrium Aggregate output, employment and Price level in Classical Model - Notes
Determinants of AS and role of AD in the Classical Model - Notes
Say's Law of Market - Notes
The Classical Theory of Rate of Interest - Notes
The Classical Quantity Theory of Money and its criticism
Lecture 1 - QTM, Velocity formulation - Notes , Video
Lecture 2 - Revision and Proportional relationship - Notes , Video
Lecture 3 - Cash balance approach - Notes , Video
The Loanable fund theory - Notes, Video1, Video2
Class task 3 - Submission link
Unit -4 The Simple Keynesian Model of Income Determination
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, Liquidity Preference Theory.
Lecture 1 Keynes Theory Roadmap - Notes
Lecture 2 Aggregate Consumption and Saving Function - Notes
Class task 4 - Submission Link
Lecture 3- Determination of NI in the Keynesian Model - Notes
Lecture 4 - Nature of Equilibrium, stability and existence - Notes
Lecture 5 - Multiplier Analysis - Notes1, Notes2
Lecture 6 - Cocept, Working and Limitation of Multiplier- Notes
Lecture 7 - BBM, Budget Surplus, Paradox of thrift and Compare Keynesian and Classical- Notes
Lecture 8 - Liquidity Preference Theory - Notes, Video
Video Lectures (Total 9 Videos Playlist) - Link
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.
Introduction to IS-LM Model and derivation of IS Curve- Video1
Comparing Keynesian cross model and IS schedule derivation, determining factor for IS slope and shift of IS Curve- Video2
Asset market, LM Curve derivation, shift, slope and Simultaneous equilibrium in the IS-LM Model - Video 3, Video 4
Crowing out in the IS-LM Framework and policy Implication - Video 5
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
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. Sampat Mukherjee: Macroeconomics A Global Text, 1st Edition, New Central Book Agency (P) Ltd.
7. D.N Dwivedi: Macroeconomics Theory and Policy, 5th Edition, McGraw Hill India.
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