Primary objective of this course is to introduce students with the process of economic growth and the long run sources of differences in economic performances across nations. Emphasis will be placed on developing theoretical toolkits in understanding growth mechanics. It is intended that this course will make students learn some of the workhorse models in modern macroeconomics, namely – Solow model, Neo-classical model, overlapping generations’ model, models with technological change and technology adoption etc.
This course is primarily aimed toward the M.A. and Ph.D. research scholars in Economics and related disciplines. Students need to have background in economics (especially in macroeconomics at the bachelor level). Students other than Economics background should consult the instructors before registering for this course.
This module introduces students in economics and other social sciences to game theory, a theory of interactive decision making. This module provides students with the basic solution concepts for different types of non-cooperative games, including static and dynamic games under complete and incomplete information. The basic solution concepts that this module covers are Nash equilibrium, subgame perfect equilibrium, Bayesian equilibrium, and perfect Bayesian equilibrium. This module emphasizes the applications of game theory to economics, such as duopolies, bargaining, and auctions.
Though empirical questions are central in motivating the issues on distribution, this course will mostly draw from theory. Papers published in established journals will cover the major references for this course. It will start from some empirical pattern of development (Kuznet‘s hypothesis), country experiences, etc. to motivate the subject. Then it will try to understand the process of distribution, growth and structural change using standard macroeconomic models. This course will be heavily dependent on Mathematics - mainly calculus.
Basics of sample survey; variance and covariance; correlation coefficient; simple regression analysis; Gauss-Markov theorem; estimation of regression coefficients; confidence intervals and hypothesis testing in regression analysis; type-I and type-II errors; transformation of variables; multiple regression analysis; multicollinearity, heteroscedaticity, dummy variables, basics of time-series analysis.
Nature of econometrics, specification of econometric model. Least-squares estimators. Properties of the least-squares estimators. Statistical inference in regression model. Dummy variables. Multi-collinearity. Specification error. Maximum likelihood estimators. Generalized least squares. Heteroscedasticity. Auto-correlation. Pooling of time-series and cross-section data. Distributed legs. Simultaneous-equation system. Identification problem. Procedures for estimating a single equation in a systems of equations. Estimation of equation systems. Forecasting. Moving average models. Autoregressive models. Simulation models.
The course is aimed at developing an understanding of the economic issues in a range of economic activities in the Indian economy. The themes that can be covered include performance of the Indian Economy since 1951, agricultural growth in India, inter-regional variation in growth of output and productivity, farm price policy, recent trends in industrial growth, industrial and licensing policy, policy changes for industrial growth, economic reforms and liberalization, population growth, unemployment, food and nutrition security, and education. It will also include some contemporary issues.
Basic concepts: Plants, firm and industry. Market structure. Economics of scale and optimum firm size. Pricing under alternative market structures. Market power and concentration. Integration, diversification and merger. Behavioural and managerial theories of the firm, growth of the firm. Industrial productivity and its measurement. Industrial location. Input- output analysis. Project appraisal and capital budgeting. Industrialisation and economic development. Problems of industrialisation in India. Role of public and private sectors. Growth of small-scale industries and their problems. Government regulation of industry. Balanced regional development.
Basic concepts of national income accounting, money, and balance of payments; output and exchange-rate determination under fixed and flexible exchange-rate regimes; fiscal and monetary policies in an open economy; international capital movements and their impacts; Case Studies: East Asian crisis, global financial crisis; theories of international trade including factor-proportions and economies of scale; the international trading regime and its implications for developing countries.
The theory of International Trade. Impact of dynamic factors in International Trade. Free Trade, Protection. Economic integration and developing countries. The balance of payments. International capital movements. Rate of exchange. Relationship between Trade, Foreign Aid and Economic Development. Role of multinational corporations in developing countries. The IMF and the International Monetary System. Trade problems of developing countries. The new International Economic order. The structure and trends of India's foreign trade. India's balance of payments. India's trade policy. Indian and international financial institutions.
Economic growth. Economic development. Historic growth and contemporary development. Lessons and controversies. Characteristics of developing countries. Obstacles to development. Structural changes in the process of economic development. Relationship between agriculture and industry. Strategies of economic development. Balanced/ Unbalanced growth. International trade and economic development. Population. Planning for economic development. Use of input-output model and linear programming techniques in planning. Indian plan experience. Strategy of Indian planning. Indian plan models.
The course is aimed at developing an understanding of the basics in Public Economics and Public Finance. Public economics is the study of government policy from the points of view of economic efficiency and equity. The course deals with the nature of government intervention and its implications for allocation, distribution and stabilization. Inherently, this study involves a formal analysis of government taxation and expenditures. The subject encompasses a host of topics including public goods, market failures and externalities. The course is divided into two sections, one dealing with the theory of public economics and the other with the Indian public finances.
This course will introduce students to methods of quantitative economic research using primary and secondary data source. The purpose is to provide training for Ph.D. scholars in the department
The course will introduce students to selected topics in Economics as decided by the instructor.
Estimation and inference in two variable model; OLS assumption; Extension of the two variable model; OLS assumption : autocorrelation, multicollinearity, and heteroskedasticity, models with limited dependent variables : LPM, log it, and probit; Panel data modelling: fixed effect and random effect models; Time series analysis : introduction to non-stationarity, AR and MA modelling.