Macroeconomics I | Humanities & Social Sciences

Macroeconomics I

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Course Objective

This course aims to introduce advanced macroeconomic theory and policies. It deals with the main principles of the determination of real income, employment, price level and exchange rates. It provides an understanding of the contending macroeconomic theories, including the Classical, Keynesian, Monetarist, Real Business Cycles and Dynamic Macroeconomics. The course discusses macroeconomic policies, as also the challenges in implementing them in a globalized economy.


Course Content

This course begins with a detailed study of macroeconomic concepts, which include an analysis of India’s national income and balance of payments data. It provides an understanding of the contending theories of employment, income distribution, money supply, and price-wage relationships. The course also deals with exchange rates and other open economy macro issues. It discusses the classical and neoclassical theories of the macro economy, as also the critiques of these theories by Keynes, Kalecki, and their followers. In some part of this course, students will be introduced to the emerging field of Macroeconomics along the line of Real Business Cycles and Dynamic Macroeconomics (Ramsey economy). The course examines macroeconomic policies, and the challenges faced by governments and the Central Banks in implementing them, especially in the context of the integrated nature of global finance and production.
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