COURSE TITLE Macroeconomic Analysis and Applications- II
Course Learning Outcomes:
On successful completion of the module students will be able to:
1. Analyze the various macroeconomic issues related to an open economy.
2. Acquire strong foundation of macroeconomic theories and models and their relevance to economic
decision making.
3. Demonstrate effective application capabilities of their conceptual understanding to real world situations.
4. Critically evaluate the causes of fluctuations in economic activity and assess policies to ameliorate it.
5. Engage in independent and extended research.
The course will enable learners to analyze and deeply reflect on the various
Gist of this course macroeconomic issues and its impact on policy making decisions. It will also enable
in maximum 3 to 4 them to acquire deep knowledge of economic theory, logical reasoning and skill in
lines empirical methodology. The learners will also be equipped to critically evaluate the
consequences of the various macroeconomic policy in the real world set up.
Unit CONTENTS OF THE COURSE No. of Lectures
1. Title of the Topic- Macroeconomics in an Open Economy
1.1. Balance of Payments, Exchange Rates & Forex Markets
1.2. Mundell-Fleming Model, Perfect Capital Mobility under Fixed
Exchange Rates
14
1.3. Perfect Capital Mobility under Flexible Exchange Rates
1.4 Adjustment Mechanism of Balance of Payments: Marshall Lerner
Condition
1.5. Applications to real world Problems.
2. Title of the Topic: Growth and Development Models.
2.1 Overview of Economic Growth & Economic Development
2.2 Development Models: Dual Sector Models (Fei Ranis& Lewis Model) 16
2.3 Harrod – Domar Model
2.4. Solow- Swan Model of Growth
2.5. Endogenous Growth Theory
3. Title of the Topic- Economic Fluctuations & Business Cycle Theories
3.1 Theories of Business Cycles: Schumpeter, Kaldor, Samuelson & Hicks
3.2 Theories of Business Cycles: Hawtrey, Hayek, Keynes & Friedman 16
3.3 Control of Business Cycles
3.4. Relative Efficacies of Monetary & Fiscal Policies
4. Title of the Topic- Contemporary Macroeconomic Thinkers
4.1. Paul Krugman
4.2. Richard Thaller 14
4.3. Sen/ Bhagwati Debate
4.4. Abhijeet Banerjee
4.5. Mihir Rakshit
Total Number of Hours 60
Teaching 1. Lecture Method
Methodol 2. Group discussions, debate, crosswords, puzzles, case studies, educational and industrial
ogy: visits \
3. Class presentations, Flip Classrooms, Google classroom Use of ICT, SMART boards
Recommended/Essential Readings:
Abel, A. B. & Bernanke, B. S. (2011). Macroeconomics (7th Ed.). Pearson Education.
Ackley.G. (1978). Macroeconomics: Theory and Policy, Macmillan, NewYork.
Ahuja. H.L. (2012). Macroeconomics: Theory and Policy. 18th Revised Edition, Sultan
Chand Publishers.
Brain Snowdown, Howard Vane and Peter Wynarczyk. (1995). A Modern Guide to Macro
Economics: An Introduction to Competing School of Thought, Edward Elgar Publishing.
Dornbusch, Fischer, Startz. (2010). Macroeconomics. 11th Edition, Tata Mc Graw Hill.
Dwivedi.D.N. (2005). Macroeconomics: Theory and Policy. 2nd Edition, Tata Mc Graw Hill
Education.
Graeme Chamberline & Linda Yueh (2006). Macroeconomics, Thomson Learning.
Edward Shapiro. (2011). Macroeconomic Analysis. 5th Edition, Galgotia Publication Ltd.
Levacic and Rebman. (1982). Macro Economics- An Introduction to Keynesian and
NeoClassical Controversies. 2nd Edition, Macmillan Publishers.
Mankiw N. G. (2015). Macroeconomics (9th Ed.). Worth Publishers.
Maria John Kennedy (2011). Macroeconomic Theory, PHI Learning Private Limited, New
Delhi.
Mihir Rakshit (2010) Macroeconomics of Post-Reform India, Oxford India.
Mishkin, F. S. (2016). Macroeconomics: Policy & Practice (2nd Ed.). Pearson Education.
Suggested Readings:
Blanchard, O. (2009). Macroeconomics (5th Ed.). Pearson Education.
Blaug, M. (1968). Economic Theory in Retrospect (2nd Ed.). Heinemann Educational Books.
Burda and Wyplosz (2009). Macroeconomics: A European Text, Fifth Edition, Oxford
University Press, New York.
Cate, T. (2012). Keynes’ General Theory: Seventy- Five Years Later. Edward Elgar
Publishing.
Deshpande A. (2014) Economic Analysis for Business Decisions, Vishwakarma Publications.
D’Souza Errol (2008) Macroeconomics: Pearson Publication, New Delhi.
Froyen, R. (2014). Macroeconomics: Theories and Policies (10th Ed.). Pearson Education.
Jhingan M.L. (2003) Macroeconomic Theory, Vrinda Publications
McConnell, C., Brue, S., & Flynn, S. (2011). Macroeconomics: Principles, Problems and
Policies, Irwin Publishers.
Samuelson, P. A., & Nordhaus, W. D. (2005). Economics (18th Ed.). Tata McGraw-Hill.
Schiller, B. & Gebhardt, K. (2011). The Macroeconomy Today (11ed.). McGraw-Hill.
Snowden, B. & Vane, H. R. (2005). Modern Macroeconomics: Its Origins, Development and
Current State. Edward Elgar Publishing.
William.H. Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India
Traveller Book Seller Publishers, New Delhi.
Suggested Journals
Economic Survey: Various Issues
Journals, World Development Reports, GOI Publications
CMIE DATSBASE
