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Thursday, January 09, 2020


B.Com. (Hons.): (CBCS)
Semester - II
Lectures: 60 Tutorials: 5
Full Marks: 100 (Internal Assessment 20 + 80 End-Term)
Objectives: The course aims at providing the student with knowledge of basic concepts of the macro economics. The modern tools of macro-economic analysis are discussed and the policy framework is elaborated, including the open economy.
Unit 1: Introduction        4 L + 1 T                                Marks: 08
Concepts and variables of macroeconomics, income, expenditure and the circular flow, components of expenditure. Static macroeconomic analysis short and the long run –determination of supply, determination of demand, and conditions of equilibrium.
Unit 2: Economy in the short run              19 L+ 1 T                               Marks: 20

IS–LM framework, fiscal and monetary policy, determination of aggregate demand, shifts in aggregate demand, aggregate supply in the short and long run, and aggregate demand- aggregate supply analysis.
Unit 3: Inflation, Unemployment and Labour market     19L+1T                  Marks: 20
Inflation: Causes of rising and falling inflation, inflation and interest rates, social costs of inflation; Unemployment – natural rate of unemployment, frictional and wait unemployment. Labour market and its interaction with production system; Phillips curve, the trade-off between inflation and unemployment, sacrifice ratio, role of expectations adaptive and rational.
Unit 4: Open economy  12 L+ 1 T                               Marks: 18
Open economy – flows of goods and capital, saving and investment in a small and a large open economy, exchange rates, Mundell – Fleming model with fixed and flexible prices in a small open economy with fixed and with flexible exchange rates, interest-rate differentials case of a large economy.
Unit V:  Behavioral Foundations - Investment and Money                            6 L + 1 T                               Marks: 14
Behavioral Foundations- Investment –determinants of business fixed investment, effect of tax, determinants of residential investment and inventory investment. Demand for Money – Portfolio and transactions theories of demand for real balances, interest and income elasticity’s of demand for real balances. Supply of money.
Suggested Readings:
1)      Mankiw, N. Gregory. Principles of Macroeconomics. Cengage Learning.
2)      Robert J Gordon, Macroeconomics, Pearson Education.
3)      Branson, William H. Macroeconomic Theory and Policy. HarperCollins India Pvt.Ltd.
4)      Rudiger Dorn busch and Stanley Fischer, Macroeconomics. McGraw-Hill Education.

5)      Rudiger Dorn busch, Stanley Fischer, and Richard Startz, Macroeconomics. McGraw-Hill Education
6)      Oliver J. Blanchard, Macroeconomics, Pearson Education
7)      G. S. Gupta, Macroeconomics: Theory and Applications, McGraw-Hill Education
8)      Shapiro, Macro economic Analysis,
9)      Paul A Samuelson, William D Nordhaus, and Sudip Chaudhuri, Macro economic,
10)   McGraw-Hill Education
11)   S N Singh, Samasthi Arthasastra, Pearson Education.
(Note: Latest edition of text books may be used.)

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