ECONOMICS

Course Description This is a course on statistical methods for economics. It begins with some basic concepts and terminology that are fundamental to statistical analysis and inference. It then develops the notion of probability, followed by probability distributions of discrete and continuous random variables and of joint distributions. This is followed by a discussion on sampling techniques used to collect survey data. The course introduces the notion of sampling distributions that act as a bridge between probability theory and statistical inference. The semester concludes with some topics in statistical inference that include point and interval estimation. Course Outline 1. Introduction and Overview   The distinction between populations and samples and between population parameters and  sample statistics; the use of measures of location and variation to describe and summarize data; population moments and their sample counterparts. 2. Elementary Probability Theory Sample spac...

Course Description This course introduces the students to formal modeling of a macro-economy in terms of analytical tools. It discusses various alternative theories of output and employment determination in a closed economy in the short run as well as medium run, and the role of policy in this context. It also introduces the students to various theoretical issues related to an open economy. Course Outline 1. Aggregate Demand and Aggregate Supply Curves Derivation of aggregate demand and aggregate and supply curves; interaction of  aggregate demand and supply. 2. Inflation, Unemployment and Expectations Phillips curve; adaptive and rational expectations; policy ineffectiveness debate. 3. Open Economy Models Short-run open economy models; Mundell-Fleming model; exchange rate determination;  purchasing power parity; asset market approach; Dornbusch's overshooting model;  monetary approach to balance of payments; international financial markets. THIS SECTION CONTAINS PREVIOUS...

Course Description The course is designed to provide a sound training in microeconomic theory to formally analyze the behaviour of individual agents. Since students are already familiar with the quantitative techniques in the previous semesters, mathematical tools are used to facilitate understanding of the basic concepts. This course looks at the behaviour of the consumer and the producer and also covers the behaviour of a competitive firm. Course Outline 1. Consumer Theory Preference; utility; budget constraint; choice; demand; Slutsky equation; buying and  selling; choice under risk and intertemporal choice; revealed preference. 2. Production, Costs and Perfect Competition Technology; isoquants; production with one and more variable inputs; returns to scale;  short run and long run costs; cost curves in the short run and long run; review of perfect competition. THIS SECTION CONTAINS PREVIOUS YEAR PAPERS OF INTERMEDIATE MICROECONOMICS - I. 2007 2008 2009 2010 2011 2012 ...

Course Description This course is the second part of a compulsory two-course sequence. This part is to be taught in Semester II following the first part in Semester I. The objective of this sequence is to transmit the body of basic mathematics that enables the study of economic theory at the undergraduate level, specifically the courses on microeconomic theory, macroeconomic theory, statistics and econometrics set out in this Syllabus. In this course, particular economic models are not the ends, but the means for illustrating the method of applying mathematical techniques to economic theory in general. The level of sophistication at which the material is to be taught is indicated by the contents of the prescribed textbook. Course Outline 1. Differential equations 2. Linear algebra Vector spaces: algebraic and geometric properties, scalar products, norms, orthogonality;  linear transformations: properties, matrix representations and elementary operations; systems of linear equations...

Course Description This course aims to introduce the students to the basic concepts of Macroeconomics. Macroeconomics deals with the aggregate economy. This course discusses the preliminary concepts associated with the determination and measurement of aggregate macroeconomic variable like savings, investment, GDP, money, inflation, and the balance of payments. Course Outline 1. Introduction to Macroeconomics and National Income Accounting Basic issues studied in macroeconomics; measurement of gross domestic product;  income, expenditure and the circular flow; real versus nominal GDP; price indices; national income accounting for an open economy; balance of payments: current and capital accounts. 2. Money Functions of money; quantity theory of money; determination of money supply and  demand; credit creation; tools of monetary policy. 3. Inflation Inflation and its social costs; hyperinflation. 4. The Closed Economy in the Short Run Classical and Keynesian systems; simple Keyne...

Course Description This course analyses key aspects of Indian economic development during the second half of British colonial rule. In doing so, it investigates the place of the Indian economy in the wider colonial context, and the mechanisms that linked economic development in India to the compulsions of colonial rule. This course links directly to the course on India‘s economic development after independence in 1947. Course Outline 1. Introduction: Colonial India: Background and Introduction Overview of colonial economy 2. Macro Trends National Income; population; occupational structure. 3. Agriculture Agrarian structure and land relations; agricultural markets and institutions – credit, commerce and technology; trends in performance and productivity; famines. 4. Railways and Industry Railways; the de-industrialisation debate; evolution of entrepreneurial and industrial structure; nature of industrialisation in the interwar period; constraints to industrial breakthrough; la...

Course Description Game theory is an integral part of modern economic analysis. Topics in Microeconomics -I introduces the students to elementary game theory under complete information. This course introduces the basic concepts of game theory in a way that allows students to use them in solving simple problems. The course will deal with the solution concepts for normal form and extensive form games along with a variety of economic applications. Course Outline 1. Normal form games The normal form; dominant and dominated strategies; dominance solvability; mixed  strategies; Nash equilibrium; symmetric single population games; applications. 2. Extensive form games with perfect information The game tree; strategies; subgame perfection; backward induction in finite games; commitment; bargaining; other applications. THIS SECTION COMPRISES PREVIOUS YEAR PAPERS OF TOPICS IN MICROECONOMICS - I 2012 2013 2014 2015 2016 2018 Reading: 1. Martin J. Osborne, An Introduction to Game Theory, ...

Course Description This course explores changes in the organisation of production, labour market institutions and corporate structure. It goes on to study the consequences of globalization, especially of financial flows, for the role of the state, economic performance, gender issues, environment, human welfare and development. Course Outline 1. Introduction and Historical Overview Perspective on political economy with a historical overview: capitalist development in the pre-second world war period, the ‗golden age‘ and later. 2. Changing Dynamics of Capitalist Production, Organisational Form and Labour Process  Fordist and post-fordist production; changing dynamics of organisation of production,  markets and labour process; the changing nature of job security and labour rights. 3. The State in the Era of Globalisation: Welfare, Development and Autonomy Globalisation and the limits of the welfare state, development and state autonomy. 4. The Changing Role of Finance The changin...

Course Description This is the first part of a two-part course on economic development. The course begins with a discussion of alternative conceptions of development and their justification. It then proceeds to aggregate models of growth and cross-national comparisons of the growth experience that can help evaluate these models. The axiomatic basis for inequality measurement is used to develop measures of inequality and connections between growth and inequality are explored. The course ends by linking political institutions to growth and inequality by discussing the role of the state in economic development and the informational and incentive problems that affect state governance. Course Outline 1. Conceptions of Development Alternative measures of development, documenting the international variation in these measures, comparing development trajectories across nations and within them. 2. Growth Models and Empirics The Harrod-Domar model, the Solow model and its variants, endogenous gro...

Course Description Using appropriate analytical frameworks, this course reviews major trends in economic indicators and policy debates in India in the post-Independence period, with particular emphasis on paradigm shifts and turning points. Given the rapid changes taking place in India, the reading list will have to be updated annually. Course Outline 1. Economic Development since Independence Major features of the economy at independence; growth and development under different policy regimes—goals, constraints, institutions and policy framework; an assessment of performance—sustainability and regional contrasts; structural change, savings and investment. 2. Population and Human Development Demographic trends and issues; education; health and malnutrition. 3. Growth and Distribution Trends and policies in poverty; inequality and unemployment. 4. International Comparisons THIS SECTION COMPRISES PREVIOUS YEAR PAPERS OF INDIAN ECONOMY I 2013 2014 2015 2016 2017 2018 2019 Readings: 1. Jean...

Course Description The aim of this course is to provide a foundation in applied econometric analysis and develop skills required for empirical research in economics. Topics include specification and selection of regression models, dynamic econometric models, advanced methods in regression analysis and panel data models. Since the emphasis is on application of methods, this course requires understanding of econometric software and computing skills. Course Outline 1. Stages in Empirical Econometric Research 2. Regression Diagnostics and Specification Misspecification; functional forms; model selection. 3. Advanced Topics in Regression Analysis Selected Topics: Dynamic Econometric Models: distributed lag models; autoregressive models; instrumental variable estimation; simultaneous equation models. 4. Panel Data Models Methods of estimation; fixed effects model; random effects model. 5. Introduction to Econometric Software Package GRETL; E-VIEWS; STATA (any one) THIS SECTION COMPRISES STUD...

Course Description This course is a sequel to Intermediate Macroeconomics I. In this course, the students are introduced to the long run dynamic issues like growth and technical progress. It also provides the micro-foundations to the various aggregative concepts used in the previous course. Course Outline 1. Economic Growth Harrod-Domar model; Solow model; golden rule; technological progress and elements  of endogenous growth. 2. Microeconomic Foundations a. Consumption: Keynesian consumption function; Fisher‘s theory of optimal intertemporal choice; life-cycle and permanent income hypotheses; rational expectations and random-walk of consumption expenditure. b. Investment: determinants of business fixed investment; residential investment and inventory investment. c. Demand for money. 3. Fiscal and Monetary Policy Active or passive; monetary policy objectives and targets; rules versus discretion: time  consistency; the government budget constraint; government debt and Ricardian...

Course Description This course is a sequel to Intermediate Microeconomics I. The emphasis will be on giving conceptual clarity to the student coupled with the use of mathematical tools and reasoning. It covers general equilibrium and welfare, imperfect markets and topics under information economics. Course Outline 1. General Equilibrium, Efficiency and Welfare Equilibrium and efficiency under pure exchange and production; overall efficiency and  welfare economics. 2. Market Structure and Game Theory Monopoly; pricing with market power; price discrimination; peak-load pricing; two-part  tariff; monopolistic competition and oligopoly; game theory and competitive strategy. 3. Market Failure Externalities; public goods and markets with asymmetric information. THIS SECTION COMPRISES PREVIOUS YEAR PAPERS OF INTERMEDIATE MICROECONOMICS. 2013 2015 SET I 2015 SET II 2015 2016 UNSOLVED 2017 2018 Readings: 1. Hal R. Varian, Intermediate Microeconomics, a Modern Approach, 8th edition, W.W...