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INTERMEDIATE MACROECONOMICS - I

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...
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INTERMEDIATE MICROECONOMICS - I

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 ...
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ECONOMIC HISTORY OF INDIA (1857-1947)

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...
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INDIAN ECONOMY II

Course Description This course examines sector-specific polices and their impact in shaping trends in key economic indicators in India. It highlights major policy debates and evaluates the Indian empirical evidence. Given the rapid changes taking place in the country, the reading list will have to be updated annually. Course Outline 1. Macroeconomic Policies and Their Impact Fiscal Policy; trade and investment policy; financial and monetary policies; labour regulation. 2. Policies and Performance in Agriculture Growth; productivity; agrarian structure and technology; capital formation; trade; pricing and procurement. 3. Policies and Performance in Industry Growth; productivity; diversification; small scale industries; public sector; competition policy; foreign investment. 4. Trends and Performance in Services THIS SECTION COMPRISES THE LAST 10 YEAR PAPERS OF INDIAN ECONOMY. 2020 (UNSOLVED ) 2019 2018 2017 2016 2015 ...
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MONEY AND FINANCIAL MARKETS

Course Description This course exposes students to the theory and functioning of the monetary and financial sectors of the economy. It highlights the organization, structure and role of financial markets and institutions. It also discusses interest rates, monetary management and instruments of monetary control. Financial and banking sector reforms and monetary policy with special reference to India are also covered. Course Outline 1. Money Concept, functions, measurement; theories of money supply determination. 2. Financial Institutions, Markets, Instruments and Financial Innovations a. Role of financial markets and institutions; problem of asymmetric information – adverse selection and moral hazard; financial crises. b. Money and capital markets: organization, structure and reforms in India; role of financial derivatives and other innovations. 3. Interest Rates Determination; sources of interest rate differentials; theories of term structure of inter...
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INTERMEDIATE MACROECONOMICS - II

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...
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INTRODUCTORY ECONOMETRICS

   Course Description This course provides a comprehensive introduction to basic econometric concepts and techniques. It covers statistical concepts of hypothesis testing, estimation and diagnostic testing of simple and multiple regression models. The course also covers the consequences of and tests for misspecification of regression models. Course Outline 1. Nature and Scope of Econometrics 2. Statistical Concepts Normal distribution; chi-sq, t- and F-distributions; estimation of parameters; properties of estimators; testing of hypotheses: defining statistical hypotheses; distributions of test statistics; testing hypotheses related to population parameters; Type I and Type II errors; power of a test; tests for comparing parameters from two samples. 3. Simple Linear Regression Model: Two Variable Case Estimation of model by method of ordinary least squares; properties of estimators; goodness of fit; tests of hypotheses; scaling and units of measurement; confidence intervals; G...
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MATHEMATICAL METHODS IN ECONOMICS - II

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...
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DEVELOPMENT ECONOMICS II

Course Description This is the second module of the economic development sequence. It begins with basic demographic concepts and their evolution during the process of development. The structure of markets and contracts is linked to the particular problems of enforcement experienced in poor countries. The governance of communities and organizations is studied and this is then linked to questions of sustainable growth. The course ends with reflections on the role of globalization and increased international dependence on the process of development. Course Outline 1. Demography and Development Demographic concepts; birth and death rates, age structure, fertility and mortality; demographic transitions during the process of development; gender bias in preferences and outcomes and evidence on unequal treatment within households; connections between income, mortality, fertility choices and human capital accumulation; migration. 2. Land, Labor and Credit Markets The dis...
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INTERNATIONAL ECONOMICS

    Course Description This course develops a systematic exposition of models that try to explain the composition, direction, and consequences of international trade, and the determinants and effects of trade policy. It then builds on the models of open economy macroeconomics developed in courses 08 and 12, focusing on national policies as well as international monetary systems. It concludes with an analytical account of the causes and consequences of the rapid expansion of international financial flows in recent years. Although the course is based on abstract theoretical models, students will also be exposed to real-world examples and case studies. Course Outline 1. Introduction What is international economics about? An overview of world trade. 2. Theories of International Trade The Ricardian, specific factors, and Heckscher-Ohlin models; new trade theories; the international location of production; firms in the global economy — outsourcing and mult...
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