INTRODUCTORY MACROECONOMICS
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...