Introductory Macroeconomics

Paper Code: 
ECO 211
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

1.      To introduce the students to the basic concepts of macroeconomics.

2.      To appraise the student with preliminary concepts associated with the determination and measurement of aggregate macroeconomic variables.

3.      To describe the working of Central and commercial banks. 

9.00
Unit I: 
National Income Accounting

National income and related aggregates, methods of measuring national income, circular flow of income model; real versus nominal GDP.

9.00
Unit II: 
Money

Functions and classification of money; Quantity theory of money – Classical, Cambridge and Keynesian approach.

9.00
Unit III: 
Commercial Banks

Commercial banks – balance sheet, functions and credit creation.

9.00
Unit IV: 
Central Bank

Central Bank - Functions and instruments of credit control.

9.00
Unit V: 
Inflation and Deflation

Inflation - definition, types, causes, effects and measures to control; Trade-off between inflation and unemployment; Deflation; Inflation versus Deflation.

Essential Readings: 

1.    Ahuja, H.L., Macroeconomics: Theory and Policy, S. Chand, 20th edition 2016.

2.    Mankiw, N. G., Macroeconomics, Worth Publishers, 7th edition, 2010.

References: 

1.    Dornbusch, Fischer and Startz, Macroeconomics, McGraw Hill, 11th Edition, 2010.

2.    Froyen, R. T, Macroeconomics, Pearson Education Asia, 2nd Edition, 2005.

3.    Case, K.E. and Fair,R.C., Principles of Economics, Pearson Education Inc., 8th Edition, 2007.

Academic Session: 
2022-23
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