डॉ. बी. आर. अम्बेडकर विश्वविद्यालय दिल्ली 
| Course Type | Course Code | No. Of Credits |
|---|---|---|
| Discipline Core | NSUSIEC106 | 4 |
Course Coordi
Course Coordinator and Team: SES Faculty
Email of course coordinator: pcbabed@aud.ac.in
Pre-requisites: No
Course Description:
This course introduces students to alternative approaches to macroeconomics with an emphasis on the IS-LM/AS-AD approach. It also includes a brief introduction to open economy macroeconomics.
Course Objectives:
- To familiarize students with the historical development of macroeconomics.
- To familiarize students with the major schools of 20 century macroeconomics and their interrelations up to the new classical school (later developments will be discussed in detail in 'Macroeconomics II'.)
- To make students proficient in the use of the IS-LM/AS-AD model to discuss policy questions.
Course Outcomes:
At the end of the course students should be able to:
- Describe the historical evolution of macroeconomics as a discipline.
- To compare and contrast the assumptions and policy conclusion of the major schools of 20th century macroeconomics up to the new classical school.
- To describe the assumptions and mutual interrelations of the different parts of the IS- LM/AS-AD model.
- To use the above to answer simple comparative static questions.
Brief description of the modules:
The course will consist of four main modules:
Module 1. Classical macroeconomics: This discusses classical' macroeconomics as reconstructed in the Keynesians vs. classical debates. This will introduce classical themes such as the classical dichotomy, the quantity theory or money and labour market clearing.
Module 2. Keynesian macroeconomics: This discusses the IS-LM/AS-AD version of the Keynesian model. The model is covered in detail with various comparative statics and policy analyses.
Module 3. Responses to Keynes and Keynesians: This discusses Monetarism and New Classical macroeconomics and challenges to the IS-LM/AS-AD tradition. This also makes students aware of how the IS-LM/AS-AD model was a specific interpretation of Keynes and how other interpretations of Keynes and Keynesian traditions also exist.
Module 4. Open-economy macroeconomics: This continues the discussion of Module 2 to the open-economy context. It also briefly introduces international monetary institutions and their evolution in the post-Second World War period.
Assessment Plan
|
S.No |
Assessment |
Weightage |
|
1 |
Class Test |
30% |
|
2 |
Assignment |
30% |
|
3 |
End Term |
40% |
References
- [F) Froycn, Richard T. (2013) Macroeconomics, 10th ed., Pearson
- [SV) Snowden, 8. and Vane, H.R. (2005) Modem Macroeconomics: Its Origins, Development and Current State, Edward Elgar.
- Uribe, M., & Schmitt-Grohé, S. (2017). Open economy macroeconomics. Princeton University Press.
- Romer, D. (2000). Keynesian macroeconomics without the LM curve. Journal of economic perspectives, 14(2), 149-170.