Introduction to Macroeconomics and National Income Accounting

Course Learning Outcomes:

This course aims to develop the broad conceptual frameworks which will enable students to understand and comment upon real economic issues like inflation, money supply, GDP and their interlinkages. It will also allow them to critically evaluate various macroeconomic policies in terms of a coherent logical structure.

Course Modules:

Introduction to Macroeconomics and National Income Accounting

Basic issues studied in macroeconomics; measurements of gross domestic product, income, expenditure and the circular flow; real versus nominal GDP; price indices; national income accounting for open economy, balance of payments accounts, current and capital accounts.

Money Market

Functions of money; quantity theory of money; determination of money supply and demand; credit creation; tools of monetary policy.

Theory of Inflation

Costs and benefits of Inflation, Seigniorage, Hyperinflation

The closed economy in the short run

Classical and Keynesian systems; simple Keynesian model of income determination; IS-LM model; fiscal and monetary multipliers.

NOTE: The above modules give a rough idea about the topics covered in our Introductory Macroeconomics course. Students will be given modules as per their respective Universities outline after prior discussion.