Macroeconomics Syllabus 2025: Semester Subjects, Electives, Books, Specializations

Introductory Macroeconomics

 The students are introduced to the basic concepts like the aggregate economy and variables like GDP, Savings, Investments, Fiscal Policy, and Inflation.

Intermediate Macroeconomics- Part I

In the intermediary stage I, the students learn analytical tools for modelling macroeconomic issues, various theories of output and employment in a closed economy, open economy, and policy's role in different terms, short, medium, and long.

Intermediate Macroeconomics- Part II

This module consists of an in-depth discussion of the concepts and tools explained in part I, the impact of long-term dynamics on growth; micro-foundations of the various aggregate concepts.

Indian Economy - Part I

This module reviews the major trends in economic indicators post-independence using the appropriate analytical framework.

Indian Economy- Part II

This course deals with sector-wise policies and their impact on key economic indicators; students learn to analyse major policy issues and evaluate them for empirical evidence in the Indian context.

Development Economics-Part I

Topics include alternate development concepts and their justification, cross-national comparison and evaluation of aggregate growth models, measuring inequality, and the state's role in development.

Development Economics- Part II

The course analyses basic demographic concepts and their evolution during development, governance of communities and organisations about sustainable growth, and the role of globalisation in development.

Semester 2

Macroeconomics

a) Introduction to macroeconomics and National Income

b) Money

c) Inflation and Unemployment

d) The closed economy in the short run

a) Introduction to variables; measurement of GDP, GNP, NDP, National Income, and other indicators; the circular flow of income, national income accounting, and balance of payments

b) Definition of money; M1, M2, M3 and M4; determination of money supply; tools of monetary policy

c) Topics include Money supply and inflation, the concept/rate of unemployment, and voluntary and involuntary unemployment.

d) Keynesian model of the income distribution, consumption function, Investment function, and I.S. curve, Asset market equilibrium and L.M. curve, Comparative study of Monetary and Fiscal Policies.

Semester 3

Intermediate Macroeconomics - Part I

a) Wage – Price Flexibility and Full Employment

b) Aggregate Demand and Supply Curves

c) Inflation and Unemployment

d) Open economy models

a) The chapter includes a review of Say's Law, Friedman's restatement of Quantity Theory of Money, Determination of Wage and income, the difference between the Real sector and Monetary sector, and Neutrality of Money.

b) The topic details are the Interaction of aggregate demand and Supply, the Solution of the Complete Keynesian model, Supply curve with and without wage rigidity.

c) Subject details are Policy ineffectiveness, Phillips Curve, and Rational and adaptive expectations.

d) The chapter includes Exchange rate determination, the role of the real exchange rate, Purchase power parity, Asset Market approach, Effect of devaluation, Effect of export subsidy on trade balance and output, and Macro Policies in an open economy.

Semester 4

Intermediate Macroeconomics- Part II

a) Economic Growth

b) Microeconomics Foundations

c) Fiscal and Monetary Policy

d) Schools of Macroeconomic Thoughts

a) Subject details are Neoclassical growth theory, Solow Model, Harrod- Domar model, and Elements of endogenous growth.

b) The chapter includes Keynesian Consumption function and consumption–income relationship, the Theory of Intertemporal choice; neoclassical theory of Investment, Acceleration principle; Keynesian and Tobin’s theory of speculative demand, and Transaction demand for money.

c) The chapter will explain monetary policy objectives and targets, government debt and budget constraints.

d) The chapter highlights various theories – Keynesian, Neoclassicals, and New-Keynesian.

Semester 5

Indian Economy -Part I

a) Economic Development post- Independence

b) Population and Human development

c) Growth and Distribution

d) International Comparisons

a) Chapter details are -Growth and development under various policy regimes, Regional disparities, Sector-wise growth and contribution to GDP, Five-year Plans, Savings, Growth rate, and Capital Formation.

b) Details include - Population dynamics in India, Literacy Rate, Gender discrimination in enrolment, education policies, Health and Hygiene, infant mortality, life expectancy, etc.; Human Development Index, and Population Policy.

c) Chapter details are -Growth and Inequality, Poverty and its measure, Poverty alleviation Policies, Causes of Income inequality, Unemployment, and growth rates.

d) Topics include a comparison of India with other countries with reference to GNI, GDPO Employment share, and more.

Semester 5

Development Economics -Part I

a) Concepts of Development

b) Growth Models

c) Poverty and Inequality

d) Functioning of the State

a) The topic analyses alternate development models and compares development measures across various countries.

b) The details of this chapter include studying the theories of different growth models and the evidence on the determinants of growth.

c) The topic details include definitions and measurements of inequality and a study of inequality trap mechanisms.

d) The chapter examines the functioning of the state institutions and their relationship with economic performance, state ownership, and regulation.

Semester 6

Indian Economy -Part II

a) Impact of Macroeconomic Policies

b) Performance in Agriculture

c) Performance in Industry

d) Trends and Performances in Services

a) Topic includes analysis of Fiscal, Trade, Investment, and Monetary Policies.

b) Details of this chapter are Growth and Productivity of the agrarian structure, Capital formation, agricultural credit, and Land Reforms.

c) This topic is about Growth and Productivity in Public and small-scale sectors, Foreign Investments, and Economic zones.

d) This chapter deals with the service sector and its contribution to GDP.

Semester 6

Development Economics -

 Part II

a) Demography and Development

b) Land, Labour, and Credit Markets

c) Individual and Communities and Collective Outcomes

d) Environment and Sustainable Development

e) Globalisation

a) The chapter examines the demographic concepts and structures and connections between income, fertility, migration, etc.

b) The details of this chapter are the ownership and distribution pattern of land, reforms, acquisitions, Labour productivity, and microfinance.

c) The chapter aims to study individual behaviour in organisations' social environment and governance patterns.

d) The chapter examines the history of environmental changes, state regulation, economic activity, and external factors.

e) The chapter details a historical perspective of globalisation, economics and politics of multilateral agreements, and world inequality.

A textbook of Modern Macroeconomics

L.N.Dutta, Wiley

The book reviews existing models and theories and introduces them to students in a simple way.

Macroeconomics

Greg Mankiw, Worth Pub

The book explains the analytical models for entry-level students.

Macroeconomics -Theory and Practice

D.N. Dwivedi, McGraw-Hill

The book analyses different stages of growth-classical, Keynesian, and Post Keynesian.

Macroeconomics in Context

Goodwin, Harris, Nelson, Roche, Toras, T&F India

The book covers inequality,

sustainability and related policy issues.

Handbook of Public Sector Economics

Donijo Robbins, Taylor and Francis

The book explains all the intricate issues involved in public finance administration.

Principles of Macroeconomics

S.Sikdar, Oxford University Press

The book explains basic concepts and their applications.

Introduction to Economic Growth

Charles I Jones, W.W Norton & Co

For an advanced level understanding of the growth theory.