Intermediate Macro Economics I

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The Intermediate Macro Economics – I Course for BA (Hons) Economics Semester III, Delhi University has been taught by Mr. Dheeraj Suri. The Video Lectures are based upon the books prescribed by the University of Delhi. The Duration of Video Lectures is approximately 50 Hours.

Course Fee : Rs. 6000

Access of Video Lectures is provided on one device, Windows Computer or Android Phone, till end of Semester III Exams.

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  • Full Course Video Lectures
  • Complete Study Material (PDF Notes) which includes Concepts, Previous Year Questions, Numerical Questions, MCQ’s and Important Questions
  • Online Discussion Forum to Post Your Queries to Discuss with Faculty & other fellow Students
  • Live online Doubts Sessions (at least twice a week) for resolution of Doubts
  • Mock Tests at the Website
  • Video Lectures Cover Theory Portions Exchaustively + Complete Solutions of Back Questions of readings + Solutions of Previous Years Papers + Large Number of Numericals

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Access of Video Lectures is provided on one device, Windows Computer or Android Phone, till end of the Semester II Exams

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Demo Lectures

Demo PDF of Study Material

Chapter-5-Aggregate-Supply

Demo Quiz

Phillips Curve Demo Test

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Exam Pattern

Assessment :

1. Internal Assessment (25 marks): The internal evaluation will consist of two class tests of 10 marks each, with 5 marks being allocated for attendance.

2. The End-semester Examination (75 marks) :
The question paper of end-semester examination will have two sections (A and B).
Section A will ask 6 short-types of answer out 7 questions, giving equation weightage to each topic.

Section B would ask to answer 3 out of 4 long-type of questions (preferably from one topic with possible sub-parts). Two questions from topics 1, 2 and 3 and two questions from Topic 4 are suggested. All question (in short and long types) can be mathematical in nature.

Course Content of Our Video Lectures

Chapter 1 : Review of IS LM [272 Minutes]

Based Upon Topics of Semester 2

Number of Lectures   6 Lectures

Total Duration   272 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   4 Tests

Important Topics Covered : Aggregate Demand, IS Curve, LM Curve, Simultaneous Equilibrium of Goods & Money Markets

Unit – I : The Labour Market

Unit – II : Aggregate Demand & Aggregate Supply Curves

Chapter 2 to Chapter 6 Cover Unit I and Unit II

Chapter 2 : Monetary & Fiscal Policy [306 Minutes]

Based Upon Dornbusch & Fischer Chapter 5

Number of Lectures   8 Lectures

Total Duration   306 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   3 Tests

Important Topics Covered : Monetary Policy, Open Market Operations, Transmission Mechanism, Liquidity Trap (Keynesian Case), Classical Case, Fiscal Policy, Crowding Out, Investment Subsidy, Policy Mix

Chapter 3 : Aggregate Demand [140 Minutes]

Based Upon Dornbusch & Fischer Chapter 7

Number of Lectures   4 Lectures

Total Duration   140 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Derivation of Aggregate Demand Curve, Effects of Monetary & Fiscal Expansion, Keynesian & Classical Aggregate Supply Curve, The Neutrality of Money

Chapter 4 : Labour Market [145 Minutes]

Based Upon Olivier Blanchard Chapter 6

Number of Lectures   2 Lectures

Total Duration   145 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Labour Force, Unemployment, Labour Force Participation Rate, Wage & Price Determination, Wage Setting & Price Setting Relation, The Natural Rate of Unemployment

Chapter 5 : Aggregate Supply [199 Minutes]

Based Upon Olivier Blanchard Chapter 7

Number of Lectures   2 Lectures

Total Duration   199 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Derivation & Properties of Aggregate Supply Curve, Derivation & Properties of Aggregate Demand Curve, Equilibrium in Short Run & Medium Run, Effects of Demand & Supply Shocks

Chapter 6 : Nominal & Real Interest Rate [50 Minutes]

Based Upon Olivier Blanchard Chapter 14.1

Number of Lectures   1 Lectures

Total Duration   50 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Inflation, Nominal & Real Interest Rate and IS-LM Curves

Unit – III : Inflation, Unemployment & Expectations

Chapter 7 : Phillips Curve [150 Minutes]

Based Upon Olivier Blanchard Chapter 8

Number of Lectures   2 Lectures

Total Duration   150 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Relation Between Inflation, Expected Inflation & Unemployment, Phillips Curve, Modified Phillips Curve, Natural Rate of Unemployment, Wage Indexation

Chapter 8 : Okun’s Law [149 Minutes]

Based Upon Olivier Blanchard Chapter 9

Number of Lectures   3 Lectures

Total Duration   149 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Okun’s Law, Phillips Curve, Aggregate Demand Relation, Disinflation, Point Years of Excess Unemployment, Sacrifice Ratio, Lucas Critique, Nominal Rigidities & Staggerring of Wages

Chapter 9 : Expectations [144 Minutes]

Based Upon Attfield, Demery & Duck Chapter 1 & 2

Number of Lectures   2 Lectures

Total Duration   144 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Meaning of Expectations, Adaptive Expectations, Rational Expectations, Characteristics & Limitations of Rational Expectations

Chapter 10 : Policy Ineffectiveness Preposition [151 Minutes]

Based Upon Steven Sheffrin Chapter 2

Number of Lectures   2 Lectures

Total Duration   151 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Expectations & Phillips Curve, Lucas Account of Business Cycle, Signal Extraction Problem, Derivation of Policy Ineffectiveness Proposition

Unit – IV : Micro Economic Foundations

Chapter 11 : Consumption [238 Minutes]

Based Upon Branson Chapter 12

Number of Lectures   4 Lectures

Total Duration   238 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Keynesian Consumption Function, Simon Kuznets & Consumption Puzzle, Inter Temporal Choice, Permanent Income Hypothesis, Life Cycle Hypothesis, Permanent Income & Adaptive Expectations, Random Walk Model

Chapter 12 : Investment [155 Minutes]

Based Upon Dornbusch & Fischer Chapter 12

Number of Lectures   3 Lectures

Total Duration   155 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Business Fixed Investment, Neoclassical Approach, Determination of Desired Capital Stock, Flexible Accelerator Model, Credit Rationing, Residential Investment, Q Theory of Investment, Inventory Investment, Rate of Return

Chapter 13 : Demand for Money [200 Minutes]

Based Upon Branson Chapter 14

Number of Lectures   5 Lectures

Total Duration   200 Minutes

Number of Questions in Notes   Questions

Number of MCQ Tests on this Chapter   2 Tests

Important Topics Covered : Demand for Money, Regressive Expectations Model, Portfolio Balance Approach, Transaction Demand for Money, Precautionary Demand for Money

Previous Year Papers

2019

2018

End of Syllabus

Syllabus for Intermediate Macro Economics – I as Prescribed by University of Delhi

Reading-List-Macro-Eco

Course Description

Intermediate Macroeconomics I (HC32)
Core Course (CC) Credit: 6

Course Objective
This is the second module of a three-module sequence on Macroeconomics. This course introduces students to formal modelling of the macroeconomy in terms of analytical tools. It discusses various alternative theories of output and employment determination in a closed economy in the short run as well as medium run, and the role of policy in this context. It also introduces students to various micro-founded theories of macro behaviour, e.g., consumption and investment behaviour of households and the demand for money generated in the household sector.

Course Learning Outcomes
This course enables students to analyse the macroeconomic performance of various countries using formal analytical tools. It also allows them to evaluate important macroeconomic policies and their implications.

Unit 1
The labour market Wage determination; wages, prices and employment; natural rate of unemployment; from employment to output

Unit 2
Aggregate demand and aggregate supply curves Derivation of aggregate demand and aggregate and supply curves; interaction of aggregate demand and supply to determine equilibrium output, price level and employment

Unit 3
Inflation, unemployment and expectations Phillips curve; adaptive and rational expectations; policy ineffectiveness debate

Unit 4
Microeconomic foundations Consumption: Keynesian consumption function; Fisher‘s theory of optimal intertemporal choice; lifecycle and permanent income hypotheses; rational expectations and random walk of consumption expenditure
Investment: determinants of business fixed investment; residential investment and inventory investment
Demand for money

References

  1. Abel, A., Bernanke, B. (2016). Macroeconomics, 9th ed. Pearson Education.
  2. Blanchard, O. (2018). Macroeconomics, 7th ed. Pearson Education.
  3. Branson, W. (2013). Macroeconomics: Theory and policy, 3rd ed, East West Press.
  4. Dornbusch, R., Fischer, S., Startz, R. (2018). Macroeconomics, 12th ed. McGraw-Hill.
  5. Jones, C. (2016). Macroeconomics, 4th ed. W. W. Norton.
  6. Mankiw, N. (2016). Macroeconomics, 9th ed. Worth Publishers.