Intermediate Macro Economics – I [ECON 008]

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The Intermediate Macro Economics – I (ECON 008) Course for BA (Hons) Economics Semester III, UGCF 2024, 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. 7,000

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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
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  • 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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Demo Lectures

Demo PDF of Study Material

Chapter-5-Aggregate-Supply

Demo Quiz

Exam Pattern

Click Here for Reading List of Intermediate Macro Economics – I

Course Content of Our Video Lectures

Lectures are as per Latest Syllabus for UGCF 2024

Unit I : Short Run and Medium Run Equilibrium

Chapter 1 : Labour Markets

Duration of Video Lectures : 145 Minutes

Number of Video Lectures : 4

Based Upon Chapter 6 Olivier Blanchard

Topics Covered

►Meaning of Labour Force, Unemployment, Labour Force Participation Rate,

►Wage & Price Determination,

►Wage Setting & Price Setting Relation,

►The Natural Rate of Unemployment,

Chapter 2 : Aggregate Supply

Duration of Video Lectures : 199 Minutes

Number of Video Lectures : 2

Based Upon Chapter 7 Olivier Blanchard

Topics Covered

►Derivation of Aggregate Supply Curve, Properties of Aggregate Supply Curve,

►Derivation of Aggregate Demand Curve, Properties of Aggregate Demand Curve,

►Equilibrium in Short Run & Medium Run,

►Effects of Demand & Supply Shocks,

Chapter 3 : Nominal & Real Interest Rate

Duration of Video Lectures : 50 Minutes

Number of Video Lectures : 1

Based Upon Chapter 14.1 Olivier Blanchard

Topics Covered

►Inflation,

►Nominal & Real Interest Rate & IS-LM Curves,

Unit – II : Philips Curve and Theory of Expectations

Chapter 4 : 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 5 : 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 6 : 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 7 : 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 – III : Micro Economic Foundations of Macroeconomic Behaviours

Chapter 8 : 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 9 : 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

Solutions of Previous Year Papers

2021 Paper

Duration of Lectures : 110 Minutes

2020 Paper

Duration of Lectures : 100 Minutes

2019 Paper

Duration of Lectures : 100 Minutes

2018 Paper

Duration of Lectures : 120 Minutes

Syllabus Prescribed by DU

DISCIPLINE SPECIFIC CORE COURSE -8 (DSC-8) : Intermediate Macroeconomics – I (Foundations of Aggregate Income Determination)

Course Description

Learning Objectives

The Learning Objectives of this course are as follows:

  • This course builds upon the basic concepts of macroeconomics. It introduces labour markets and
    the aggregate supply (AS) curve.
  • Aggregate Demand (AD) and Aggregate Supply (AS) are brought together to determine equilibrium
    prices and output examine the policy impacts.
  • The course discusses Phillips curve and the alleged trade-off between inflation and unemployment.
    Both adaptive and rational expectations are introduced.
  • A flavour of micro-foundations is introduced with respect to consumption and investment.

Learning Outcomes

The Learning outcomes of this course are as follows:

This course enables students to analyse the interaction of aggregate demand and supply and the effects of fiscal and monetary policy, trade-off between inflation and unemployment, and consumption and investment behaviour of the households.

Syllabus

UNIT I: Short-run and medium-run equilibrium (15 hours)
The labour market, Wage determination; wages, prices, and unemployment; natural rate of unemployment; from employment to output, Derivation of aggregate supply curve, Interaction of aggregate demand and supply to determine equilibrium output, price level and employment.
UNIT II: Philips Curve and Theory of Expectations (15 hours)
Inflation, unemployment and expectations, Phillips Curve; adaptive and rational expectations; policy ineffectiveness debate.
UNIT III: Microeconomic foundations of macroeconomic behaviours (15 hours)
Consumption: Keynesian consumption function; Fisher’s theory of optimal intertemporal choice; life-cycle and permanent income hypotheses; other theories of consumption expenditure. Investment: determinants of business fixed investment; residential investment and inventory investment.

Recommended readings

  • Blanchard, O. (2006). Macroeconomics, 4th ed. Pearson Education.
  • C.L.F. Attfield, D. Demery and N.W. Duck (1991). Rational Expectations in
    Macroeconomics: an introduction to theory and evidence2nd Ed.
  • Sheffrin, Steve (1996). Rational Expectations. 2nd ed., Cambridge University Press.
  • Dornbusch, R., Fischer, S. (1994). Macroeconomics, 6th ed., McGraw-Hill.
  • Branson, W. (2013). Macroeconomics:Theory and policy, 3rd ed,EastWestPress.
  • Carlin, W and D Soskice (2007), Macroeconomics: Imperfections, Institutions and Policies, Indian
    Edition, OUP.

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

Economics (H) Semester III [ UGCF 2024 ]

Video Lectures, PDF Notes, Mock Tests & Live Doubt Sessions are offered for the following Subjects for BA (Hons) Economics Semester III, Delhi University

Economic History of India (ECON 031)

Fiscal Policy & Public Finance in India (ECON 034)

Theory of Public Finance (ECON 061)

Money & BankingI (ECON 062)

Introduction to Comparative Economic Development (ECON 064)

Principles of Microeconomics – II (ECON 027)

Differential Equations

LPP & Game Theory

Statistics