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**The Intermediate Macro Economics – I (ECON 008) Course for BA (Hons) Economics Semester III, UGCF 2023, 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.**

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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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**Demo Lectures**

**Demo Lectures****Demo PDF of Study Material**

Chapter-5-Aggregate-Supply

**Demo PDF of Study Material****Demo Quiz**

**Exam Pattern**

**Click Here for Reading List of Intermediate Macro Economics – I**

**Course Content**** of Our ****Video Lectures**

**Course Content****of Our****Video Lectures****Lectures are as per Latest Syllabus for UGCF 2023**

**Unit I : Short Run and Medium Run Equilibrium**

**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, **

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

**►Wage & Price Determination, **

**►Wage & Price Determination,**

**►Wage Setting & Price Setting Relation,**

**►Wage Setting & Price Setting Relation,**

**►The Natural Rate of Unemployment, **

**►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 Supply Curve, Properties of Aggregate Supply Curve,**

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

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

**►Equilibrium in Short Run & Medium Run, **

**►Equilibrium in Short Run & Medium Run,**

**►Effects of Demand & Supply Shocks,**

**►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, **

**►Inflation,**

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

**►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**

**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**

**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**

**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**

**Business Fixed Investment,**

**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.