Department of
ECONOMICS






Syllabus for
Master of Arts (Applied Economics)
Academic Year  (2019)

 
1 Semester - 2019 - Batch
Paper Code
Paper
Hours Per
Week
Credits
Marks
MEC131 MICROECONOMIC THEORY AND APPLICATIONS 4 4 100
MEC131N MICROECONOMIC THEORY AND APPLICATIONS 4 4 100
MEC132 MACROECONOMIC THEORY AND POLICY - I 4 4 100
MEC132N MACROECONOMIC THEORY AND POLICY - I 4 4 100
MEC133 RESEARCH METHODOLOGY FOR APPLIED ECONOMICS 4 4 100
MEC133N RESEARCH METHODOLOGY FOR APPLIED ECONOMICS 4 4 100
MEC134 STATISTICS FOR ECONOMICS 4 4 100
MEC134N STATISTICS FOR ECONOMICS 4 4 100
MEC141 APPLIED FINANCIAL ECONOMICS 4 4 100
MEC141N APPLIED FINANCIAL ECONOMICS 4 4 100
MEC142 POLITICAL ECONOMY OF INDIA 4 4 100
MEC143 AGRICULTURAL ECONOMICS 4 4 100
MEC143N AGRICULTURAL ECONOMICS 4 4 100
2 Semester - 2019 - Batch
Paper Code
Paper
Hours Per
Week
Credits
Marks
MEC201 BUSINESS ANALYTICS 2 2 50
MEC231 MACROECONOMIC THEORY AND POLICY - II 4 4 100
MEC232 HISTORY OF ECONOMIC THOUGHT 4 4 100
MEC233 ADVANCED MATHEMATICAL ECONOMICS 4 4 100
MEC234 ECONOMETRIC METHODS 4 4 100
MEC241 ECONOMICS OF BANKING AND INSURANCE 4 4 100
MEC242 ECONOMICS OF INDUSTRIAL ORGANIZATION 4 4 100
MEC243 ECONOMICS OF GENDER 4 4 100
3 Semester - 2018 - Batch
Paper Code
Paper
Hours Per
Week
Credits
Marks
MEC331 NEW INSTITUTIONAL ECONOMICS 4 4 100
MEC332 ECONOMICS OF GROWTH AND DEVELOPMENT 4 4 100
MEC333 BEHAVIOURAL ECONOMICS 4 4 100
MEC334 APPLIED ECONOMETRICS 4 4 100
MEC341 SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT 4 4 100
MEC342 ETHICS AND ECONOMICS 4 4 100
MEC343 WORLD ECONOMIC HISTORY 4 4 100
MEC381 INTERNSHIP 0 2 50
4 Semester - 2018 - Batch
Paper Code
Paper
Hours Per
Week
Credits
Marks
MEC431 ECONOMICS OF LABOUR MARKETS 4 4 100
MEC432 PUBLIC FINANCE AND POLICY 4 4 100
MEC433 ENVIRONMENT AND RESOURCE ECONOMICS 4 4 100
MEC434 INTERNATIONAL ECONOMICS 4 4 100
MEC441 INTERNATIONAL FINANCE 3 3 100
MEC442 OPERATIONS RESEARCH 4 4 100
MEC443 ECONOMICS OF CLIMATE CHANGE 4 4 100
MEC481 DISSERTATION 0 4 100
        

          

  

Assesment Pattern

At least two components for CIAs as decided by the concerned faculty.

Examination And Assesments

CIAs are composed of three components and carry 50% weightage CIA 1 and 3 are faculty initiated ones, CIA 2 is the Mid-semester examination. End Semester Exam carries 50% weightage.

Department Overview:
Established in 1969, the Department of Economics is one of the strongest and vibrant departments in South India. Currently the department under the leadership of Dr. Joshy K J along with fourteen accomplished faculty members offers a wide array of undergraduate courses and a postgraduate programme with multiple specialisations. To promote the holistic development of the students and to sustain the academic creativity and inventiveness of the faculty the department engages in numerous workshops, seminars, industrial interfaces, faculty development programmes and many such endeavours.
Mission Statement:
Vision- Achieving excellence, broadening horizons, building competencies and developing a sustainable education model through critical thinking, ethical groundedness and commitment to society. Mission- Preparing students to understand and resolve the multitude of challenges in the economy through relevant research based education. We aim to educate our students to become successful professionals and socially responsible citizens who contribute positively to the socio-economic well-being.
Introduction to Program:
The MA Applied Economics programme of the Department of Economics in Christ University aims to form ethically well-grounded students with the ability for incisive reasoning, deep knowledge of economic theory and skill in empirical methodology. The course seeks to strike a sound balance between theory and application along with an interdisciplinary dimension without diminishing the focus on economics. This approach is meant to help students face the dynamic challenges in terms of the market and academics. In line with this approach the programme has a combination of papers related to economic theory, methodology and two streams of specialisations which, on the one hand meet the needs of corporate employment and on the other create the ability of applying economic theory to development problems of the country. More specifically students will be equipped to take up careers in academics, teaching, business consulting and analytics, civil society and activist organisations, the public sector, government services and international civil services.
Program Objective:
The Master of Arts in Applied Economics Programme aims to: 1. Build mastery in scientific analysis through advanced quantitative methods including statistics and econometrics 2. Make students competent to engage with real world economic challenges in business, industry, public sector 3. Train students with critical thinking for higher academic pursuits in research 4. Provide intensive specializations in areas of finance and development By the end of the programme students should be able to: (PO1. Disciplinary Knowledge): Exhibit competence in the discipline; Analyze seminal pieces of work in the area; Apply disciplinary principles to conduct academic inquiry; Evaluate aspects of social reality using the principles of the discipline (PO2.Critical Thinking):Recognize and examine the social structures underlying our society and how they shape our existence; Reflect upon lived experiences with reflexivity; Analyze and engage with their social surroundings, problematize and raise questions based on academic inquiry (PO3. Research Skills): Exhibit problem solving skills, reflective thinking; Apply analytical and scientific thinking; Demonstrate technical skills in terms of handling data, working with various research related software; Conceptualize, design, and execute research project/s (PO4. Communication and social Interaction): Communicate effectively across media in varied contexts; Collaborate as members or leaders in teams in multidisciplinary settings; Work in m

Assesment Pattern

Assessment Component

Marks

CIA I

10%

CIA II

25%

CIA III

10%

End Semester Examination

50%

Attendance

05%

Total

 

Examination And Assesments

Assesment for this program will be based on continueous internal assesment and end semester examination.

Department Overview:
The Department of Economics is one of the strongest and vibrant department in Christ (Deemed to be University) Delhi NCR. Currently the department with four accomplished faculty members offers a wide array of undergraduate courses and a postgraduate programme with multiple specialisations. To promote the holistic development of the students and to sustain the academic creativity and inventiveness of the faculty the department engages in numerous workshops, seminars and many such endeavors.
Mission Statement:
Vision- Achieving excellence, broadening horizons, building competencies through critical thinking, inculcating values of excellence and service to the society. Mission- Preparing students to understand and resolve the multitude of challenges in the economy through relevant research based education. We aim to educate our students to become successful professionals and socially responsible citizens who contribute positively to the socio-economic well-being.
Introduction to Program:
The MA Applied Economics programme of the Department of Economics in Christ University aims to develop deep knowledge of economic theory and skill in empirical methodology and its application. This approach is meant to help students face the dynamic challenges in terms of the market and academics. After attending this program, students will be equipped to take up careers in academics, teaching, business consulting and analytics, civil society and activist organisations, the public sector, government services and international civil services.
Program Objective:
The Master of Arts in Applied Economics Course aims to: 1. Provide intensive specializations in areas of economics, finance and development 2. Mastery in scientific analysis through advanced quantitative methods, statistics and econometrics, and latest soft skills 3. Make students competent to take up the most challenging careers in business, industry, public sector and advanced academic research

MEC131 - MICROECONOMIC THEORY AND APPLICATIONS (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The main objective of the paper is to introduce both traditional  as well as modern ideas and theoretical concepts in micro economics. Another important objective is to provide a fundamental understanding of market theory, theory of factor pricing, theory of general equilibrium and welfare economics.

Learning Outcome

Upon completion this course, students should be able to:
• Describe the nature of economics in dealing with the issue of scarcity
• Perform supply and demand analysis to analyze the impact of economic events on markets
• Analyze the behavior of consumers in terms of the demand for products
• Evaluate the factors affecting firm behavior, such as production and costs
• Analyze the performance of firms under different market structures
• Recognize market failure and the role of government in dealing with those failures
• Explain how input markets work
• Use economic analysis to evaluate controversial issues and policies.

Unit-1
Teaching Hours:10
Utility and Demand
 

Consumer preferences; Axioms of preference ordering; Utility function: existence and characteristics; concavity and quasi concavity; Budget sets; Demand functions: Zero homogeneity; Income and substitution effects; Slutzky theorem: Indirect utility functions; Hicksian compensated demand functions; Expenditure functions; Substitutes and complements: gross and pure; Revealed preference; Uncertainty, expected utility functions: von Neumann-Morgenstern utility function; Asymmetric Information: Sheepskin Effect

Unit-2
Teaching Hours:10
Production and Supply
 

Production functions; Concavity and quasi concavity; Returns to a factor and to scale; Total, marginal and average cost function; Long run cost curves: envelopes; Factor demand functions, Conditional factor demands; Profit maximization; Supply functions, cost minimization – first and second order conditions; Linear homogeneous production functions and their properties; Cobb-Douglas, CES, VES and Translog production functions and their properties;Leontief’s production functions, Elasticity of substitution, its derivation for C-D and CES functions; the impact of tax/subsidy.

Unit-3
Teaching Hours:15
Markets
 

Characterizing perfect competition; Pricing and output under perfect competitive markets; Monopoly markets: Pricing, discrimination; welfare costs; Monopolistic competition: Characteristics; Long run and short run behavior; Oligopoly — Non-collusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) and collusive (Cartels and mergers, price leadership and basing point price system) models; Price and output determination under monopsony and bilateral monopoly.

Unit-4
Teaching Hours:5
Distribution
 

Neo-classical approach — Marginal productivity theory; Product Exhaustion Theorem; Elasticity of technical substitution, technical progress and factor shares; Theory of distribution in imperfect product and factor markets.

Unit-5
Teaching Hours:10
Welfare Economics
 

Pigovian welfare economics; Pareto optimal conditions; Value judgment; Social welfare function; Compensation principle; Inability to obtain optimum welfare–Imperfections, market failure, decreasing costs; Uncertainty and non–existent and incomplete markets; Theory of second best –Arrow’s impossibility theorem, Rawl’s theory of Justice; Equity efficiency trade off.

Unit-6
Teaching Hours:10
General Equilibrium
 

Partial and general equilibrium; Walrasian excess demand and input-output approaches to general equilibrium; Existence, stability and uniqueness of partial equilibrium and general equilibrium; Relationship between relative commodity and factor prices (Stopler-Samuelson theorem); Relationship between output-mix and real factor prices-effect of changes in factors supply in closed economy (Rybczynski theorem).

Text Books And Reference Books:

Henderson, J. M., & Quandt R. E., (2003). Microeconomic Theory: A Mathematical Approach,New Delhi: McGraw Hill.

Koutsoyiannis, A., (1979). Modern Microeconomics. London: Macmillan Press.

Kreps, David M., (1990). A Course in Microeconomic Theory. Princeton: Princeton University Press.

Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory (Vol. 1). New York: Oxford university press.

Sen, Anindya., (2007). Microeconomics: Theory and Applications. New Delhi: Oxford University Press.

Varian, Hal R., (2000). Microeconomic Analysis. New York: W.W. Norton & Company.

Varian, Hal R., (2010). Intermediate microeconomics: a modern approach. Vol. 6. New York: W.W. Norton & Company.

Essential Reading / Recommended Reading

Ferguson, C. E. (1969), The Neoclassical Theory of Production and Distribution, Cambridge: Cambridge University Press.

Fuss, M., and McFadden, D., eds. Production Economics: A Dual Approach to Theory and Applications. Amsterdam: North-Holland Publishing Co., 1978.

G.S. Maddala and E. Miller (1989), Microeconomics: Theory and Applications, McGrow-Hill, New Delhi.

H L Ahuja (2012), Advanced Economic Theory – Microeconomic Analysis, S. Chand Ltd.

J. Henderson & Richard E. Quandt (2003), Microeconomic Theory: Mathematical Approach, Tata McGraw-Hill Publishing Company Limited, New Delhi.

J. De. V. Graff, Theoretical Welfare Economics, Cambridge University Press, 1963.

John A. Edgren (1995), On the Relevance of John Rawls theory of Justice to Welfare Economics, Review of Social Economy, Vol. 53.

Meunier, Valerie (2005). Lecture notes from Chapter 6: Moral Hazard, Strategic Behavior, Information and Contractual Relationships, available in Internet site, www.econ.au.dklfag/701O/F2005/default.ht

Pindyck, Robert & Rubinfeld, Daniel (2013), Micro Economics, 8th Edition, Pearson Education, USA

Paul A. Samuelson (1947), Foundations of Economic Analysis. 1983 edition, Cambridge, Mass: Haward University Press.

S. K. Nath (1969), A Reappraisal of Welfare Economics, London: Routledge and Kegan Paul Ltd.

Richard A. Musgrave and Peggy B. Musgrave, (1989), Public Finance in Theory and Practice, Singapore: McGraw-Hill International

W. J. Baumol, (1952), Welfare Economics and the Theory of the State, Harvard University Press.

Evaluation Pattern

CIA I   : 20 Marks

CIA II  : 50 Marks (Mid Semester Examination)

CIA III : 20 Marks

 

MEC131N - MICROECONOMIC THEORY AND APPLICATIONS (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The main objective of the paper is to introduce both traditional and as well as modern ideas and theoretical concepts in micro economics. Another important objective is to provide a fundamental understanding of market theory, theory of factor pricing, theory of general equilibrium and welfare economics.

Learning Outcome

Upon completion of Principles of Microeconomics, students should be able to:

  • Describe the nature of economics in dealing with the issue of scarcity,
  • Perform supply and demand analysis to analyze the impact of economic events on markets,
  •  Analyze the behavior of consumers in terms of the demand for products,
  • Evaluate the factors affecting firm behavior, such as production and costs
  • Analyze the performance of firms under different market structures,
  • Recognize market failure and the role of government in dealing with those failures,
  • Explain how input markets work,
  • Use economic analysis to evaluate controversial issues and policies.

Unit-1
Teaching Hours:10
Utility and Demand
 

Consumer preferences; Axioms of preference ordering; Utility function: existence and characteristics; concavity and quasi concavity; Budget sets; Demand functions: Zero homogeneity; Income and substitution effects; Slutzky theorem: Indirect utility functions; Hicksian compensated demand functions; Expenditure functions; Substitutes and complements: gross and pure; Revealed preference; Uncertainty, expected utility functions: von Neumann Morgenstern utility function; Asymmetric Information: Sheepskin Effect.

Unit-2
Teaching Hours:10
Production and Supply
 

Production functions; Concavity and quasi concavity; Returns to a factor and to scale; Total, marginal and average cost function; Long run cost curves: envelopes; Factor demand functions, Conditional factor demands; Profit maximization; Supply functions, cost minimization – first and second order conditions; Linear homogeneous production functions and their properties; CobbDouglas, CES, VES and Translog production functions and their properties;Leontief’s production functions, Elasticity of substitution, its derivation for C-D and CES functions; the impact of tax/subsidy.

Unit-3
Teaching Hours:15
Markets
 

Characterizing perfect competition; Pricing and output under perfect competitive markets; Monopoly markets: Pricing, discrimination; welfare costs; Monopolistic competition: Characteristics; Long run and short run behavior; Oligopoly — Non-collusive (Cournot, Bertrand, Edgeworth, Chamberlin, kinked demand curve and Stackelberg’s solution) and collusive (Cartels and mergers, price leadership and basing point price system) models; Price and output determination under monopsony and bilateral monopoly.

Unit-4
Teaching Hours:5
Distribution
 

Neo-classical approach — Marginal productivity theory; Product Exhaustion Theorem; Elasticity of technical substitution, technical progress and factor shares; Theory of distribution in imperfect product and factor markets.

Unit-5
Teaching Hours:10
Welfare Economics
 

Pigovian welfare economics; Pareto optimal conditions; Value judgment; Social welfare function; Compensation principle; Inability to obtain optimum welfare–Imperfections, market failure, decreasing costs; Uncertainty and non–existent and incomplete markets; Theory of second best –Arrow’s impossibility theorem, Rawl’s theory of Justice; Equity efficiency trade off.

Unit-6
Teaching Hours:10
General Equilibrium
 

Partial and general equilibrium; Walrasian excess demand and input-output approaches to general equilibrium; Existence, stability and uniqueness of partial equilibrium and general equilibrium; Relationship between relative commodity and factor prices (StoplerSamuelson theorem); Relationship between output-mix and real factor prices-effect of changes in factors supply in closed economy (Rybczynski theorem).

Text Books And Reference Books:

  1. Henderson, J. M., & Quandt R. E., (2003). Microeconomic Theory: A Mathematical Approach,New Delhi: McGraw Hill.
  2. Koutsoyiannis, A., (1979). Modern Microeconomics. London: Macmillan Press.
  3. Kreps, David M., (1990). A Course in Microeconomic Theory. Princeton: Princeton University Press.
  4. Mas-Colell, A., Whinston, M. D., & Green, J. R. (1995). Microeconomic theory (Vol. 1). New York: Oxford university press.
  5. Sen, Anindya., (2007). Microeconomics: Theory and Applications.New Delhi: Oxford University Press.
  6. Varian, Hal R., (2000). Microeconomic Analysis. New York: W.W.Norton & Company.
  7.  Varian, Hal R., (2010). Intermediate microeconomics: a modern approach. Vol. 6. New York: W.W. Norton & Company.
Essential Reading / Recommended Reading

  1. Ferguson, C. E. (1969), The Neoclassical Theory of Production and Distribution, Cambridge: Cambridge University Press.
  2. Fuss, M., and McFadden, D., eds. Production Economics: A Dual Approach to Theory and Applications. Amsterdam: North-Holland Publishing Co., 1978.
  3. G.S. Maddala and E. Miller (1989), Microeconomics: Theory and Applications, McGrow-Hill, New Delhi.
  4. H L Ahuja (2012), Advanced Economic Theory – Microeconomic Analysis, S. Chand Ltd.
  5.  J. Henderson & Richard E. Quandt (2003), Microeconomic Theory: Mathematical Approach, Tata McGraw-Hill Publishing Company Limited, New Delhi.
  6. J. De. V. Graff, Theoretical Welfare Economics, Cambridge University Press, 1963.
  7. John A. Edgren (1995), On the Relevance of John Rawls theory of Justice to Welfare Economics, Review of Social Economy, Vol. 53.
  8. Meunier, Valerie (2005). Lecture notes from Chapter 6: Moral Hazard, Strategic Behavior, Information and Contractual Relationships, available in Internet site, www.econ.au.dklfag/701O/F2005/default.ht
  9. Pindyck, Robert & Rubinfeld, Daniel (2013), Micro Economics, 8th Edition, Pearson Education, USA
  10. Paul A. Samuelson (1947), Foundations of Economic Analysis. 1983 edition, Cambridge, Mass: Haward University Press.
Evaluation Pattern

CIA 1 and CIA 3 will be for 20 marks each;

Mid-semester will carry 50 marks

End- Semester examination will be for 100 mark

MEC132 - MACROECONOMIC THEORY AND POLICY - I (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

This paper aims at strengthening the knowledge of important macroeconomic variables and their role in determining the equilibrium level of output and employment and provides insights into the factors influencing the capital inflows and outflows in an open economy model. It helps the students to understand the theoretical foundation of macroeconomics and the contribution of different schools of thought to the further development of macroeconomics. The students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions.

Learning Outcome

Students will learn about the determinants of macroeconomic conditions (national output, employment, inflation), causes of business cycles, and interactions of monetary and financial markets with the real economy, familiarizing themselves in the process with major economic theories of relevance.

Specific Objectives:

a. Students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challenges associated with the measurement of these aggregates.

b. Students will be able to discuss the linkages between financial markets and the real economy, and how these linkages influence the impact of economic policies over differing time horizons.

c. Students will be able to describe the main macroeconomic theories of short term fluctuations and long term growth in the economy.

d. Students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions within a business cycle.

Unit-1
Teaching Hours:10
Income and Output determination
 

The development of macroeconomics- Actual and potential output-GNP identity on the product, income and disposition side-The government sector and foreign sector-Classical theory of income and employment- The saving investment balance- The labour market equilibrium-  Aggregate demand and supply, money and prices in classical model- Keynes’ theory of employment- Consumption function, investment demand- Effective demand- Determination of equilibrium income- Theory of multiplier-Derivation of the expenditure multiplier.

Unit-2
Teaching Hours:14
Demand side and Supply side Equilibrium
 

Equilibrium income and the interest rate determination in the product market- Equilibrium income and the interest rate determination in the money market- Derivation of IS and LM curves-Shift in IS and LM curves-Simultaneous equilibrium- Fiscal and monetary policy effects on demand-Interaction of monetary and fiscal policies- -Aggregate supply in the short run and long run-Supply side disturbances and reactions-Demand side disturbances and reactions-Determination of equilibrium income, employment, rate of interest and price level.

Unit-3
Teaching Hours:10
Consumption, Saving and Investment
 

Theories of aggregate consumption- Absolute income hypothesis- Relative income hypothesis- Life cycle hypothesis-Permanent income hypothesis- Robert Hall and Random Walk Hypothesis- Non-income factors affecting consumption-The MPS model-The wealth effect in the static model-The present value criterion for investment-The marginal efficiency of investment-Investment demand and output growth-The accelerator principle and stabilization policy-The rental cost of capital and investment-Tobin’s q theory of investment.

Unit-4
Teaching Hours:16
Monetary and Fiscal polocy
 

The instruments of monetary policy-The mechanism of monetary expansion- money growth targeting and inflation targeting -The effects of fiscal policy changes-Three ranges of LM curve-The effectiveness of monetary and fiscal policy: Monetarists and Fiscalists-Tax rate changes and the budget deficit-Fiscal stimulus and deficit financing- crowding out and crowding in controversy- Quantitative easing policies- macroeconomic policies in advanced and emerging economies.  

Unit-5
Teaching Hours:10
The External Sector equilibrium
 

The current account and product market equilibrium-The capital account and balance of payments equilibrium-Balance of payment adjustment and the LM curve- The Classical approach: The automatic adjustment method- Balance of payment adjustment by policy measures: Mundell-Fleming model- The expenditure changing policies- The expenditure switching policy: Devaluation- Monetary approach to Balance of payment adjustments.

Text Books And Reference Books:
  1. William.H.Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India Traveller Book Seller Publishers, New Delhi.
  2. D.N. Dwivedi. (2005). Macroeconomics:Theory and Policy. 2nd Edition, Tata Mc Graw Hill Education.
  3. Levacic and Rebman.  (1982). Macro Economics: An Introduction to Keynesian and Neo-Classical Controversies. 2nd Edition, Macmillan Publishers.
Essential Reading / Recommended Reading
  1. William.H.Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India Traveller Book Seller Publishers, New Delhi.
  2. D.N. Dwivedi. (2005). Macroeconomics:Theory and Policy. 2nd Edition, Tata Mc Graw Hill Education.
Evaluation Pattern

CIA 1- 20 marks based on the criteria specified in the course plan

CIA 2- 50 marks based on the midsemester examination

CIA 3- 20 marks based on the criteria specified in the course plan

End semester examination-100 marks

MEC132N - MACROECONOMIC THEORY AND POLICY - I (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

This paper aims at strengthening the knowledge of important macroeconomic variables and their role in determining the equilibrium level of output and employment and provides insights into the factors influencing the capital inflows and outflows in an open economy model. It helps the students to understand the theoretical foundation of macroeconomics and the contribution of different schools of thought to the further development of macroeconomics. The students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions.

Learning Outcome

Students will learn about the determinants of macroeconomic conditions (national output, employment, inflation), causes of business cycles, and interactions of monetary and financial markets with the real economy, familiarizing themselves in the process with major economic theories of relevance.

Specific Objectives:

a. Students will be able to identify the determinants of various macroeconomic aggregates such as output, unemployment, inflation, productivity and the major challenges associated with the measurement of these aggregates.

b. Students will be able to discuss the linkages between financial markets and the real economy, and how these linkages influence the impact of economic policies over differing time horizons.

c. Students will be able to describe the main macroeconomic theories of short term fluctuations and long term growth in the economy.

d. Students will be able to critically evaluate the consequences of basic macroeconomic policy options under differing economic conditions within a business cycle.

Unit-1
Teaching Hours:10
Income and Output determination
 

The development of macroeconomics- Actual and potential output-GNP identity on the product, income and disposition side-The government sector and foreign sector-Classical theory of income and employment- The saving investment balance- The labour market equilibrium-  Aggregate demand and supply, money and prices in classical model- Keynes’ theory of employment- Consumption function, investment demand- Effective demand- Determination of equilibrium income- Theory of multiplier-Derivation of the expenditure multiplier.

Unit-2
Teaching Hours:14
Demand side and Supply side Equilibrium
 

Equilibrium income and the interest rate determination in the product market- Equilibrium income and the interest rate determination in the money market- Derivation of IS and LM curves-Shift in IS and LM curves-Simultaneous equilibrium- Fiscal and monetary policy effects on demand-Interaction of monetary and fiscal policies- -Aggregate supply in the short run and long run-Supply side disturbances and reactions-Demand side disturbances and reactions-Determination of equilibrium income, employment, rate of interest and price level.

Unit-3
Teaching Hours:10
Consumption, Saving and Investment
 

Theories of aggregate consumption- Absolute income hypothesis- Relative income hypothesis- Life cycle hypothesis-Permanent income hypothesis- Robert Hall and Random Walk Hypothesis- Non-income factors affecting consumption-The MPS model-The wealth effect in the static model-The present value criterion for investment-The marginal efficiency of investment-Investment demand and output growth-The accelerator principle and stabilization policy-The rental cost of capital and investment-Tobin’s q theory of investment.

Unit-4
Teaching Hours:16
Monetary and Fiscal policy
 

The instruments of monetary policy-The mechanism of monetary expansion- money growth targeting and inflation targeting -The effects of fiscal policy changes-Three ranges of LM curve-The effectiveness of monetary and fiscal policy: Monetarists and Fiscalists-Tax rate changes and the budget deficit-Fiscal stimulus and deficit financing- crowding out and crowding in controversy- Quantitative easing policies- macroeconomic policies in advanced and emerging economies.  

Unit-5
Teaching Hours:10
The External Sector equilibrium
 

The current account and product market equilibrium-The capital account and balance of payments equilibrium-Balance of payment adjustment and the LM curve- The Classical approach: The automatic adjustment method- Balance of payment adjustment by policy measures: Mundell-Fleming model- The expenditure changing policies- The expenditure switching policy: Devaluation- Monetary approach to Balance of payment adjustments.

Text Books And Reference Books:
  1. William.H.Branson (2005). Macroeconomic Theory and Policy, Third Edition, All India Traveller Book Seller Publishers, New Delhi.
  2. D.N. Dwivedi. (2005). Macroeconomics:Theory and Policy. 2nd Edition, Tata Mc Graw Hill Education.
  3. Levacic and Rebman.  (1982). Macro Economics: An Introduction to Keynesian and Neo-Classical Controversies. 2ndEdition, Macmillan Publishers.
Essential Reading / Recommended Reading

1.      N. Gregory Mankiw. (2012). Macroeconomics. 8th  Edition, Worth Publishers.

2.      Dornbusch, Fischer, Startz. (2010). Macroeconomics. 11th  Edition, Tata Mc Graw Hill.

3.      Graeme Chamberline & Linda Yueh (2006). Thomson Learning.

4.      Burda and Wyplosz (2009). Macroeconomics: A European Text, Fifth Edition, Oxford University Press, New York.

5.      M. Maria John Kennedy (2011). Macroeconomic Theory, PHI Learning Private Limited, New Delhi.

6.      H.L.Ahuja. (2012). Macroeconomics: Theory and Policy. 18th Revised Edition, Sultan Chand Publishers.

7.      Brain Snowdown, Howard Vane and Peter Wynarczyk. (1995). A Modern Guide to Macro Economics: An Introduction to Competing School of Thought.

8.      Edward Shapiro. (2011). Macroeconomic Analysis. 5th Edition, Galgotia Publication Ltd.

9.      Ackley.G. (1978).  Macro economics: Theory and Policy, Macmillan, NewYork.

Evaluation Pattern

Assessment Component

Description

Marks

CIA I

Written Assignment

10%

CIA II

Mid Semester written examination conducted for 2 hours duration. Modules and topics will be decided based on the progress of the coverage of the portions.

25%

CIA III

Written Assignment

10%

End Semester Examination

Written examination conducted for 3 hours duration. It covers all the units.

50%

Attendance

 

05%

 

Total

100%

MEC133 - RESEARCH METHODOLOGY FOR APPLIED ECONOMICS (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 
  • To understand the importance of research in creating and extending the knowledge base of one's subject area 
  • To distinguish between the strengths and limitations of different research approaches regarding one's subject/research area

Learning Outcome

  • Knowledge of the range of qualitative and quantitative research methods potentially available.
  • The ability to differentiate between the role of practitioners and the role of researchers.
  • An understanding of and ability to critically reflect upon issues of ethics and role of the researcher
  • The skills to work independently, to plan and to carry out a small-scale research project.

Unit-1
Teaching Hours:15
Introduction to research & research methods
 

Ways of knowing and understanding the world and the research process - The nature of knowledge and theory - Philosophy of Social Science Research - Relevance of Social Science Research - Objectivity and Values in Social Sciences.

Unit-2
Teaching Hours:10
Logic of Scientific Investigation
 

Theory Construction in Social Science Research - Approaches to Social Science and Managerial Research, Theoretical, Applied and Action Research - Ethical Issues in Research on Human or Social Subjects - Non-sexist approach in Social Sciences.

Unit-3
Teaching Hours:15
Research Design
 

Review of Literature - Identification of Research Gaps and Research Needs - Identification, selection and formulation of research problem - Formulating Hypotheses/Propositions/Issues, conceptualizing research problem.

Unit-4
Teaching Hours:10
Overview of Social Science Methodology
 

Uni-disciplinary, inter-disciplinary, multi-disciplinary methodologies - Quantitative Research Methods: An Overview - Qualitative Research Methods: An Overview - Historical Method - Case Study Method - Action Research - Monitoring and Evaluation - Triangulation (including/mixing Qualitative and Quantitative) Methods.

Unit-5
Teaching Hours:10
Information needs and use in social sciences
 

Secondary Sources of Information: Using and Integrating secondary and primary information - Quantitative Data: Kinds and quality of Data, demography, labour force, agriculture, industry - Quantitative Data: Human resources, education, health, housing, employment, banking, rural data bas - Quantitative Data: Survey Reports, Research Studies, Historical Data Tools - Statistical Systems – International, National and Local: Objectivity, Reliability and Validity of Data - Surveys and Questionnaires: Questionnaire, Schedule Design and Construction, Sample Surveys, Survey Administration - Observation – Structured and unstructured, Recording and Interpretation of Observations, Ethnography -Interviews: Nature of the Interview Process - Structured and Unstructured Interviews, Focus Groups, Group Discussions.

Unit-6
Teaching Hours:10
Analysis of Qualitative and Quantitative Data
 

Choice of Statistical and Processing Techniques - Interpretative Narrative Methods - Theory of the Testing of Hypotheses - Presentation of Research Findings, Products of Research, Thesis Writing - Factors conducive to research utilization.

Text Books And Reference Books:
  1. Alan Bryman (2012). Social Research Methods, Oxford University Press.
  2. Foddy, W (1993). Constructing Questions for Interviews and Questionnaires: Theory and Practice in Social Research, Cambridge: Cambridge University Press
  3. Fitz-Gibbon, C. T. and L. L. Morris (1987). How to Analyse Data, Newbury Park: Sage Publications, Inc.
Essential Reading / Recommended Reading
  1. Alan Bryman (2012). Social Research Methods, Oxford University Press.
  2. Foddy, W (1993). Constructing Questions for Interviews and Questionnaires: Theory and Practice in Social Research, Cambridge: Cambridge University Press
Evaluation Pattern

CIA 1 and CIA 3 for 20 marks each; Mid- semester exam for 50 marks and End semester exams for 100 marks.

MEC133N - RESEARCH METHODOLOGY FOR APPLIED ECONOMICS (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 
  • To understand the importance of research in creating and extending the knowledge base of one's subject area 
  • To distinguish between the strengths and limitations of different research approaches regarding one's subject/research area

Learning Outcome

  • Knowledge of the range of qualitative and quantitative research methods potentially available.
  • The ability to differentiate between the role of practitioners and the role of researchers.
  • An understanding of and ability to critically reflect upon issues of ethics and role of the researcher
  • The skills to work independently, to plan and to carry out a small-scale research project.

Unit-1
Teaching Hours:15
Introduction to research & research methods
 

Ways of knowing and understanding the world and the research process - The nature of knowledge and theory - Philosophy of Social Science Research - Relevance of Social Science Research - Objectivity and Values in Social Sciences.

Unit-2
Teaching Hours:10
Logic of Scientific Investigation
 

Theory Construction in Social Science Research - Approaches to Social Science and Managerial Research, Theoretical, Applied and Action Research - Ethical Issues in Research on Human or Social Subjects - Non-sexist approach in Social Sciences.

Unit-3
Teaching Hours:15
Research Design
 

Review of Literature - Identification of Research Gaps and Research Needs - Identification, selection and formulation of research problem - Formulating Hypotheses/Propositions/Issues, conceptualizing research problem.

Unit-4
Teaching Hours:10
Overview of Social Science Methodology
 

Uni-disciplinary, inter-disciplinary, multi-disciplinary methodologies - Quantitative Research Methods: An Overview - Qualitative Research Methods: An Overview - Historical Method - Case Study Method - Action Research - Monitoring and Evaluation - Triangulation (including/mixing Qualitative and Quantitative) Methods.

Unit-5
Teaching Hours:10
Information needs and use in social sciences
 

Secondary Sources of Information: Using and Integrating secondary and primary information - Quantitative Data: Kinds and quality of Data, demography, labour force, agriculture, industry - Quantitative Data: Human resources, education, health, housing, employment, banking, rural data bas - Quantitative Data: Survey Reports, Research Studies, Historical Data Tools - Statistical Systems – International, National and Local: Objectivity, Reliability and Validity of Data - Surveys and Questionnaires: Questionnaire, Schedule Design and Construction, Sample Surveys, Survey Administration - Observation – Structured and unstructured, Recording and Interpretation of Observations, Ethnography -Interviews: Nature of the Interview Process - Structured and Unstructured Interviews, Focus Groups, Group Discussions.

Unit-6
Teaching Hours:10
Analysis of Qualitative and Quantitative Data
 

Choice of Statistical and Processing Techniques - Interpretative Narrative Methods - Theory of the Testing of Hypotheses - Presentation of Research Findings, Products of Research, Thesis Writing - Factors conducive to research utilization.

Text Books And Reference Books:

Alan Bryman (2012). Social Research Methods, Oxford University Press.

Essential Reading / Recommended Reading

1.     Alan Bryman (2012). Social Research Methods, Oxford University Press.

2.     Foddy, W (1993). Constructing Questions for Interviews and Questionnaires: Theory and Practice in Social Research, Cambridge: Cambridge University Press

3.  Fitz-Gibbon, C. T. and L. L. Morris (1987). How to Analyse Data, Newbury Park: Sage Publications, Inc.

Evaluation Pattern

Assessment Component

Description

Marks

CIA I

Written Assignment

10%

CIA II

Mid Semester written examination conducted for 2 hours duration. Modules and topics will be decided based on the progress of the coverage of the portions.

25%

CIA III

Written Assignment

10%

End Semester Examination

Written examination conducted for 3 hours duration. It covers all the units.

50%

Attendance

 

05%

 

Total

100%

MEC134 - STATISTICS FOR ECONOMICS (2019 Batch)

Total Teaching Hours for Semester:60
No of Lecture Hours/Week:4
Max Marks:100
Credits:4

Course Objectives/Course Description

 

The objective of the paper is to make students familiar with theory and application of statistical methods.  This course covers the statistical foundations of data analysis including the statistical theory and its applications in Economics. In particular, this module broadly covers the descriptive statistics, theory of probability, statistical distributions, estimation and hypothesis testing, and non-parametric tests.

Learning Outcome

  • To provide an understanding of the concepts and methods of Statistics, for application in data analysis
  • To get statistical skill required for the analysis of socio-economic data
  • To provide hands-on training in data analysis (along with computer applications)
  • Emphasis is on application (including analysis and interpretation) rather than theoretical derivations. The idea is to impart training on how to make an argument with data

Unit-1
Teaching Hours:5
Probability Theory
 

 

Concept of probability, conditional probability and Bayes’ theorem, random variables – discrete and continuous, density and distribution functions, joint, marginal and conditional distribution, moment generating function, law of large numbers and Central Limit theorem

 

 

 

Unit-2
Teaching Hours:10
Theory of Probability Distribution
 

Discrete versus continuous distribution, uniform, binomial, negative binomial, Poisson, geometric and hyper-geometric, normal, log-normal, exponential, gamma and beta distribution, characteristic function and moment generating function

Unit-3
Teaching Hours:10
Methods and Sampling distributions
 

 

Simple random sampling: with and without replacement, stratified random sampling, probability and non-probability sampling, statistic and sample moments, sampling distributions: Student’s-t, Chi square and F-distribution, determinants of sample size

 

Unit-4
Teaching Hours:15
Theory of Estimation