Introduction : Macroeconomic vs Microeconomic Issues, Economic Systems, Alternative Branches of Macroeconomic Theory, Business Cycles, Prices Output & Employment, Structure of a Macro Model, Multipliers and Stabilization Policy, and Schools of Thought – Measurement of Aggregate Economic Variables : National Income Accounting Methods: Output, Income & Expenditure Methods, Price Indices: CPI, WPI & GDP Deflator, and Unemployment Rate – Classical Model : Goods Market, Money Market and Relationship between Money Market and non-Money Assets Market, Labour Market, Aggregate Demand and Supply Functions, Ineffectiveness of Monetary Policy, Voluntary Unemployment, and Quantity Theory of Money

Keynesian Cross Model : Unutilized Capacity and Horizontal Aggregate Supply Function, Goods Market: Consumption Function & Savings Function, Goods Market Clearing Condition, Stability and Inventory Adjustments, and Expenditure and Tax Multipliers – Investment Theory : Investment Functions, Inventory Investment, Business Fixed Investment, and Residential Investment – IS-LM Model : Money Market and Keynesian Demand for Money Function, IS and LM Functions, Phase Diagram, Stability Conditions, Fiscal and Monetary Policies and their Effectiveness, Aggregate Demand Function – Variable Price Keynesian Model : Labour Market Disequilibrium, Aggregate Supply Function, Involuntary Unemployment, Effectiveness of Fiscal and Monetary Policies

Hybrid Model : IS-LM Model with Classical Labour Market, and Effectiveness of Tax Policy – Balance of Payments Account & Exchange Rate Systems : Current Account and its Sub-accounts, Capital Account, Exchange Rate, Fixed vs Flexible Exchange Rate Systems, and Semi-floating Exchange Rate System – IS-LM-BP Model : Open Economy IS Function, BP Function and Capital Mobility, and Fiscal and Monetary Policies under Fixed and Flexible Exchange Rate Systems – Discussion : Interaction with Students

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