Macroeconomics: concepts and aggregates, national income accounting, circular flow of income and production in two-three-four sector economy; Consumption and investment spending: IS-LM model, Classical and Keynesian models; Stabilization policies: inflation and unemployment, wage-unemployment relationship, rational expectations; Monetary and fiscal policy: role of multiplier, balance of payments, role of central bank; Business cycles: recession, depression, hyperinflation and deficits.

Texts:

1. R. Dornbusch, S. Fischer, and R. Startz, Macroeconomics, Tata McGraw
Hill, 9th edition, 2006

2. E. Shapiro, Macroeconomic Analysis, Galgotia Publications (P) Limited,
5th edition, 2006

References:

1. R. J. Barro, Macroeconomics, MIT Press, 5th edition, 1997

2. R. T. Kaufman and N. G. Mankiw, Macroeconomics, Worth Publishers,
6th edition, 2006

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