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.


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


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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