William G. Cochran, Sampling Techniques, John Wiley, The first course covered single variable functions and optimization and this course covers the essentials of linear algebra and optimization techniques required for the analysis of functions of several variables that are commonly used in economics.
Differential equations First-order differential equations; integral curve, direction diagram and slope field; qualitative theory and stability. Linear algebra Vector spaces: algebraic and geometric properties, scalar products, norms, orthogonality; linear transformations: properties, matrix representations and elementary operations; systems of linear equations: properties of their solution sets; determinants: characterization, properties and applications.
Functions of several real variables Geometric representations: graphs and level curves; differentiable functions: characterizations, properties with respect to various operations and applications; second order derivatives: properties and applications; the implicit function theorem, and application to comparative statics problems; homogeneous and homothetic functions: characterizations and applications.
Multi-variable optimization Convex sets; geometric properties of functions: convex functions, their characterizations, properties and applications; further geometric properties of functions: quasiconvex functions, their characterizations, properties and applications; unconstrained optimization: geometric characterizations, characterizations using calculus and applications; constrained optimization with equality constraints: geometric characterizations, Lagrange characterization using calculus and applications; properties of value function: envelope theorem and applications.
Since students are already familiar with the quantitative techniques in the previous semesters, mathematical tools are used to facilitate understanding of the basic concepts. This course looks at the behaviour of the consumer and the producer and also covers the behaviour of a competitive firm.
Consumer Theory Preference; utility; budget constraint; choice; demand; Slutsky equation; buying and selling; choice under risk and intertemporal choice; revealed preference. Production, Costs and Perfect Competition Technology; isoquants; production with one and more variable inputs; returns to scale; short run and long run costs; cost curves in the short run and long run; review of perfect competition. Hal R. The workbook by Varian and Bergstrom may be used for problems. Snyder and W. Douglas Bernheim and Michael D.
It discusses various alternative theories of output and employment determination in a closed economy in the short run as well as medium run, and the role of policy in this context.
It also introduces the students to various theoretical issues related to an open economy. Aggregate Demand and Aggregate Supply Curves Derivation of aggregate demand and aggregate and supply curves; interaction of aggregate demand and supply. Inflation, Unemployment and Expectations Phillips curve; adaptive and rational expectations; policy ineffectiveness debate.
Open Economy Models Short-run open economy models; Mundell-Fleming model; exchange rate determination; purchasing power parity; asset market approach; Dornbusch's overshooting model; monetary approach to balance of payments; international financial markets. Steven M. In doing so, it investigates the place of the Indian economy in the wider colonial context, and the mechanisms that linked economic development in India to the compulsions of colonial rule.
Macro Trends National Income; population; occupational structure. Agriculture Agrarian structure and land relations; agricultural markets and institutions — credit, commerce and technology; trends in performance and productivity; famines.
Railways and Industry Railways; the de-industrialisation debate; evolution of entrepreneurial and industrial structure; nature of industrialisation in the interwar period; constraints to industrial breakthrough; labor relations. Economy and State in the Imperial Context The imperial priorities and the Indian economy; drain of wealth; international trade, capital flows and the colonial economy — changes and continuities; government and fiscal policy.
Rajat Ray ed. Daniel Thorner, Agrarian Prospect in India, Visaria and P. It covers estimation and diagnostic testing of simple and multiple regression models. The course also covers the consequences of and tests for misspecification of regression models. Nature and Scope of Econometrics 2. Statistical Concepts Normal distribution; chi-sq, t- and F-distributions; estimation of parameters; properties of estimators; testing of hypotheses.
Simple Linear Regression Model: Two Variable Case Estimation of model by method of ordinary least squares; properties of estimators; goodness of fit; tests of hypotheses; scaling and units of measurement; confidence intervals; Gauss-Markov theorem; forecasting.
Multiple Linear Regression Model Estimation of parameters; properties of OLS estimators; goodness of fit - R2 and adjusted R2; partial regression coefficients; testing hypotheses — individual and joint; functional forms of regression models; qualitative dummy independent variables.
Violations of Classical Assumptions: Consequences, Detection and Remedies Multicollinearity; heteroscedasticity; serial correlation. Specification Analysis Omission of a relevant variable; inclusion of irrelevant variable; tests of specification errors. Gujarati and D. The emphasis will be on giving conceptual clarity to the student coupled with the use of mathematical tools and reasoning. It covers general equilibrium and welfare, imperfect markets and topics under information economics.
General Equilibrium, Efficiency and Welfare Equilibrium and efficiency under pure exchange and production; overall efficiency and welfare economics. Market Structure and Game Theory Monopoly; pricing with market power; price discrimination; peak-load pricing; two-part tariff; monopolistic competition and oligopoly; game theory and competitive strategy.
Market Failure Externalities; public goods and markets with asymmetric information. The workbook by Varian and Bergstrom could be used for problems. In this course, the students are introduced to the long run dynamic issues like growth and technical progress. It also provides the micro foundations to the various aggregative concepts used in the previous course. Economic Growth Harrod-Domar model; Solow model; golden rule; techonological progress and elements of endogenous growth.
Microeconomic Foundations a. Investment: determinants of business fixed investment; residential investment and inventory investment. Demand for money. Fiscal and Monetary Policy Active or passive; monetary policy objectives and targets; rules versus discretion: time consistency; the government budget constraint; government debt and Ricardian equivalence.
Charles I. Jones, Introduction to Economic Growth, W. Robert J. Students are expected to read some classic texts as well as more recent commentaries. Analysing Social Change in Historical Perspective The method of historical materialism; the transition from feudalism to capitalism; capitalism as a historical process — alternative perspectives. Capitalism as an Evolving Economic System Basic features; accumulation and crisis; the modern corporation; monopoly capitalism— alternative perspectives.
The State in Capitalism The state and the economy — contestation and mutual interdependence; the state as an arena of conflict; imperialism — the basic foundations. Edwards, M. Reich and T. Weisskopf ed. Lange, Political Economy, Vol. Hunt, History of Economic Thought, M.
Sharpe, Indian edition, Shilpi Publications, Heilbroner, W. Norton, Bottomore et al. Hunt and J. Schwarz eds. Economic Development since Independence Major features of the economy at independence; growth and development under different policy regimes—goals, constraints, institutions and policy framework; an assessment of performance— sustainability and regional contrasts; structural change, savings and investment.
Population and Human Development Demographic trends and issues; education; health and malnutrition. Growth and Distribution Trends and policies in poverty; inequality and unemployment. International Comparisons Readings: 1. Krishna and A. Rama Baru et al. Geeta G. It highlights major policy debates and evaluates the Indian empirical evidence.
Macroeconomic Policies and Their Impact Fiscal Policy; trade and investment policy; financial and monetary policies; labour regulation.
Policies and Performance in Agriculture Growth; productivity; agrarian structure and technology; capital formation; trade; pricing and procurement. Policies and Performance in Industry Growth; productivity; diversification; small scale industries; public sector; competition policy; foreign investment. Trends and Performance in Services Readings: 1. Goldar and S. Goldberg, A. Khandelwal, N. Pavcnik and P. Ahsan, C. Pages and T. Mazumdar and S.
The course begins with a discussion of alternative conceptions of development and their justification. It then proceeds to aggregate models of growth and cross-national comparisons of the growth experience that can help evaluate these models. The axiomatic basis for inequality measurement is used to develop measures of inequality and connections between growth and inequality are explored. The course ends by linking political institutions to growth and inequality by discussing the role of the state in economic development and the informational and incentive problems that affect state governance.
Conceptions of Development Alternative measures of development, documenting the international variation in these measures, comparing development trajectories across nations and within them. Growth Models and Empirics The Harrod-Domar model, the Solow model and its variants, endogenous growth models and evidence on the determinants of growth. Poverty and Inequality: Definitions, Measures and Mechanisms Inequality axioms; a comparison of commonly used inequality measures; connections between inequality and development; poverty measurement; characteristics of the poor; mechanisms that generate poverty traps and path dependence of growth processes.
Political Institutions and the Functioning of the State The determinants of democracy; alternative institutional trajectories and their relationship with economic performance; within-country differences in the functioning of state institutions; state ownership and regulation; government failures and corruption.
The paper deals with the nature of government intervention and its implications for allocation, distribution and stabilization. Inherently, this study involves a formal analysis of government taxation and expenditures. The subject encompasses a host of topics including public goods, market failures and externalities.
The paper is divided into two sections, one dealing with the theory of public economics and the other with the Indian public finances. Public Economic Theory a. Fiscal functions: an overview. Public Goods: definition, models of efficient allocation, pure and impure public goods, free riding.
Externalities: the problem and its solutions, taxes versus regulation, property rights, the Coase theorem. Taxation: its economic effects; dead weight loss and distortion, efficiency and equity considerations, tax incidence, optimal taxation. Indian Public Finances a. Tax System: structure and reforms b. Budget, deficits and public debt c. Fiscal federalism in India Readings: 1. Stiglitz, Economics of the Public Sector, W. Musgrave and P. Kaushik Basu and A. Maertens ed.
Sury, Government Budgeting in India, Rangarajan and D. Report of the 13th Finance Commission, Connect with us to learn more. Robert J. Gordon is Stanley G. He taught at Harvard and the University of Chicago before moving to Northwestern in , where he has taught for more than thirty years and where he was the chair of the Department of Economics from to His recent research includes work on the rise and fall of the New Economy, the U.
He is the author of several books, more than scholarly articles, and more than 60 published comments on the research of others. We're sorry! We don't recognize your username or password. Please try again. The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning.
You have successfully signed out and will be required to sign back in should you need to download more resources. Out of print. Macroeconomics, 12th Edition. Gordon, Northwestern University. Description Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor.
Students have a natural interest in what is happening today and what will happen in the near future. Macroeconomics capitalizes on their interest by beginning with business cycles and monetary-fiscal policy in both closed and open economy.
After that, Gordon presents a unique dynamic analysis of demand and supply shocks as causes of inflation and unemployment, followed by a dual approach to economic growth in which theory and real-world examples are used to compare rich and poor countries. MyEconLab New Design is now available for this title!
Enhanced eText. Available within the online course materials and offline via an iPad app, the enhanced eText allows instructors and students to highlight, bookmark, take notes, and share with one another. Macroeconomics is widely praised for its ability to present theory as a way of evaluating key macro questions, such as why some countries are rich and others are poor. Theory as a way to evaluate macro questions. Best Blogging Sites. What is affiliate marketing? How to earn money online?
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