Macroeconomics

Topics: Economics, Macroeconomics, Unemployment Pages: 12 (1765 words) Published: December 11, 2014
Macroeconomic Analysis and Policy

Session-1
SessionBiswa Swarup Misra
Macroeconomic Analysis and Policy
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Biswa Swarup Misra

Learning Objectives
• What is Macroeconomics?
• Macroeconomics vs. Microeconomics
• Why Study Macroeconomics?
• Influential macroeconomic events
• Macro Economic Policy
• Key Macroeconomic Variables
Macroeconomic Analysis and Policy
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Biswa Swarup Misra

Rules of the Class
• Either you speak or the instructor.
• No cell phones/laptops
• Attendance can be taken any time during the session.
• Do not enter the class room after the scheduled class
time
• You can leave the classroom in between a session
but are not allowed to enter again in that session

Macroeconomic Analysis and Policy
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Biswa Swarup Misra

Rules for Examinations
• Minimum Pass Marks - 30.
20

Biswa Swarup Misra

How to Understand Economics
Possible suggestions:
• A study in
w Resource optimsation
w Resource management
w Resource Allocation
• More generic way- An exercise in Constrained
Optimisation.
• Why constrained opmisation not resource
optimisation - Resources need not be the only
constraint. Other constraints could be political
economy constraints, governance constraints,
ecological
constraints etc.
Macroeconomic Analysis and Policy
Biswa Swarup Misra
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Implications of Unfair Practices
• Any body found adopting unfair means in any
examination will get negative marks equivalent
to the maximum marks allotted for that
examination.
• Suspicion of adopting unfair means is enough.
• You will follow the written guidelines in
examination Question paper and Answer sheet
(need not be announced during the
examination)
• Assignments will be subject to plagiarism test.
Tolerance limit 5per cent
Macroeconomic Analysis and Policy
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Biswa Swarup Misra

What is Macroeconomics?
• Macroeconomics Deals with the economy as a whole.
• Macroeconomics focuses on the determinants of
national income, deals with aggregates such as
aggregate consumption and investment, and looks at
the overall level of prices instead of individual prices.
• Macroeconomics may be defined as that branch of
economic analysis which studies the behaviour of not
one particular unit, but of all the units combined
together.
• The following are the fields covered by
macroeconomics:
Macroeconomic Analysis and Policy
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Biswa Swarup Misra

Fields of Macroeconomics
• Theory of Income, Output and Employment with its three
constituents, namely,
§ the theory of consumption function,
§ the theory of investment function and
§ the theory of business cycles or economic fluctuations.

• Theory of Prices with its constituents of the theories of inflation and deflation.
• Theory of Economic Growth dealing with the long-run
growth of income, output and employment.
• Macro Theory of Distribution dealing with the relative
shares of wages and profits in the total national income.

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