Readings: (i) A. Abel, B. Bernanke and D.Croushore (2011; 7thedn), Chs, 1 & 2. (ii) P. Krugman and M. Obstfeld(2009; 8thedn.),Ch 12, pages 293-316 only. Unit 2. Money Functions of money; quantity theory of money; determination of money supply and demand; credit creation; tools of monetary policy Readings: (i) N. G Mankiw(2007, 6thedn),Section 4.1 only. (ii) R.Froyen, (2005, 8thedn.),Section 4.1 only. (iii) O. Blanchard (2006, 6thedn), Ch.4 Unit3.Inflation Inflation and its costs; hyperinflation Readings: (i) N. G Mankiw (2007, 6thedn), Sections 4.1 -4.8. (ii) O. Blanchard (2006, 6thedn), Ch.23 Unit4.The Closed Economy in the Short Run Classical and Keynesian systems; simple Keynesian model of income determination; IS-LM model; fiscal and monetary multipliers Readings: (i) R.Froyen, (2005, 8thedn.), Chs. 3 and Sections 4.2-4.4 (ii) R. Dornbusch and S. Fischer (1994, 6thedn), Chs. 3, 4, and Sections 5.1-5.3O. Blanchard (2006, 6thedn), Ch.23 Assessment: 1. The internal evaluation will consist of two class tests of 10 marks each, with 5 marks being allocated for attendance. 2. The End-semester/Final Examination (75 marks) will have the following format: The question paper should have total threequestions, carrying equal marks, with the following distribution across topics:one question from Unit 1; one question from Units 2& 3 together; and one question from Unit 4. Each question should have internal choices. Question could be mathematical in nature.
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