Macroeconomics: Foundations and Insights

This module introduces basic macroeconomics concepts, macroeconomic indicators, and related terminologies. It covers the definition of an economy, its actors, output gap, circular flow of income, and the importance of economic stability in sustaining economic activity and growth.

This module discusses the measurement of macroeconomic indicators and related issues. It covers the system of national income accounting, the use of GDP as an indicator of economic activity, its limitations, and its use in tracking human and social well-being.

This module discusses the conceptual and theoretical underpinnings of aggregate supply and demand schedules. It elaborates on the Classical and Keynesian premises of macroeconomic analysis and explores empirical evidence for the aggregate supply schedule through the Phillips curve.

This module focuses on aggregate demand and its components: consumption, investment, government spending, and net exports. It also covers the analysis of money demand and the functioning of the money market, providing insights into an integrated treatment of goods and money markets.

This module integrates the functioning of money and goods markets using the IS-LM analytical toolkit. It elaborates on the use of fiscal and monetary policy for macroeconomic stabilization and discusses the institutional context of conducting these policies.

This module incorporates the external sector into macroeconomic analysis, covering capital flows, trade in merchandise and services, foreign exchange markets, and exchange rate regimes. It highlights the efficacy of fiscal and monetary policy in an open economy context.

This module highlights important macroeconomic debates and their influence on development thinking. It traces the evolution of state and market roles, discusses 20th-century economic success stories, and explores heterodox macroeconomic policy approaches.