Ramnaren Sar Essay

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Post Graduate Diploma in Management Academic Year 2011-12 Term: II Course Title : MACROECONOMICS Credits : 4 Area: Economics Course Instructors: |Instructor 1 |Ganesh Kumar N. |E-mail |ganesh@iimidr.ac.in | |Instructor 2 |Dipayan D. Chaudhuri |E-mail |dipayan@iimidr.ac.in | |Instructor 3 |Pradyumna Dash |E-mail |pradyumna@iimidr.ac.in | Objectives : The course aims at helping participants understand the complex macroeconomic environment, which confronts business. The participants will be able to understand the rationale behind the economic policy announcements and anticipate policy changes. The course will equip participants with analytical tools to decipher the effects of economic policy announcements, particularly Monetary and Fiscal policy, on crucial macroeconomic factors such as interest rate, income, inflation, etc. The course covers macro economic theory and its applications particularly to the Indian context. The main theoretical framework for the course will be IS-LM and Aggregate Demand – Aggregate Supply. We begin the course with understanding national income accounts. We then set up with simple models of national income determination, and relax the assumptions to set up more complex models. These models are necessary to understand and analyze the effects of fiscal and monetary policy on the economy. The course will help participants to develop analytical skills to understand the monetary policy announcements of the central banks and broad fiscal policies of the government and their impact on the economy. In the context of globalization of economies, we will

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