University of Mumbai, Maharashtra, Finance Semester 4, Business Economics II Syllabus

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Unit - 1 Introduction to Macroeconomic Data and Theory

UNIT 1

Overview of macro economics

1.1 Macroeconomics Meaning Scope and Importance

1.2 Circular flow of aggregate income and expenditure closed and open economy models

1.3 The Measurement of National Product Meaning and Importance of National Income Accounting conventional and Green GNP and NNP concepts National Income and Economic Welfare.

1.4 Short run economic fluctuations Features and Phases of Trade Cycles

1.5 The Keynesian Principle of Effective Demand Aggregate Demand and Aggregate Supply Consumption Function Investment function effects of Investment Multiplier on Changes in Income and Output

Unit - 2 Money, Inflation and Monetary Policy

Unit 2

Money inflation and monetary policy

2.1 Determinants of money supply factors influencing velocity of circulation of money

2.2 Classical and Keynesian approaches and Keynes’ liquidity preference theory of interest

2.3 Quantity theory of money fisher’s equation of exchange Cambridge cash balance approach

2.4 Demand pull inflation and cost push inflation effects of inflation nature of inflation in a developing economy.

2.5 Monetary policy meaning objectives and instruments inflation targeting

Unit - 3 Constituents of Fiscal Policy

Unit 3

Constituents of fiscal policy

3.1 Role of a government to provide public goods principles of sound and functional finance

3.2 Fiscal policy meaning objectives contra cyclical fiscal policy and discretionary fiscal policy

3.3 Instruments of fiscal policy canons of taxation factors influencing incidence of taxation effects of taxation significance of public expenditure social security contributions low income support and social insurance programmes public debt types public debt and fiscal solvency burden of debt finance

3.4 Union budget structure deficit conceptsfiscal responsibility and budget management act.

Unit - 4 Open Economy : Theory and Issues of International Trade

Unit 4

International Trade

4.1 The basis of international trade Ricardo’s theory of comparative cost advantage the Heckscher – Ohlin theory of factor endowments terms of trade meaning and types . Factors determining terms of trade gains from trade free trade versus protection

4.2 Foreign investment foreign portfolio investment benefits of portfolio capital flowsforeign direct investment merits of foreign direct investment role of multinational corporations

4.3 Balance of payments structure types of disequilibrium measures to correct disequilibrium in bop.

4.4 Foreign exchange and foreign exchange market spot and forward rate of exchange hedging speculation and arbitrage fixed and flexible exchange rates managed flexibility

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Other Subjects of Semester-4
Auditing
foundation course -iv
Corporate restructuring
Business research methods
Production and total quality management
Information technology in business management-ii
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