Jawaharlal Nehru University
School of International Studies
Centre for Studies in Diplomacy, International Law and Economics

The International Trade & Development    Division

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Description of Courses
Curriculum for MA in Economics-(Semester  Course Status)

I Microeconomics I Compulsory
I Macroeconomics I Compulsory
I Mathematical Methods in Economics Compulsory
I Economic Development I Compulsory

II Microeconomics II Compulsory
II Macroeconomics II Compulsory
II Theory of International Trade  Compulsory
II Introduction to Statistics and Econometrics Compulsory

III Balance of Payments Compulsory
III Recent Developments in Trade Theory Optional
III Advanced Econometrics Optional
III Topics in Mathematical Economics Optional
III International Economic Environment Optional
III China in the World Economy Optional
III Corporate Finance Optional
III Natural Resource Economics Optional

IV Economic Development II Compulsory
IV Investment, Finance and Economic Policy Optional
IV Applied Econometrics and Forecasting Optional
IV Environmental Economics Optional
IV Introduction to World Economy Optional
IV Transnational Corporations Optional

Microeconomics I (Compulsory Course for Semester I)
Mode of evaluation: Written Examination
Instructor: Sandwip Kumar Das

This  is a basic course in  economic  theory in  which the decision  making by  economic  agents  ( households and firms ) as well as their interaction  is discussed. Emphasis is laid on analysing the responses of the economic agents to changes in the policy environment. Topics covered are the Theory of the firm: technology, production and input requirements, returns to scale, cost curves, profit maximisation  in a competitive market, Supply and factor demand functions; the theory of the consumer and alternative theories of demand; Market forms: pricing under monopoly and competition, price discrimination and price control, oligopoly and bilateral monopoly, input demand under monopoly, profit maximisation under linear processes, and inter-temporal models of consumer behaviour.

Macroeconomics I (Compulsory Course for Semester I)
Mode of evaluation: Presentation  & Written Examination
Instructor: Amit Shovon Ray

This basic course in macroeconomics provides a comprehensive overview of the evolution of macro models according to different schools of thought. Topics-wise, after a brief recapitulation of the Keynes-Classics debate, the course moves on to Patinkin's neoclassical synthetic model, Friedman's monetarist school and finally to the new classical models incorporating rational expectations. The course also covers microeconomic foundations for macro models and non-market clearing models of unemployment. The primary objective of this course is to equip students with appropriate modelling tools for understanding the functioning of the macroeconomy and the implications of various macro policies under varying macro environments.

Economic Development I (Compulsory Course for Semester I)
Mode of evaluation: Written Examination
Instructor: Ashok Guha

Students are introduced to closed economy models of  growth and stagnation-the theories of Ricardo , Solow , Nelson etc. The course then turns to Open-economy models of international income inequality and mechanisms for international transmission of growth, Development Policy-demand stimulation strategies, Compulsions behind development policies, Characteristics of development propelled by specific compulsions, Inherited institutions and their role in economic development etc.  Labour attachment and labour-credit linkages & Crop-sharing are also covered.

Mathematical Methods in Economics (Compulsory Course for Semester I)
Mode of evaluation: Written Examination
Instructor:  Dipankar Sengupta & Shaon Ray

This course aims to equip students with the mathematical tools that they would require in the course of their M.A. programme . Differential and Difference Equations, Dynamic Optimisation, Real Analysis and Matrix Algebra form part of this course.

Microeconomics II (Compulsory Course for Semester II)
Mode of evaluation: Written Examination
Instructor: Professor Sudipto Dasgupta

This is the second part of a two-course sequence in basic Microeconomics. The course introduces students to the concept of risk and how to characterize an individual’s aversion to or tolerance for risk. It then goes on to identify the conditions under which  the returns from one asset could be said to be  “more risky” than another.  The course then turns to an analysis of bilateral contracts and focuses on two important issues that shape the structure of contracts: the problems of moral hazard and adverse selection. It shows how a wide variety of economic problems, such as the determination of financial structure of firms, regulation of public utilities, incentives in privatisation, firms’ advertisement  activities, agricultural contracts - to name a few -  can be understood in terms of these concepts.

Macroeconomics II (Compulsory Course for Semester II)
Mode of evaluation: Presentation  & Written Examination
Instructor: Manmohan Lal Agarwal

The course introduces students to the major developments in macroeconomics over the recent years, namely the use of  the overlapping generations and optimal growth models.  It deals with explanations for fluctuations in economies.  In this connection it deals with real business cycles and with various theories of the labour market which have been developed to explain the cyclical behaviour of  employment and output.  The course also deals with growth theory.

Trade Theory (Compulsory Course for Semester II)
Mode of evaluation: Presentation  & Written Examination
Instructor: Manoj Pant

This is a first year compulsory course in trade theory which introduces students to all the basic mathematical and diagrammatic techniques used . Then course traces the evolution of  the classical and neo-classical trade theories leading up to the more recent theories based on market imperfections. The student is also introduced to theoretical and empirical foundations of the principle of tariff protection. In the context of  the global economy and international regimes like GATT and WTO, the student is introduced to the theoretical basis of  regional integration movements.

Statistics & Econometrics (Compulsory Course for Semester II)
Mode of evaluation: Written Examination
Instructor: A.L. Nagar

This is a compulsory course on statistical methods and introduction to econometrics. The course provides a comprehensive coverage of probability theory and distributions and a good introduction to bivariate and multivariate, but single equation econometric modelling.

Balance of Payments (Compulsory Course for Semester III)
Mode of evaluation: Presentation & Written Examination
Instructor: Manmohan Lal Agarwal

The course starts with the basic national accounting concept of the balance of payments.  It then introduces students to various ways of analyzing the balance of payments, the elasticities approach, the absorption approach, the monetary approach to the balance of payments, and the intertemporal  approach.  The course then deals with the IMF’s approach to balance of payments adjustment and evaluation of the structural adjustment programmes of the Fund and the Bank.  The course also deals with appropriate policies for achieving external and internal balance under various exchange rate systems.

Advanced Econometrics (Optional Course for Semester III)
Mode of evaluation: Written Examination
Instructor: A.L. Nagar

This course is an option for those intending to specialise in econometrics. The topics covered include principal components analysis, seemingly unrelated regression systems, simultaneous equations systems, time series analysis and forecasting models.

Recent Developments in Trade Theory (Optional Course for Semester III)
Mode of evaluation: Presentation  & Written Examination
Instructor: Manoj Pant

This course deals with the developments in trade theory after 1975. These include dynamic versions of the neo-classical theory and models based on imperfection in international trade. The course traces how these developments square the empirical results and theoretical advancements particularly after 1975. The second part of the course deals with the theoretical basis for tariff protection in the context of a world where commodity markets are imperfect. Here the student is introduced to the role of tariff as a strategic device. Finally, the recent issues of international trade and environment protection and trade in services are discussed.

International Economic Institutions (Optional Course for Semester III)
Mode of evaluation: Written Examination
Instructor: Arjun Sengupta

This course deals with the evolution of the international monetary, payments and trading systems. Initially the students are acquainted with the workings of the international payments arrangements beginning with the gold standard and moving on to the sterling and the dollar standards. Thereafter the course deals with the events leading to the Bretton Woods conference and the evolution and the workings of the International Monetary Fund (IMF) and the World Bank (WB). The final part of the course deals with the international trading system according to the ethics of GATT with special emphasis on the Uruguay Round and the establishment of  the World Trade Organisation (WTO) .

Transnational Corporations, Technology Transfer and R&D (Optional Course for Semester III)
Mode of evaluation: Written Examination
Instructors: Manoj Pant & Prabal Roy Chowdhury

The course is divided into three parts. In the first part, the students are given a broad background on the role of TNCs in world trade and production. Here various models are discussed to show why the treatment of TNCs is  not possible in the standard neo-classical models of trade.  The basic issues are why TNCs exists at all and the advantages which such firms have over local firms. Second, the organisational pattern of TNCs is discussed in the light of theoretical developments in the field of  industrial organisation.
 The second part deals with the interaction between market structure and Technical progress. Game theoretic tools are used to focus on several topics of strategic interest like technology licensing , transfer of technology and joint ventures.
 The third part of this course traces out the issues relating to taxation of TNCs indicating how the usual theories of corporate taxation are not applicable to TNCs. The students are also introduced to some case studies of TNCs in India.

Natural Resource Economics (Optional Course for Semester III)
Mode of evaluation: Presentation  & Written Examination
Instructor: Alokesh Barua

The course deals with the problems associated with the exploitation of renewable and non-renewable natural resources. The  major  focus of the course is  on  the pricing of the resources and the optimal policies of resource extraction. Other issues covered in the course are international trade and natural resources, economic growth, sustainability and natural resources, forest management problems and green accounting. The analytical tools consist mainly of  the application of the standard micro-economic principles and the methods of dynamic optimization.

China in the World Economy:(0ptional Course for Semester III)
Mode of evaluation: Presentation &Written Examination
Instructor: Madhu Bhalla

 This course provides a comprehensive overview of the Chinese economy since 1949. It deals with developments in Chinese Agriculture, Industry, Foreign Trade and the Service sector. It lays emphasis on Chinese integration into the world economy with special reference the three key institutions, IMF, World Bank and GATT/WTO. Topics include Labour laws, Property rights, stock markets

Applied Econometrics & Forecasting (Optional Course for Semester IV)
Mode of evaluation: Presentation  & Written Examination
Instructor: Amit Shovon Ray

This is an optional course open only to students who have done the above two courses on econometric theory. The course covers specific applied econometric models in the areas of consumer behaviour, production functions and growth accounting, macroeconometrics, applied international trade and time series models and forecasting of exchange rates. The course equips the students to use econometric tools in various fields of applied research.

Investment, Finance & Economic Policy (Optional Course for Semester IV)
Mode of evaluation: Written Examination
Instructor: Manmohan Lal Agarwal

The course introduces students to basic balance sheet concepts.  It then deals with evaluation of  bonds and shares, portfolio choice, and the decision of firms  to invest and the means of financing, namely the Miller-Modigliani theorem and its ramifications. The course deals with risk management, the use of derivatives and their pricing and analysis.

Economic Development II (Compulsory Course for Semester IV)
Mode of evaluation: Written Examination
Instructor: Ashok Guha & Manmohan Agarwal

This course analyses markets in Less Developed Economies in the presence of asymmetric information as well as the application of endogenous growth theory, theories of income distribution, savings, and trade to such economies. Students are also introduced to the political economy of development as well as different methods of project appraisal.

Corporate Finance (Optional Course for Semester IV)
Mode of evaluation: Written Examination
Instructor: Sudipto Dasgupta

Corporate Finance is concerned with issues that are relevant from the point of view of the corporate manager – in particular, the Chief Finance Officer of a company.  This includes the following types of decisions:

(I) Investment decisions, such as capital budgeting (which investment projects to undertake or how to evaluate investment projects), including decisions regarding mergers, acquisitions, and divestitures.
(II) Financing decisions, such as how to finance investment projects, when to go public, the pricing of initial public offerings (IPOs), how to choose the mix between debt and equity, between private and public debt, between short and long term debt.
(III) How to resolve conflicts of interests between management and shareholders (e.g. the role of the market for corporate control, the board of directors, of significant outside block shareholders).
(IV) Corporate restructurings, such as the restructuring of debt claims of firms in bankruptcy.
(V) Issues pertaining to the scale and scope of the firm – for example, the debate about the merits of a “diversified” versus a “focused” strategy.

These issues and questions have assumed a particular relevance for India because, as part of the move towards a liberalized economy, Indian companies have been allowed to engage in financial and investment activities on a scale that has not been seen before. Indian companies today access the public debt and equity markets much more frequently than before, have freedom to choose the issue price of their securities, and engage in takeover and divestiture activities. The Securities and Exchange Bureau if India (SEBI) is extremely active in formulating rules and regulations that are necessary for capital markets to function efficiently. The course will focus on the theory of Corporate Finance, and to the extent possible, will attempt to relate this theory to the factual evidence that is available for India and to the developments that are taking place in India under the auspices of the SEBI.

Introduction to the World Economy (Optional Course for Semester IV)
Mode of evaluation: Presentation  & Written Examination
Instructors: Ashok Guha & Dipankar Sengupta

This course is aimed at introducing to the students, the evolution of the world economy, the reasons for the different growth trajectories of the different regions as well as the recent trends in the world economy. It aims to explain why different economies like Japan and Germany have different kinds of business organisations, or banking practices and also covers the emergence of new types of organisations e.g. `virtual firms’ etc.

Advanced Topics in Mathematical Economics (Optional Course for Semester II)
Mode of evaluation: Written Examination
Instructors: Sandwip Das and Prabal Roy Chowdhury

This course aims to familiarise the students with some of the tools being used at the frontiers of economics research. This course is divided into two parts. The first part deals with multi-sectoral models, including input-output models, models that treat economic environment as uncertain and growth economics with an emphasis on endogenous growth based on technologies generated at the firm level, while the second part deals with game theory.

In the second part of this course a formal introduction to the game theoretic tools, both cooperative as well as non-cooperative, that has revolutionised economics in the last two decades, is provided. These tools are then used to analyse several problems in industrial organization like mergers and takeovers, location choice, advertising, joint ventures etc.

Environmental Economics: (Optional Course for Semester IV)
Mode of evaluation: Presentation  & Written Examination
Instructor: Dr. Aparna Sawhney

This course is aimed at introducing to the students the special problems an economist faces when he tries to value or measure environmental goods. The student is introduced to the Theory of Externalities and Market Failure, property rights and the Coase Theorem, as well instruments for pollution abatement that compete/complement existing markets. Country experiences with market-based instruments are also taken up. Other topics that are covered are measurement of the demand for environmental goods, contingent valuation, cost-benefit analysis in environmental project evaluation, growth and environment, Trade and environment, harmonisation of environmental issues, Harmonisation and the GATT/WTO agenda.

The list of courses does not end  here.   For those interested in doing a full course in Game Theory or Industrial Organisation Theory, one take these courses which are offerred by the Centre for Economic Studies and Planning, in the neighbouring School of Social Sciences. These courses are taught by Professor Kunal Sengupta and/or Dr. Krishnendu Ghosh Dastidar.
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