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This textbook acquaints the students with the latest trends and tendencies in macroeconomics analysis and policy. It keeps in view the macroeconomic
environment of the developing economies, especially the emerging Indian economy, while analysing and discussing various theories and policies of macroeconomics. Not confining itself to mere Keynesian macroeconomics, it critically examines the post-Keynesian developments in macroeconomics as well.

Table of Contents: PART I: MACROECONOMICS 1. Nature and Scope of Macroeconomics 2. Circular Flow of Income and National Income Accounting 3. The Classical Full-Employment Model 4. Keynes's Theory of Employment: An Outline 5. Determination of National Income: Keynes's Simple Two-Sector Model 5A. Determination of National Income With Government : Three-Sector Models 5A. Concepts of Inflationary and Deflationary Gaps 6. Consumption Function 7. Post-Keynesian Theories of Consumption 8. Investment Demand 9. Theory of Multiplier 10. Aggregate Demand - Aggregate Supply Model (With Price Flexibility) 11. Unemployment, Full Employment and Wage-Employment Relationship PART II: POST-KEYNESIAN DEVELOPMENTS IN MACROECONOMICS 12. The IS-LM Curve Model 13. Inflation-Unemployment Trade-off : Phillips Curve and Rational Expectations Theory 14. Stagflation and Supply-Side Economics 15. The New Classical Economics : Rational Expectations Model 16. The New Keynesian Economics PART III: MONETARY DEMAND AND SUPPLY 17. Money: Nature, Functions and Role 18. Credit and Commercial Banking 19. Central Banking 19A Objectives and Instruments of Monetary Policy 20. Supply of Money and Its Determinants 21. Demand for Money and Keynes's Liquidity Preference Theory of Interest 22. Post-Keynesian Theories of Demand for Money PART IV: MONEY, PRICES AND INFLATION 23. Money and Prices: Quantity Theory of Money 24. Keynes's Monetary Theory : Money, Income and Prices 25. Monetarism and Friedman's Restatement of Quantity Theory of Money 25A. Monetarism and Keynesianism Compared 26. Inflation and Hyperinflation: Causes, Effects and Cure PART V: BUSINESS CYCLES AND MACROECONOMIC POLICY 27. Analysis of Business Cycles 27A. Kaldor and Goodwin's Models of Business Cycles 27B. Monetarist and New Classical (Rational Expectations) Theories of Business Cycles 27C. Real Business Cycle Theory 28. Economic Stabilisation: Fiscal Policy 29. Economic Stabilisation: Monetary Policy PART VI: GOVERNMENT AND THE MACROECONOMY : GOVERNMENT'S BUDGET CONSTRAINT AND FISCAL POLICY 30. Government in the Macroeconomy: Public Expenditure 31. Financing of Government Expenditure : Taxation 32. Role of Fiscal Policy and Taxation in Resource Mobilisation for Economic Growth 33. Government Borrowing or Debt-Financing of Budget Deficit 33A. Government Budget Constraint: Money Financing of Budget Deficit PART VII: OPEN ECONOMY MACROECONOMICS 34. Balance of Payments 34A. The Monetary Approach to the Balance of Payments 35. Foreign Exchange Rate 36. Determination of National Income in an Open Economy and Foreign Trade Multiplier 37. Free Trade Versus Protection 38. International Linkages and Mundell-Fleming Model 38A.Globalisation, Commercial Policy and WTO PART VIII: THEORIES OF ECONOMIC GROWTH 39. Economic Growth and its Determinants 40. Harrod-Domar Model of Growth 41. Neoclassical Theory of Growth 42. New Theory of Growth (Endogenous Growth Model) 43. Theory of Development with Surplus Labour : Lewis Model 44. Limitations and Relevance of Keynesian Economics to Developing Countries 45. Nature of Unemployment in Labour Surplus Developing Countries 46. Development Strategies for Labour-Surplus Developing Countries 47. Sen Vs. Bhagwati: Debate on Growth and Distribution