monetary and fiscal policy; Understanding economic growth: empirical patterns, relevance of growth,
modern growth theory; The Solow-Swan model: the fundamental equation, the steady state, capital
accumulation and dynamic inefficiency, absolute and conditional convergence, critique of the Solow-Swan
model; The Ramsey model: setup, first order conditions, the steady state, saving rate, speeds of
convergence, issue of household heterogeneity, critique of the Ramsey model; Endogenous growth
models: absence of diminishing returns to capital, the AK model, technological progress, investment in
human capital.
Books (In case UG compulsory courses, please give it as “Text books” and “Reference books”. Otherwise
give it as “References”.
Texts: (Format: Authors, Book Title in Italics font, Volume/Series, Edition Number, Publisher, Year.)
Texts: Charles Jones and Dietrich Vollrath, Introduction to Economic Growth, Third edition, WW Norton and Company, 2013
Reference: Robert J. Barro and Xavier Sala-i-Martin, Economic Growth, Second edition, MIT Press, 2004 Soumyen Sikdar, Principles of Macroeconomics, Third edition, Oxford University Press, 2020