MONETARY ECONOMICS UNIT 1: Demand for Money · Overview of Development of Monetary Theory and Major Issues · Classical and Neo-Classical Theories of Money: Early Versions. Pigou and Cambridge School, etc. The Dichotomy between the Monetary Theory and Value Theory. Patinkin’s Critique of Neo-Classical Theory. · Money in Keynesian Framework: Liquidity Preference (L-P) Theory and Further Developments in L-P Approach; Tobin, Boumal Models. · Friedman, New Monetarism and its Critique. Unit 2: Supply of Money · Monetary Aggregates, Liquidity Aggregates and Divisia Index · H-Theory of Money Supply · Money Multiplier Process and Factors Affecting H 27 · Exogeneity of Money Supply · Money Supply in India: its Components and Trends Unit 3: Monetary Management and Monetary Policy · Monetary Management – Rules vs. Discretion · Price Targeting vs inflation Targeting vs Exchange Rate Targeting · Monetary Policy – Challenges before Reserve Bank of India. · Difficulties of Controlling Money Supply in an open Economy · Further Issues of Monetary Policy and Monetary Management in India .
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