Exam Details
| Subject | Macroeconomic Analysis | |
| Paper | ||
| Exam / Course | Master of Arts in Economics | |
| Department | School of Social Sciences (SOSS) | |
| Organization | indira gandhi national open university | |
| Position | ||
| Exam Date | December, 2016 | |
| City, State | new delhi, |
Question Paper
No. of Printed Pages: 4 IMEC-0021
I
MASTER OF ARTS (ECONOMICS)
Term-End Examination
o December,
t"O
MEC-002 MACROECONOMIC ANALYSIS Time hours Maximum Marks: 100
Note: Answer questions from each section as directed.
SECTION
Answer any two questions from this section. 2x20=40
1. Contrast the effectiveness of fiscal and monetary policy in influencing the level of aggregate output in an open economy with fixed exchange rates.
2. Explain and discuss the significance of the lucas critique of econometric policy evaluation.
3. Describe the nature of the economy in the overlapping generations growth model. Prove that the steady state in such an economy can be dynamically inefficient.
4. Describe a search matching model of unemployment and explain how such a model can be used to show that employment responds more strongly than real wages to changes in economic activity during a business cycle.
SECTION
Answer any five questions from this section. 5x12=60
5. What is meant by a "Liquidity Trap"? Why is monetary policy ineffective in the presence of a liquidity trap?
6. Explain how the LM curve is derived in the IS-LM model of a closed economy.
7. Explain how, the introduction of the hypothesis of rational expectations into Friedman's argument as to the determination of equilibrium unemployment implies that, the longrun average rate of unemployment cannot be anything other than the natural rate.
8. Describe the major components of the balance of payments of a country.
9. Discuss how the concept of menu costs can be used to explain nominal price rigidities in an economy.
10. Describe the production technology and its implications in the Solow growth model.
11. Explain the random walk hypothesis relating to the time path of consumption in an economy.
12. Explain the cash-in-advance approach towards modelling an economy with money.
I
MASTER OF ARTS (ECONOMICS)
Term-End Examination
o December,
t"O
MEC-002 MACROECONOMIC ANALYSIS Time hours Maximum Marks: 100
Note: Answer questions from each section as directed.
SECTION
Answer any two questions from this section. 2x20=40
1. Contrast the effectiveness of fiscal and monetary policy in influencing the level of aggregate output in an open economy with fixed exchange rates.
2. Explain and discuss the significance of the lucas critique of econometric policy evaluation.
3. Describe the nature of the economy in the overlapping generations growth model. Prove that the steady state in such an economy can be dynamically inefficient.
4. Describe a search matching model of unemployment and explain how such a model can be used to show that employment responds more strongly than real wages to changes in economic activity during a business cycle.
SECTION
Answer any five questions from this section. 5x12=60
5. What is meant by a "Liquidity Trap"? Why is monetary policy ineffective in the presence of a liquidity trap?
6. Explain how the LM curve is derived in the IS-LM model of a closed economy.
7. Explain how, the introduction of the hypothesis of rational expectations into Friedman's argument as to the determination of equilibrium unemployment implies that, the longrun average rate of unemployment cannot be anything other than the natural rate.
8. Describe the major components of the balance of payments of a country.
9. Discuss how the concept of menu costs can be used to explain nominal price rigidities in an economy.
10. Describe the production technology and its implications in the Solow growth model.
11. Explain the random walk hypothesis relating to the time path of consumption in an economy.
12. Explain the cash-in-advance approach towards modelling an economy with money.
Other Question Papers
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Subjects
- Actuarial Economics: Theory and Practice
- Econometrics Methods
- Economics of Growth and Development
- Economics of Social Sector and Environment
- Financial Institutions and Markets
- Indian Economic Policy
- International Trade and Finance
- Macroeconomic Analysis
- Microeconomic Analysis
- Public Economics
- Quantitative Methods
- Research Methods In Economics