APPLIED MACROECONOMICS: Employment, Growth and Inflation
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APPLIED MACROECONOMICS: Employment, Growth and Inflation

Author : Vivek Moorthy
© Year : 2017
ISBN : 9789385909047
Binding : Paperback

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  • About the Book
  • Salient Features
  • Table of Contents
  • About the Author

Unlike traditional textbooks, this book develops a conceptual framework, historically and theoretically, for a growing economy.  Based on simple models with numerical examples, it applies concepts from classical macroeconomics to interpret economic events and data in USA and India over several decades, and some other Asian economies also. 

    1.Combines short-run fluctuations with long-run growth, unlike main texts that treat these topics separately.
    • Works out numerical values of relevant variables, crucial to macroeconomic analysis, instead of the usual graphical treatment in main texts.
    • Assesses the impact of Ease of Doing Business rank upon GDP growth.

    2.Expounds a classical macroeconomics approach and related concepts.
    • Provides wide ranging evidence on the natural rate hypothesis and the expectations augmented Phillips curve (EAPC).
    • Uncovers evidence challenging the conventional view that the mid-1970s stagflation was due to the October 1973 quadrupling of oil prices.
    • Examines India's stagflation episode post 2010.

    3.Will be useful for those following the Indian economy, such as policy makers, academia, business analysts and journalists.
    • Evaluates the role of policy paralysis, National Rural Employment Guarantee Act, minimum support price in agriculture, shifts in dietary trends, and role of monetary policy in influencing food prices, inflation and growth from 2000 onwards.
    • Analyses the boom and subsequent slowdown of BRIC economies, and compares growth and inflation trends in China, India and major ASEAN countries.

    4.Includes a full Chapter on India's gigantic demonetisation of November 2016.

    5.Most important of all, the model developed here yields values of inflation that carry over to the central bank's decisions, analysed in the subsequent book Financial Macroeconomics: A Policy Rate Approach (see Schematic inside the book).
    • This subsequent book is meant to replace the dominant but irrelevant IS/LM framework.

Chapter 1: Building the Framework for a Growing Economy
Chapter 2: From Short-Run to Long-Run Phillips Curve
Chapter 3: The Costs and Consequences of Inflation
Chapter 4: Cost Push versus Demand Pull Inflation
Chapter 5: OPEC and the Great Stagflation
Chapter 6: Emerging Economies: Rapid Rise to Slowdown
Chapter 7: Dissecting India's Stagflation Episode
Chapter 8.  Analysing India's Demonetisation

Vivek Moorthy :- is Professor of Economics.  He obtained his Masters at Jawaharlal Nehru University with first rank, taught briefly at St Stephens College, Delhi, and then obtained his doctorate in economics from the University of California, Los Angeles.  He taught at Pennsylvania State University and then joined the Federal Reserve Bank of New York.   He was initially in Domestic Research, working on US economy projections for the Federal Open Market Committee that sets monetary policy, and later Senior Economist in Foreign Exchange Analysis at the New York Fed before joining IIMB. Details of all his works can be found at

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