Phase– II: Paper - I - Descriptive Type (on Economics) (Question paper displayed on computer, answers to be written on paper)

Microeconomics Module 

• Consumer Theory: Cardinal and Marginal Utility Analysis, Consumer Surplus, Indifference Curve Analysis, Price, Income and Substitution Effects, Game Theory • Production Theory: Forms of Production function; Laws of Returns to Scale; Partial Equilibrium Vs General Equilibrium Analysis • Market Theory: Pricing under different market structures • Distribution Theories: Ricardo, Marx, Kalecki and Kaldor • Welfare Economics: Pareto Optimality, Schools of Welfare Thought including Arrow, Coase and Sen Macroeconomics Module • National Income Accounting: Various methods for measurement of National Income • Theory of employment and Output: Classical and Neo-classical approaches, Keynesian theory of Employment and output, Post-Keynesian developments, Business Cycles • Inflation: Types of Inflation, Philip's curve, Taylor’s Rule, Lucas Critique • Money and Banking: Quantity theory of Money, Neutrality of money, IS - LM Model and AD-AS Models, Money Multiplier, Monetary Policy – Scope, Objectives and instruments, Inflation targeting • Theories of Economic Growth and Development: Theories of growth, Classical and neoclassical approaches, Theories of Economic Development • International Trade and Balance of payments: Theories of international trade, Determination of exchange rates, Impossible Trinity • Public Finance: Theories of taxation, Theories of public expenditure, Theories of public debt management (Equal weightage will be given to Microeconomic and Macroeconomic modules) 

Phase– II: Paper-II - Descriptive Type (on Economics) (Question paper displayed on computer, answers to be written on paper) 

Module on Quantitative Methods in Economics 

• Mathematical Methods in Economics: Differentiation and Integration, Optimisation, Sets, Matrices, Linear algebra and Linear programming • Statistical Methods in Economics: Measures of central tendency and dispersions, Probability, Time series, Index numbers. • Econometrics and advanced Applications: Regression analysis, Panel data econometrics, Time Series econometrics, Basics of Bayesian Econometrics, Basic application of Artificial Intelligence/ Machine Learning Module on Indian Economy – Policy and Trends • Fiscal policy in India: Evolution, scope and limitations, current trends • Monetary Policy in India: Evolution, Functions of the Reserve Bank of India, MonetaryFiscal coordination, Inflation targeting, Operating framework of Monetary Policy, Current trends • Banking and financial sector development in India: Banks and other constituents of Indian financial markets and related developments, Current trends • Inflation in India: Trends and drivers • External sector developments in India: Exchange rate management, external debt, Balance of payments, Current trends • Sectoral and other developments in India: Agriculture, industry, services and social sector-related developments (Equal weightage will be given to Quantitative Economics and Indian Economy-related modules)