| Course Name | Advanced Topics in Economic Modelling and Policy |
| Course Code | 25SDS533 |
| Program | M.Sc. in Social Data Science & Policy |
| Semester | 4 |
| Credits | 3 |
| Campus | Faridabad |
Unit I Modern Monetary Policy & Central Banking Overview of monetary policy goals and tools. Main channels of transmission. Forecasting with quarterly projection models for policy decisions. Frontier topics: heterogenous-agent DSGE and distributional effects of monetary policy.
Unit II Culture, Institutions & Economic Development How cultural norms and institutional arrangements influence long-run growth. Concepts, measurement challenges and broad empirical strategies. Contemporary modelling approaches and current debates.
Unit III Applied Econometric Analysis & Instrumental-Variable Methods Essentials of causal inference and endogeneity. Instrumental-variable techniques and diagnostics. Guided walk-through of an influential study applying econometric techniques, focused on its framing, structure, argument flow and writing choices.
Unit IV Innovation and Technological Change – Theories of Innovation and Technological Change; National Innovation Systems and Developmental States; Measuring Innovation and Evaluating Policy Impact
Unit V International Economics Core ideas in trade, finance and open-economy macro. Gains from trade: Ricardian, HeckscherOhlin and New Trade models. Exchange-rate issues, global shocks and the role of international institutions. Emerging topics in economic integration.
Textbooks and Papers: Krugman, P. R. (2008). International economics: Theory and policy, 8/E. Pearson Education India. Nelson, R. R. (1987). Understanding technical change as an evolutionary process: Inside the black box. In The political economy of science, technology and innovation. Lundvall, B. . (1992). National systems of innovation: Towards a theory of innovation and interactive learning. Pinter. Rosenberg, N. (1982). Inside the black box: Technology and economics. Cambridge University Press. Enke, B. (2019). Kinship, cooperation, and the evolution of moral systems. The Quarterly Journal of Economics, 134(2), 9531019. https://doi.org/10.1093/qje/qjz001 Algan, Y., & Cahuc, P. (2014). Trust, growth, and well-being: New evidence and policy implications. In P. Aghion & S. N. Durlauf (Eds.), Handbook of Economic Growth (Vol. 2, pp. 49120). Elsevier. Acemoglu, D., & Robinson, J. A. (2021). Culture, institutions and social equilibria: A framework. NBER Working Paper No. 28832. Henrich, J. (2020). The weirdest people in the world: How the West became psychologically peculiar and particularly prosperous. Penguin UK. Giuliano, P., & Nunn, N. (2018). Ancestral characteristics of modern populations. Economic History of Developing Regions, 33(1), 117. https://doi.org/10.1080/20780389.2018.1435267 Belke, A., & Polleit, T. (2010). Monetary economics in globalised financial markets (Ch. 6). Springer Science & Business Media. Blanchard, O. J., & Fischer, S. (1989). Lectures on macroeconomics. MIT Press. Cecchetti, S. G., & Schoenholtz, K. L. (2017). Money, banking, and financial markets (4th ed., Chs. 2021). McGraw-Hill Education. Campante, F. R., Sturzenegger, F., & Velasco, A. (2021). Advanced macroeconomics: An easy guide. Princeton University Press. Gal, J. (2008). Monetary policy, inflation, and the business cycle: An introduction to the New Keynesian framework. Princeton University Press. Reference Books: Romer, D. (2019). Advanced macroeconomics (5th ed.). McGraw-Hill Education. Greene, W. H. (2000). Econometric analysis 4th edition. International edition, New Jersey: Prentice Hall, 201- 215. Angrist, J. D., & Pischke, J. S. (2009). Mostly harmless econometrics: An empiricist’s companion. Princeton university press.
Prerequisite: Research Methods I & II, Economics for Public Policy Summary: This course offers an introduction to contemporary empirical and theoretical tools used in economic research and policy analysis. Through selected readings and guided discussions, students explore frontier work in macro-, institutional, and international economics and examine how influential papers are structured and argued. The aim is to help participants: understand the motivation and methods behind current studies, gain practical experience with key modelling and identification techniques, and practise communicating research insights to policy-oriented audiences. While the course highlights advanced approaches, the emphasis is on developing a working familiarity rather than full mastery, giving students a foundation they can build on in their own research projects.
Course Objectives:
Course Outcomes:
CO1: Analyze and interpret the goals, instruments, and distributional impacts of modern monetary policy using both traditional and heterogeneous-agent macroeconomic models.
CO2: Evaluate the role of cultural norms and institutional structures in shaping long-term economic development using theoretical and empirical frameworks.
CO3: Identify causal relationships in economic data and critically assess applied econometric research.
CO4: Assess national innovation systems and evaluate innovation policy using appropriate theoretical frameworks and empirical indicators.
CO5: Interpret international trade and finance dynamics using classical and modern models, and assess the role of global institutions and shocks in shaping open-economy outcomes.
Skills:
Institutional Analysis: Skills to evaluate how cultural norms and institutional arrangements impact economic performance across contexts.
Econometric Inference: Capacity to use causal inference techniques to conduct and critique applied economic research.
Program outcome PO – Course Outcomes CO Mapping
| PO1 | PO2 | PO3 | PO4 | PO5 | PO6 | PO7 | PO8 | PO9 | |
| CO1 | X | – | – | – | – | – | – | – | – |
| CO2 | – | – | X | – | – | – | – | – | – |
| CO3 | – | X | – | – | – | – | – | – | – |
| CO4 | – | – | – | – | – | – | – | – | – |
| CO5 | X | – | – | – | – | – | – | – | – |
Program Specific Outcomes PSO – Course Objectives – Mapping
| PSO1 | PSO2 | PSO3 | PSO4 | PSO5 | PSO6 | PSO7 | PSO8 | PSO9 | PSO10 | |
| CO1 | – | – | X | – | – | – | – | – | – | – |
| CO2 | – | X | – | – | – | – | – | – | – | – |
| CO3 | – | X | – | – | – | – | – | – | – | – |
| CO4 | X | – | – | – | – | – | – | – | – | – |
| CO5 | – | – | – | X | – | – | – | – | – | – |
| Assessment | Internal | External |
| Midterm Exam | 30 | |
| *Continuous Assessment (CA) | 20 | |
| End Semester | 50 |
*CA – Can be Quizzes, Assignment, Projects, and Reports, and Seminar
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