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Master of Commerce (M.Com.) Monetary Economics Syllabus - Mumbai University

Monetary Economics Syllabus.pdf
Mandatory course · Semester 3 · M.Com. Business Economics · 4 credits

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Syllabus for Monetary Economics

Mandatory course · Semester 3 · M.Com. Business Economics · 4 credits

Module I: Introduction to Monetary Economics(2 Credits)

  • Unit 1 Meaning, Objectives and Monetary Economics Framework in India
  • Definition of monetary economics: Objectives of monetary policy-Scope of monetary policy.
  • Historical overview of monetary policy in India: Key milestones in the development of India's monetary policy framework.
  • Structure of India's monetary policy framework: Role of the Monetary Policy Committee
  • (MPC) in setting monetary policy and recent changes in in the monetary policy framework
  • Unit 2 Instruments of Monetary Policy
  • Overview of instruments: Reserve requirements, open market operations, and the repo
  • rate.
  • The Taylor's Rule: Application of the Taylor's Rule in India's monetary policy.
  • Criticisms and limitations of Taylor's Rule in the Indian context.

Module II: Monetary Policy: Transmission Channels and Recent Trends in Monetary

  • Policy (2Credits)
  • Unit 3 Definition and Meaning of Monetary Policy Transmission
  • Monetary Policy Transmission: Definition, meaning and working.
  • Interest rate and credit channels: Meaning and working.
  • Exchange rate and expectations channels: Meaning and working.
  • Unit 4 Recent Trends in Monetary Policy
  • Unconventional Monetary Policy Tools (UMPTs): Meaning, role and Tools (Negative
  • Interest Rate Policies (NIRPs), Extended Lending or Term-Funding Operations (ELO/TFO), Asset Purchase Programmes (APPs), and Forward Guidance (FG).
  • Central Bank Digital Currency (CBDC): Meaning, features, and justification for adoption.
  • Climate Change and Monetary Policy: Climate change- Monetary Policy Interaction:
  • Economic and financial impacts, Green monetary tools as an instrument of policy response.
  • SuggestedReferences:
  • 1 Adil MH, Rajadhyaksha N (2021). “Evolution of monetary policy approaches: A case study of Indian
  • Economy”. J Public Affairs. 2021;21:e2113. https://doi.org/10. 1002/pa.2113
  • 2 Blinder, Alan (2018): “Through a Crystal Ball Darkly: The Future of Monetary Policy Communication”.
  • Princeton Open Access Repository.
  • 3 D’Souza R and Tanya Rana (2020): “The Role of Monetary Policy in Climate Change Mitigation” ORF
  • Research Brief, Issue No. 350, April 2020 www.orfonline.org/wp
  • content/uploads/2020/04/ORF_IssueBrief_350_MonetaryPolicy-Climate_Change.pdf
  • 4 Das, Shaktikanta (2020): “Seven Ages of India’s Monetary Policy” Address by Shri Shaktikanta Das, Governor, Reserve Bank of India at the St. Stephen's College, University of Delhi on January 24, 2020.
  • 5 Dua, P.(2020). “Monetary policy framework in India”. Ind. Econ. Rev. 55, 117–154 (2020).
  • 6 Ghate, C and Kenneth M Kletzer, Ed. (2016)Monetary Policy in India: A Modern Macroeconomic
  • PerspectiveSpringer, 2016; pp xiii+652.
  • 7 Handa, J (2008): Monetary Economics, Routledge.
  • 8 Jhingan, M.L (2012): Monetary Economics, 7th ed. Vrinda Publications Pvt. Ltd., Delhi.
  • 9 Michele Ca’ Zorzi, Luca Dedola, Georgios Georgiadis, Marek Jarociński, LivioStracca, Georg Strasser
  • (2020): “Monetary policy and its transmission in a globalised world”. European Central Bank Discussion
  • Paper, No 2407 / May 2020.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3599928
  • 10 Manu Sharma, Arvind Kumar Jha, Anoop K. Suresh and BikashMaji (2021): “Monetary Policy
  • Transmission Through the Lens of Monetary Conditions Index for India” RBI Occasional Papers, Vol.
  • 42, No. 1: 2021, pg.123- 162.https://rbidocs.rbi.org.in/rdocs/Content/PDFs/3MONETARYPOLICYTRANSMISSION4E85BC99339
  • 547CEBBDC0D89D2ED24DB.PDF
  • 11 Mishkin, F. S. (2018). The Economics of Money, Banking, and Financial Markets (12th ed.). Pearson.
  • 12 Mohanty, D (2013): “Efficacy of Monetary Policy Rules in India”, RBI Monthly Bulletin April 2013, pg. 83-
  • 90 https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/08SP_B080413.pdf.
  • 13 Rangarajan. C (2021): “Evolving Contours of Monetary Policy”, Economic and Political Weekly, Vol. 56, Issue No. 20, 15 May 2021.
  • 14 https://oar.princeton.edu/jspui/bitstream/88435/pr14b4j/1/pandp.20181080.pdf
  • 15 Reserve Bank of India (2021): “Unconventional Monetary Policy in Times of COVID-19” RBI Monthly
  • Bulletin, March 2021, pg.41-56.
  • D.PDF
  • 16 Reserve Bank of India (2022): Concept Note on Central Bank Digital Currency, Fintech Department, October 2022 C2C24FFB6.PDF
  • 17 RBI(2024): Monetary Policy in India, https://www.rbi.org.in/scripts/FS_Overview.aspx?fn=2752

Reproduced from the University of Mumbai syllabus for M.Com. (Business Economics) under NEP 2020, in force from the academic year 2023-24. Wording is as printed in that syllabus. Module numbering is as printed there too.

The complete syllabus

This subject is cut from the University circular for its specialisation. Open a document here if you want the whole thing rather than a single subject.

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