Topics covered in Advanced Macroeconomic Theory (Paper I)

1. Economic Growth Theories
- Solow-Swan model: This model focuses on the factors that contribute to long-term economic growth, such as capital accumulation, technological progress, and population growth.
- Endogenous growth theory: This theory emphasizes the role of innovation and human capital in driving economic growth. It explores how knowledge accumulation and technological advancements can lead to sustained economic development.

2. Business Cycle Analysis
- Keynesian business cycle theory: This theory examines the short-run fluctuations in economic activity and emphasizes the role of aggregate demand in driving business cycles. It explores the use of fiscal and monetary policies to stabilize the economy during downturns.
- Real business cycle theory: This theory suggests that fluctuations in economic activity are primarily driven by real shocks, such as changes in productivity or technology. It focuses on the role of supply-side factors in shaping business cycles.

3. Monetary Policy
- Money demand and supply: This topic explores the factors that influence the demand for money and the role of central banks in controlling the money supply. It discusses the various tools of monetary policy, such as open market operations, reserve requirements, and discount rates.
- Monetary policy transmission mechanism: This concept explores how changes in monetary policy affect the economy through channels such as interest rates, exchange rates, and asset prices. It also examines the limitations and effectiveness of monetary policy in influencing aggregate demand and inflation.

4. Fiscal Policy
- Government budget and fiscal deficit: This topic focuses on the role of government in the economy and the implications of fiscal deficits. It examines how government spending, taxation, and borrowing decisions can impact aggregate demand, inflation, and economic stability.
- Public debt and intergenerational equity: This concept explores the implications of public debt accumulation and its impact on future generations. It discusses the trade-offs between current and future consumption, and the role of fiscal policy in promoting intergenerational equity.

5. Open Economy Macroeconomics
- Exchange rate determination: This topic explores the factors that influence exchange rates in a floating exchange rate system. It examines the role of interest rates, inflation differentials, and capital flows in determining exchange rate movements.
- Balance of payments and current account dynamics: This concept examines the relationship between a country's international transactions, its balance of payments, and current account imbalances. It explores the implications of trade deficits or surpluses on the domestic economy.

Overall, Advanced Macroeconomic Theory (Paper I) covers a wide range of topics related to economic growth, business cycle analysis, monetary and fiscal policy, and open economy macroeconomics. It provides a comprehensive understanding of macroeconomic theories and their applications in analyzing the behavior of aggregate variables and the functioning of the overall economy.