MA Economics program of University of Mumbai is a total of seventy-two credits over four semesters. A semester is roughly of fifteen weeks duration.
Syllabus of MA Economics

1. Microeconomics I

Module 1: Macroeconomic Accounting:

Stocks and Flows; Output and Income; Income and Expenditure; Saving and Investment; Real and Nominal Income; The open economy

Module 2: Determination of National Income and the Price Level:

The Keynesian Model: IS-LM Analysis, Fiscal and Monetary Policy
The role of expectations: The AS-AD Model; Inflation and Unemployment

Module 3: The Open Economy:

Definitions and Concepts: The trade balance, Balance of Payments, Capital Mobility Automatic adjustment, the classical approach
Fixed Exchange Rates: The IS-LM-BP model, Monetary and Fiscal Policy

Flexible Exchange Rates: The IS-LM-BP model, Monetary and Fiscal Policy

Module 4: Microfoundations of Macroeconomics

Consumption: Consumption smoothing, temporary and permanent shocks

Investment: The optimal capital stock, irreversibility and investment
The demand for money: Money, bonds, and private wealth, financial assets

Seigniorage: The optimal level of seigniorage
2. Mathematics for Economists

Module 1: Background I:

Elements of set theory: R and Rn; sequences & limits; open & closed sets; compact sets

Functions: continuity; linear functions; concave and quasi concave functions

Vectors and matrices: the determinant; quadratic forms

Module 2: Background II:

The derivative: partial derivatives; implicit differentiation; total derivatives

Unconstrained and constrained optimization; concave programming
Differential Equations: stability

Module 3: Static Optimization

Integration: definite and indefinite integrals; integration by parts
The Kuhn-Tucker theorem

Module 4: Dynamic Optimization:

Calculus of Variations

The Maximum Principle

Dynamic Programming
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