Paper I

1. Advanced Microeconomics

• Source - H. L. Ahuja's Advanced Economic Theory: Microeconomic Analysis

The chapters that need to be covered are mentioned in the blog of Abhimanyu Gahlaut Sir (IFS 2016). A picture of the same is attached below for quick reference.

• Approach - 

• I read the book and made my own notes for better understanding.

• Definitions and graphs are of special importance. A strong hold on them will help boost your Paper I score. 

• I practiced numericals from the book and from PYQs.

• Notes - Link

2. Advanced Macroeconomics

• Source - 

• Richard T. Froyen's Macroeconomics (Chapters 1-12)

• Some miscellaneous sections from H. L. Ahuja’s Macroeconomics: Theory and Policy (based on PYQs, notes attached below).

• Notes - 

• Froyen Chapters 1-12

• Miscellaneous Sections from Ahuja

• Froyen Short Notes (made to enable quick revision)

3. Money-Banking and Finance

• Source - 

• Ahuja’s Macroeconomics (same as above), Chapters 19, 20, 22 - for money multiplier, Goals and Instruments of Monetary Management in Closed and Open Economies

• Froyen’s Macroeconomics (same as above) - for Quantity Theory of Money (Fisher, Pigou and Friedman) and Keynes’ Theory on Demand for Money. This part has already been covered in Macroeconomics.

• Some sections of Musgrave and Musgrave’s Public Finance in Theory and Practice and H L Bhatia.

• Compiled the notes of previous years' toppers (link below)

• Approach - 

• Apart from Froyen and Ahuja, this section does not have clear sources. 

• I did not find Musgrave and Musgrave and HL Bhatia particularly useful with respect to the Exam syllabus.

• I focused on the PYQs of this component due to the lack of proper sources. 

• I did not cover these topics - Relation between the Central Bank and the Treasury, Proposal for ceiling on growth rate of money

• Notes - Link

4. International Economics

• Source - 

• Dominick Salvatore’s International Economics - I covered all chapters EXCEPT Chapter 13 (Balance of Payments) and Chapter 21 (International Monetary System). I covered the Appendices too. 

• Approach - 

• Chapters 2-8 of Salvatore are heavy and will require multiple readings for clear understanding. The subsequent chapters are relatively easier.

• I did some questions (particularly numericals) from the ‘Questions for Review’ section at the end of each chapter. The answers to them can be found online.

• Notes - 

• Salvatore Notes

• Short Notes for Salvatore Chapters 2-6, 8 (for quick revision)

5. Growth and Development

• Source - 

• There are no clear sources.

• I compiled the notes of previous years' toppers and also referred to my undergraduate coursework for some topics (Eg - Solow Model).

• For sub-sections (c), (d), (e), and (f) - I referred to PYQs.

• Notes - Link