Macroeconomics
William Mitchell, L. Randall Wray, Martin Watts

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Contents
                                    CONTENTS
List of Figures	xvii
List of Tables	xix
List of Boxes	XX
About the Authors	xxi
About the Book	xxii
Tour of the book	xxiv
Preface	xxvi
Acknowledgements	xxviii
Website Materials	xxix
PART A: INTRODUCTION AND MEASUREMENT
1	Introduction	2
1.1	What is Economics? Two Views	2
Orthodox, neoclassical approach	3
Heterodox approach - Keynesian/lnstitutionalist/Marxist	5
What do economists do?	8
Implications for research and policy	8
1.2	Economics and the Public Purpose	9
1.3	What is Macroeconomics?	12
The macro model	12
The MMT approach to macroeconomics	13
Fiscal and monetary policy	15
Policy implications ?/A/I A/IT for sovereign nations	16
Conclusion	12
References	12
2	How to Think and Do Macroeconomics	18
2.1	Introduction	18
2.2	Thinking in a Macroeconomic Way	19
2.3	What Should a Macroeconomic Theory be Able to Explain?	22
Real GDP growth	22
Unemployment	23
Ree?/ wages and productivity	25
Private sector indebtedness	26
Central bank balance sheets	26
Japan's persistent fiscal deficits: the glaring counterfactual case	21
Contents
2.4	Why is it so Difficult to Come to an Agreement on Policy? The Minimum Wage Debate
2.5	The Structure of Scientific Revolutions Conclusion
References
Chapter 2 Appendix: The Buckaroos model Implications of the Buckaroos model
A Brief Overview of Economic History and the Rise of Capitalism
3.1	Introduction
3.2	An Introduction to Monetary Capitalism
3.3	Tribal Society
3.4	Slavery
3.5	Feudalism
3.6	Revolts and the Transition to Capitalism
3.7	Capitalism
3.8	Monetary Capitalism
3.9	Global Capitalism
3.10	Economic Systems of the Future?
Conclusion
References
The System of National Income and Product Accounts
4.1	Measuring National Output
4.2	Components of GDP Consumption (C)
Investment (I)
Government spending (G)
Exports (X) minus imports (M) or net exports (NX)
4.3	Equivalence of Three Measures of GDP Expenditure approach
Production approach Income approach
4.4	GDP versus GNP
4.5	Measuring Gross and Net National Income Measuring net national income
4.6	GDP Growth and the Price Deflator
4.7	Measuring Chain Weighted Real GDP
4.8	Measuring CPI Inflation The CPI Index
Rate of growth of the CPI index
Difficulties in using the CPI to accurately measure inflation
4.9	Measuring National Inequality Conclusion
References
Labour Market Concepts and Measurement
5.1	Introduction
5.2	Measurement Labour force framework
Impact of the business cycle on the labour force participation rate
5.3	Categories of Unemployment
5.4	Broader Measures of Labour Underutilisation

Contents
5.5	Flow Measures of Unemployment	75
Labour market stocks and flows	77
5.6	Duration of Unemployment	78
5.7	Hysteresis	80
Conclusion	81
References	82
6	Sectoral Accounting and the	Flow of Funds	83
6.1	Introduction	83
6.2	The Sectoral Balances View of the National Accounts	84
Introduction	84
How can we use the sectoral balances framework?	86
A graphical framework for understanding the sectoral balances	87
6.3	Revisiting Stocks and Flows	91
Flows	91
Stocks	92
Inside wealth versus outside wealth	93
Non-financial wealth (real assets)	94
6.4	Integrating NIPA, Stocks, Flows and the Flow of Funds Accounts	94
Causal relationships	96
Deficits create financial wealth	96
6.5	Balance Sheets	97
6.6	The Flow of Funds Matrix	101
Flow of funds accounts and the national accounts	102
Conclusion	103
References	103
7	Methods, Tools and Techniques	104
7.1	Overview	104
12	Basic Rules of Algebra	106
Model solutions	106
7.3	A Simple Macroeconomic Model	107
7.4	Graphical Depiction of a Macroeconomic Model	109
7.5	Power Series Algebra and the Expenditure Multiplier	111
7.6	Index Numbers	117
7.7	Annual Average Growth Rates	115
7.8	Textbook Policy Regarding Formalism	115
Conclusion	117
8	The Use of Framing and Language	in	Macroeconomics	118
8.1	Introduction	118
8.2	MMT and Public Discourse	119
8.3	Two Visions of the Economy	121
8.4	Cognitive Frames and Economic Commentary	123
8.5	Dominant Metaphors in Economic Commentary	123
8.6	Face to Face: Mainstream Macro and MMT	123
Mainstream Fallacy 1: The government faces the same 'budget' constraint as a household	124
Mainstream Fallacy 2: Fiscal deficits(surpluses) are bad(good)	124
Mainstream Fallacy 3: Fiscal surpluses contribute to national saving	125
Mainstream Fallacy 4: The fiscal outcome should be balanced over the economic cycle	125
Mainstream Fallacy 5: Fiscal deficits drive up interest rates and crowd out private
investment because they compete for scarce private saving	126
vili
Contents
Mainstream Fallacy 6: Fiscal deficits mean higher taxes in the future Mainstream Fallacy 7: The government will run out of fiscal space (or money) if it overspends
Mainstream Fallacy 8: Government spending is inflationary Mainstream Fallacy 9: Fiscal deficits lead to big government
8.7	Framing a Macroeconomics Narrative Language and metaphor examples Fiscal space
Costs of a public programme The MMT alternative framing Conclusion References
PART B: CURRENCY, MONEY AND BANKING
9	Introduction to Sovereign Currency: The Government and its Money
9.1	Introduction
9.2	The National Currency (Unit of Account)
One nation, one currency Sovereignty and the currency
What 'backs up' the currency?
Legal tender laws Fiat currency
Taxes drive the demand for money
Financial stocks and flows are denominated in the national money of account The f inancial system as an electronic scoreboard
9.3	Floating versus Fixed Exchange Rate Regimes The gold standard and fixed exchange rates Floating exchange rates
9.4	lOUs Denominated in National Currency: Government and Non-Government Leveraging
Clearing accounts extinguish lOUs Pyramiding currency
9.5	Use of the Term 'Money': Confusion and Precision Conclusion
References
10	Money and Banking
10.1	Introduction
10.2	Some Definitions Monetary aggregates
10.3	Financial Assets
Yield concepts infixed income investments
10.4	What Do Banks Do?
The neoclassical view: the money multiplier
MMT representation of the credit creation process
Loans create deposits
Banks do not loan out reserves
Endogenous money
Summary
An example of a bank's credit creation: a balance sheet analysis Conclusion References
Contents
PART C: NATIONAL INCOME, OUTPUT AND EMPLOYMENT DETERMINATION
11	The Classical System	164
11.1	Introduction	164
11.2	The Classical Theory of Employment	165
Why is the labour demand function downward sloping?	167
Why is the labour supply function upward sloping?	167
Equilibrium in the labour market	168
11.3	Unemployment in the Classical Labour Market	169
11.4	What is the Equilibrium Output Level in the Classical Model?	170
11.5	The Loanable Funds Market, Classical Interest Rate Determination	172
11.6	Classical Price Level Determination	175
11.7	Summary of the Classical System	176
11.8	Pre'Keynesian Criticisms of the Classical Denial of Involuntary	Unemployment	176
Conclusion	178
References	178
12	Mr. Keynes and the 'Classics'	180
12.1	Introduction	180
12.2	The Existence of Mass Unemployment as an Equilibrium Phenomenon	181
12.3	Keynes'Critique of Classical Employment Theory	182
12.4	Involuntary Unemployment	186
12.5	Keynes' Rejection of Say's Law: The Possibility of General Overproduction	188
Refresher: the loanable funds market	188
Keynes' critique of the loanable funds doctrine	188
Liquidity preference and Keynes' theory of interest	190
Conclusion	192
References	192
13	The Theory of Effective Demand	193
13.1	Introduction	193
13.2	The D'Z Approach to Effective Demand	194
13.3	Introducing Two Components of Aggregate Demand: D1 and	D2	198
13.4	Advantages of the D'Z Framework	199
The macroeconomic demand for labour	199
13.5	The Role of Saving and Liquidity Preference	200
13.6	The Demand Gap Arguments and Policy Implications	201
Conclusion	202
Reference	203
14	The Macroeconomic Demand for Labour	204
14.1	Introduction	204
14.2	The Macroeconomic Demand for Labour Curve	205
The interdependency of aggregate supply and demand	205
Money wage changes and shifts in effective demand	206
14.3	The Determination of Employment and the Existence of Involuntary Unemployment	211
14.4	A Classical Resurgence Thwarted	213
Conclusion	214
References	215
15	The Aggregate Expenditure Model	216
15.1	Introduction	216
15.2	A Simple Aggregate Supply Depiction	217
15.3	Aggregate Demand	218
Contents
15.4	Private Consumption Expenditure	219
15.5	Private Investment	222
15.6	Government Spending	224
15.7	Net Exports	224
15.8	Total Aggregate Expenditure	225
15.9	Equilibrium National Income	228
15.10 The Expenditure Multiplier	230
An algebraic treatment	231
A graphical treatment	232
Numerical example of the expenditure multiplier at work	234
Changes in the magnitude of the expenditure multiplier	235
A f inal point about the multiplier	236
Conclusion	238
References	238
16	Aggregate Supply	239
16.1	Introduction	239
16.2	Some Important Concepts	240
Schedules and functions	240
The employment-output function	240
Money wages	242
16.3	Price Determination	244
16.4	The Aggregate Supply Function (AS)	245
The theory of production	247
Some properties of the aggregate supply function	248
16.5	What Determines the Level of Employment?	249
16.6	Factors Affecting Aggregate Output per Hour	249
The choice of production technology	250
Procyclical movements in labour productivity	251
Conclusion	252
Reference	252
PART D: UNEMPLOYMENT AND INFLATION: THEORY AND POLICY
17	Unemployment and Inflation	254
17.1	Introduction	254
17.2	What is Inflation?	255
17.3	Inflation as a Conflictual Process	255
Cost push inflation	256
Raw material price increases	258
Conflict theory of inflation and inflationary biases	259
Demand pull inflation	260
Cost push and demand pull inflation: a summary	261
17.4	The Quantity Theory of Money	261
17.5	Incomes Policies	264
Conclusion	267
References	267
18	The Phillips Curve and Beyond	268
18.1	Introduction	268
18.2	The Phillips Curve	269
Phillips curve algebra	271
The instability of the Phillips curve	Yll
Contents
Econometrie misspecification	273
18.3	The Accelerationist Hypothesis and the Expectations Augmented Phillips Curve	274
Introduction	214
Expectations of inflation	274
The algebra of the expectations augmented Phillips curve	278
Specification of inflationary expectations	280
18.4	Hysteresis and the Phillips Curve Tradeoff	283
The algebra of hysteresis	284
18.5	Underemployment and the Phillips Curve	286
Conclusion	288
References	288
19	Full Employment Policy	290
19.1	Introduction	290
19.2	Full Employment as the Policy Goal	291
19.3	Policies for the Promotion of Employment	293
Behaviouralist, structuralist, and Keynesian approaches	293
Private sector incentives	294
Direct job creation by government	295
19.4	Unemployment Buffer Stocks and Price Stability	296
Measuring the costs of unemployment buffer stocks	298
19.5	Employment Buffer Stocks and Price Stability	301
The JG wage	302
The JG as an automatic stabiliser	303
Inflation control and the JG	304
Open economy impacts	305
Would the NAIBER be higher than the NAIRU?	305
Employment buffer stocks and responsible fiscal design	307
A plausible adjustment path	308
19.6	Impact on the Phillips Curve	309
Conclusion	311
References	311
PART E: ECONOMIC POLICY IN AN OPEN ECONOMY
20	Introduction to Monetary and Fiscal Policy Operations	314
20.1	Introduction	314
20.2	The Central Bank	315
The payments system, reserves and the interbank market	316
20.3	The Treasury	317
Government and private financial accounting	317
Sectoral balances	318
20.4	Coordination of Monetary and Fiscal Operations	319
Duties of the central bank	319
Duties of the treasury	320
A numerical example using balance sheets	321
Is there a sufficient demand for treasury debt?	322
20.5	Taxes and Sovereign Spending	323
20.6	Currency Sovereignty and Policy Independence	325
Conclusion	326
References	327
Chapter 20 Appendix: Advanced Material	329
Monetary policy in the open economy, causes and consequences of capital flows	329
xii
Contents
21	Fiscal Policy in Sovereign Nations	332
21.1	Introduction	332
21.2	Functional Finance versus Sound Finance	333
The fiscal constraint and the views of deficit hawks, doves, and owls	333
Why is the deficit owl the only perspective that is consistent with MMT?	334
Functional finance	335
21.3	Fiscal Policy Debates: Crowding Out and (Hyper) Inflation	336
Crowding out?	336
Voluntary constraints	337
Inflation and sovereign fiscal policy	339
Hyperinflation	342
Real world hyperinflations	344
Summing up on hyperinflation	345
Conclusion	347
References	347
22	Fiscal Space and Fiscal Sustainability	349
22.1	Introduction	349
22.2	The Full Employment Fiscal Deficit Condition	350
22.3	Fiscal Space and Fiscal Sustainability	352
Advancement of public purpose	353
Understanding the monetary environment	354
Understanding what a sovereign government is	354
Understanding why governments tax	355
Understanding why governments issue debt	355
Setting fiscal targets	355
Foreign exposure	356
Understanding what a cost is	356
22.4	The Debt Sustainability Debate	356
Conclusion	359
References	359
23	Monetary Policy in Sovereign Nations	?60
23.1	Introduction	360
23.2	Modern Banking Operations	36i
23.3	Interest Rate Targets versus Monetary Targets	362
Lender of last resort and f inancial stability	363
23.4	Liquidity Management	363
Introduction	?63
Different interest rate setting arrangements	364
23.5	Implementation of Monetary Policy	365
Transmission mechanism	365
23.6	Unconventional Forms of Monetary Policy	366
Introduction	366
Quantitative easing (QE)	366
Negative interest rates	367
Conclusion	367
23.7	Monetary Policy in Practice	36g
23.8	The Advantages and Disadvantages of Monetary Policy	368
23.9	Central Bank Independence	369
Introduction	369
Rationale for independence	369
Contents
xiii
23.10	Horizontal and Vertical Operations: An Integration	370
Conclusion	372
References	372
24	Policy in an Open Economy: Exchange Rates, Balance of Payments and
Competitiveness	374
24.1	Introduction	374
24.2	The Balance of Payments	375
Balance of payment examples	376
The current account	376
The capital account and financial account	?1?
24.3	Essential Concepts	378
Nominal exchange rate (e)	378
Change in the nominal exchange rate, appreciation and depreciation	378
What determines the exchange rate?	379
International competitiveness	382
The real exchange rate	383
24.4	Aggregate Demand and the External Sector Revisited	384
24.5	Trade in Goods and Services, Product Market Equilibrium and the Trade Balance	385
National income equilibrium with trade	385
The net exports function	386
The impact on national income and net exports of a change in world income	387
An increase in world income leads to a rise in net exports	388
24.6	Capital Controls	389
Conclusion	391
References	391
PARTE: ECONOMIC INSTABILITY
25	The Role of Investment in Profit Generation	394
25.1	Investment in a Capitalist Monetary Economy	394
The volatility of investment	395
Gross and net investment	396
25.2	The Accelerator Model of Investment	397
The simple accelerator model	397
Limitations of the simple accelerator model	399
25.3	The Flexible Accelerator Model	400
Rate of adjustment in the flexible accelerator model	400
Implications of incomplete adjustment	400
25.4	Expectations and Interest Rate Impacts on Investment Demand	401
25.5	Introduction to Cash Flow Discounting and Present Value	402
25.6	Keynes and the Marginal Efficiency of Investment	404
25.7	Minsky's Model of the Investment Decision	407
The two price system	407
Determination of investment	407
25.8	Investment and Profits	409
Kalecki's simplified model	409
Kalecki's generalised model	411
25.9	Business Cycles: Fluctuations in Economic Activity	413
Terminology and patterns	413
The interaction of the expenditure multiplier and the investment accelerator	415
xiv
Contents
Conclusion	418
References	418
26	Stabilising the Unstable Economy	419
26.1	Introduction	419
26.2	Economic Cycles and Crises	420
26.3	Marxist Theory of Crisis	422
26.4	Keynesian and Post-Keynesian Theories of Crisis	424
26.5	Minsky's Financial Instability Hypothesis	427
Conclusion	428
References	429
PART C: HISTORY OF MACROECONOMIC THOUGHT
27	Overview of the History of Economic Thought	432
27.1	Introduction	432
27.2	History of Neoclassical Theory	432
27.3	History of Heterodox Thought	436
27.4	Institutional Economics	437
27.5	Modern Orthodox Schools of Thought	438
27.6	Post-War Economic History and History of Thought	439
Conclusion	442
References	442
28	The IS-LM Framework	444
28.1	Introduction and the Concept of General Equilibrium	444
28.2	The Money Market: Demand, Supply and Equilibrium	445
28.3	Derivation of the LM Curve	447
28.4	The Product (Goods) Market: Equilibrium Output	450
28.5	Derivation of the IS Curve	452
28.6	Equilibrium and Policy Analysis in the IS-LM Framework	453
28.7	Introducing the Price Level: The Keynes and Pigou Effects	458
28.8	Limitations of the IS-LM Framework	463
The endogeneity of the money supply	463
Expectations and time	464
Conclusion	466
References	466
Chapter 28 Appendix: The IS-LM Algebra	467
Simplified open economy	467
Product market equilibrium	467
Money market equilibrium	467
General equilibrium	468
29	Modern Schools of Economic Thought	469
29.1	Introduction	469
29.2	The Rise of New Classical Economics	47O
Roots in Friedman's Monetarism	47O
New Classical Economics	472
29.3	Real Business Cycle Theory	473
Advanced treatment of the RBC model	474
29.4	New Keynesian Economics	475
Introduction	475
Contents
Examples of price and wage inflexibility	476
The role of policy	476
29.5	Modern Heterodox Schools of Thought	477
Introduction	477
Method: the notion of equilibrium and locus of analysis	478
Alternative approaches to distribution	479
Say's Law	481
Loanable funds versus liquidity preference	481
Imperfect competition	482
Treatment of money, time and expectations	482
Conclusion	485
References	485
30	The New Monetary Consensus in Macroeconomics	487
30.1	Introduction	487
30.2	Components of the NMC theory	488
30.3	Weaknesses of the NMC	490
Conclusion	494
References	494
Chapter 30 Appendix:The New Monetary Consensus model	496
PART H: CONTEMPORARY DEBATES
31	Recent Policy Debates	498
31.1	Introduction	499
31.2	Ageing, Social Security, and the Intergenerational Debate	499
Dependency ratios	499
Do dependency ratios matter?	501
31.3	The Twin Deficits Hypothesis	503
Introduction	503
The link between the deficits	504
31.4	Balance of Payments Constraints and Currency Crises	507
Currency crises	508
31.5	Fixed versus Flexible rates: Optimal Currency Areas, the Bancor, or Floating Rates?	513
Introduction	513
Optimal currency areas	513
The demise of the gold standard: the Great Depression and the Second World War	514
Keynes' Bancor plan and the end of Bretton Woods	515
An alternative (MMT) approach to international money: floating rates and sovereign currency 516 The euro and optimal currency areas	518
Conclusion	519
31.6	Environmental Sustainability and Economic Growth	520
References	522
Chapter 31 Appendix 1: Case Study 1 - Economic Growth: Demand or Supply Constrained?
The US, 1975 to 2007	524
Introduction	524
Did the US economy suffer from secular stagnation from 7970 to 7995?	525
The 'New Economy' and the productivity miracle, 7995 to 2007	527
Chapter 31 Appendix 2: Case Study 2 - The Return of Secular Stagnation? US Labour Markets
after the Global Financial Crisis	529
Conclusion	532
Chapter 31 Appendix 3: The US Social Security and Medicare Systems	533
xvi
Contents
32	Macroeconomics	in the	Light of the Global Financial Crisis	535
32.1	Introduction	535
32.2	Why Didn't Mainstream Macroeconomics Foresee the GFC?	536
32.3	Who Did Foresee the GFC and Why?	54O
Introduction	540
Minsky's financial instability hypothesis	540
The rise in inequality	543
32.4	Lessons That Can be Learned About Sovereign Currency From the
Eurozone Crisis	547
Conclusion	549
References	549
33	Macroeconomics	for the Future	551
33.1	Introduction	551
33.2	Modelling Framework	552
33.3	Government and the Monetary System	553
A sovereign currency	553
Fiscal policy	554
Persistent fiscal deficits	555
33.4	Monetary Policy	556
Reserves and bond sales	556
33.5	Private Banks	557
Finance	557
Inside wealth versus outside wealth	558
Credit creation and the money supply	558
33.6	Trade and Exchange Rates	559
Exchange rate regime	559
Conclusion	550
Further Reading	551
Index
562
                                
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505 0# $a PART A: INTRODUCTION & MEASUREMENT.- 1 Introduction.- 2 How to Think and Do Macroeconomics.- 3 A Brief Overview of the Economic History and the Rise of Capitalism.- 4 The System of National Income and Product Accounts.- 5 Labour Market Concepts and Measurement.- 6 Sectoral Accounting and the Flow of Funds.- 7 Methods, Tools and Techniques.- 8 Framing and Language in Macroeconomics.- PART B: CURRENCY, MONEY & BANKING.- 9 Introduction to Sovereign Currency: The Government and its Money.- 10 Money and Banking.- PART C: NATIONAL INCOME, OUTPUT AND EMPLOYMENT DETERMINATION.- 11 The Classical System.- 12 Mr Keynes and the 'Classics'.- 13 The Theory of Effective Demand.- 14 The Macroeconomic Demand for Labour.- 15 The Aggregate Expenditure Model.- 16 Aggregate Supply.- PART D UNEMPLOYMENT AND INFLATION: THEORY AND POLICY.- 17 Unemployment and Inflation.- 18 The Phillips Curve and Beyond.- 19 Full Employment Policy.- PART E ECONOMIC POLICY IN AN OPEN ECONOMY.- 20 Introduction to Monetary and Fiscal Policy Operations.- 21 Fiscal Policy in Sovereign Nations.- 22 Fiscal Space and Fiscal Sustainability.- 23 Monetary Policy in Sovereign Nations.- 24 Policy in an Open Economy: Exchange Rates, Balance of Payments and Competitiveness.- PART F ECONOMIC INSTABILITY.- 25 The Role of Investment in Profit Generation.- 26 Stabilising the Unstable Economy.- PART G HISTORY OF MACROECONOMIC THOUGHT.- 27 Overview of the History of Economic Thought.- 28 The IS-LM Framework.- 29 Modern Schools of Economic Thought.- 30 The New Monetary Consensus in Macroeconomics.- PART H CONTEMPORARY DEBATES.- 31 Recent Policy Debates.- 32 Macroeconomics in the Light of the Global Financial Crisis.- 33 Macroeconomics for the Future.
520 2# $a Učebnice makroekonomie. Heterodoxní přístup k makroekonomii, makroekonomické teorie, makromodel založený na moderní měnové teorii. Makroekonomické myšlení a co zahrnují makroekonomické teorie. Stručné hospodářské dějiny a vzestup kapitalismu (monetární, globální kapitalismus a jeho budoucnost). Systém národních příjmů, HDP, HNP. Koncepce a měření trhu práce, nezaměstnanost. Sektorové účetnictví a finanční toky. Metody, nástroje a techniky používané v makroekonomii, jednoduchý makroekonomický model a použití multiplikátoru. Ekonomické vize, mainstreamové a ostatní ekonomické teorie. Měna a měnová suverenita, vláda a národní měna, devizové režimy. Peníze a bankovnictví, měnová politika, měnové agregáty, finanční aktiva, činnost bank. Klasická teorie zaměstnanosti, nezaměstnanost na klasickém pracovním trhu. Keynesova kritika klasické teorie zaměstnanosti. Teorie efektivní poptávky. Agregátní nabídka a poptávka. Nezaměstnanost a inflace, kvantitativní teorie peněz. Phillipsova křivka a její aplikace. Politika plné zaměstnanosti. Ekonomická politika v otevřené ekonomice. Měnová a fiskální politika a jejich operace. Úloha a činnosti centrální banky. Fiskální politika ve svrchovaném státě, fiskální prostor a fiskální udržitelnost. Měnová politika ve svrchovaném státě, moderní bankovní operace, úrokové míry a měnové cíle, řízení likvidity, formy měnové politiky, nezávislost centrální banky. Devizové kurzy, platební bilance a konkurenceschopnost. Ekonomická stabilita a nestabilita. Investice v kapitalistické měnové ekonomice, modely investic, výkonnost investic, investiční rozhodování, výnosnost investic. Ekonomické aktivity, ekonomický pohyb a hospodářský cyklus. Stabilizace nestabilní ekonomiky, hospodářský a krizový cyklus, teorie krizí. Dějiny makroekonomického myšlení. Všeobecná ekonomická rovnováha, model IS-LM. Moderní školy ekonomického myšlení, moderní heterodoxní ekonomické teorie. Nový monetární konsensus v makroekonomii. Současné debaty o makroekonomické politice. Makroekonomie ve světle globální finanční krize. Budoucí vývoj makroekonomie, vláda a měnový systém, měnová politika, úloha privátních bank, obchod a devizové kurzy.
650 #7 $a ekonomie $7 ph114430
650 07 $a makroekonomie $7 ph115205
650 #0 $a Economics.
650 #0 $a Macroeconomics.
653 ## $a ekonomie
653 ## $a makroekonomie
653 ## $a ekonomické
653 ## $a makroekonomické
653 ## $a teorie
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653 ## $a dějiny
653 ## $a hospodářské
653 ## $a moderní
653 ## $a měnová
653 ## $a kapitalismus
653 ## $a měnový
653 ## $a globální
653 ## $a národní
653 ## $a účty
653 ## $a příjmy
653 ## $a fiskální
653 ## $a politika
653 ## $a trh
653 ## $a práce
653 ## $a nezaměstnanost
653 ## $a finanční
653 ## $a toky
653 ## $a sektorové
653 ## $a účetnictví
653 ## $a modely
653 ## $a modelování
653 ## $a mainstreamové
653 ## $a měna
653 ## $a peníze
653 ## $a bankovnictví
653 ## $a státní
653 ## $a suverenita
653 ## $a devizové
653 ## $a kurzy
653 ## $a režimy
653 ## $a měnové
653 ## $a agregáty
653 ## $a aktiva
653 ## $a zaměstnanost
653 ## $a plná
653 ## $a Keynesovy
653 ## $a nabídka
653 ## $a poptávka
653 ## $a agregátní
653 ## $a výdaje
653 ## $a ceny
653 ## $a inflace
653 ## $a Phillipsova křivka
653 ## $a centrální
653 ## $a banky
653 ## $a daně
653 ## $a udržitelnost
653 ## $a bankovní
653 ## $a operace
653 ## $a řízení
653 ## $a management
653 ## $a likvidita
653 ## $a nezávislost
653 ## $a otevřená
653 ## $a ekonomika
653 ## $a platební
653 ## $a bilance
653 ## $a ekonomická
653 ## $a rovnováha
653 ## $a všeobecná
653 ## $a stabilita
653 ## $a nestabilita
653 ## $a konkurenceschopnost
653 ## $a investice
653 ## $a peněžní
653 ## $a IS-LM
653 ## $a nový
653 ## $a konsenzus
653 ## $a krize
653 ## $a světová
653 ## $a hospodářská
653 ## $a systém
655 #7 $a učebnice vysokých škol $7 fd133772
700 1# $a Wray, L. Randall, $d 1953- $7 vse2012713062 $4 aut $e author.
700 1# $a Watts, Martin, $d 1949- $7 mub2016918978 $4 aut $e author.
910 ## $a ABE031 $b 33835
928 9# $a Red Globe Press
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