Macroeconomics (2nd Edition) by Manfred Gärtner

By Manfred Gärtner

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Extra resources for Macroeconomics (2nd Edition)

Example text

Suppose that initially, with the amount of investment planned by firms, injections would fall short of leakages. Then spending tends to fall short of supplied output, and firms must add unsold output onto their existing stock of inventory. Whether they like it or not, they are being forced to ‘demand’ that part of output themselves which they cannot sell. In the opposite case, if demand exceeds output, either firms must draw down their existing inventory, or, if that is not feasible, that part of demand which exceeds supply remains unsatisfied.

Real incomes are as follows: A 29,610; B 28,930; CH 32,030; D 27,460; DK 31,210; E 22,020; F 27,460; GB 27,650; GR 19,920; I 26,760; IRL 30,450; LUX 54,430; N 37,300; NL 28,600; P 17,980; and S 26,620. (a) What is your country’s price level relative to the United States price level of 1? ) (b) Rank your country and any two other countries according to their price levels. 2 Which of the following transactions constitute leakages, and which ones injections? (a) The home country receives aid from the International Monetary Fund.

If the European Central Bank sells $1 million that it held in its vaults in exchange for euros, reserves fall by $1 million, and a $1 million net demand for domestic currency results. The equivalent amount of euros purchased is being recorded with a positive sign, as a credit item. 3 The balance of payments accounts. (2002, in millions of US dollars). Note that while in theory CA + CP + OR = 0, this does not hold in reality due to errors and omissions during data compilation. Austria Belgium* Denmark Finland France Germany Greece Ireland Italy Japan Netherlands Portugal Spain Sweden United Kingdom United States CA CP OR 4 9,418 5,092 10,237 13,600 43,210 -8,883 -350 -6,005 109,130 9,571 -6,201 -8,735 10,545 -25,740 -475,200 -6,673 -6,536 -8,140 -8,716 -27,810 -70,420 13,437 -474 14,361 123,770 -12,682 8,360 21,173 -8,886 14,090 577,600 1,723 -1,442 -5,615 113 3,970 1,980 -1,863 292 -3,169 -187,150 132 -1,017 -3,690 -661 630 -3,690 *Numbers for Belgium include Luxembourg and are for 2001 Source: IMF, IFS.

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