Валовой внутренний продукт (ВВП) является главным показателем объема рынка в стране. Он характеризует три важнейших макроэкономических показателя:...

This paper argues that the standard AD-AS framework as presented in intermediate macroeconomic textbooks is (1) internally logically inconsistent and (2) empirically unrealistic. The logical inconsistency is because the AD and AS curves represent two mutually exclusive theories of the relation...

We show that the domestic output increases with a foreign country's structural reform and decreases with foreign country’s fiscal policy. Hence, when governments act non-cooperatively, they implement too low structural reforms and too much fiscal policies.

Since consumer prices are a weighted average of domestic and imported goods prices, domestic Price Inflation (WPII) should cause Consumer Price Inflation (CPII). But at low per capita incomes average wages respond to food prices, raising costs and hence domestic prices. Then CPII, for which food...

Romania's admission in the European Union implies a sustainable and continuous economic growth, in order to reduce economic and social disparities between our country, EU average and other EU members, through a mobilization of the intern capital and labour force potential. Given this context,...

This paper provides the algebra and a panel diagram to attempt to examine the so-called inflation- unemployment (or Phillips curve, or aggregate supply) example, the most popular example in the literature when introducing the concept of “time inconsistency” or “dynamic inconsistency”....