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By Manfred Gärtner

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Sample text

Then the forced changes of inventory described in the previous paragraph always render investment just enough to make injections equal to leakages. So the bottom line is that, if investment is understood to include inventory changes, the leakages and injections always balance, and the following equation holds at all times: (S - I) + (T - G) + (IM - EX) = 0 Note. It is more common to call EX - IM = NX net exports or, as an approximation, the current account (CA). 7: S - I is domestic private net savings; T - G is public net savings (called the budget surplus), measuring the interactions between the domestic economy and the government sector; IM - EX are net imports, the country’s balance of trade in goods and services with the rest of the world.

6 If households save part of the income that they receive from firms, income leaks out of the circular flow. If firms buy investment goods that are not directly being financed out of current income, spending is injected into the circular flow. qxd 10 15/2/06 11:00 AM Page 10 Quark01A SUBHAKANT:PEED011:0273704605:GARTNER_O2E_0273704605:CH01: Macroeconomic essentials But there is also more than one reason why demand from outside the circular flow may be directed towards domestic output. In fact, each of the leakages described above has a counterpart representing an injection into the circular flow: Note.

In real life the central bank does not use helicopters to ‘pump’ money M into the economy. 4). The central bank’s one liability is the currency it puts into circulation. For our present purposes this is equal to the money supply. 4 The central bank balance sheet Assets Liabilities Government securities Currency reserves DCB RES Currency in circulation (money) M that bank notes printed in the central bank’s basement are not part of the money supply, and not effective economically, as long as the central bank does not put them into circulation.

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