Essays in Economics: Macroeconomics

Essays in Economics: Macroeconomics

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(3) The determination of income by equation (2) is illustrated in the familiar textbook diagram, Figure 24.1. ... The publica#39;s balance sheet is W = K+D = K-L+M + B (5) where B is the publica#39;s holdings of the nonmonetary debt (bonds) of theanbsp;...

Title:Essays in Economics: Macroeconomics
Author: James Tobin
Publisher:Markham - 1971

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