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Nikola Fabris and Jelena Galić

Abstract

Consumption and saving decisions are at the heart of both short- and long-term macroeconomic analyses. Since the global crisis outbreak, one of the main issues for indebted countries has been whether to pursue a policy which promotes saving or to try to induce economic growth by increasing consumption. Consensus has not been reached on this issue, which is based on an old debate of whether a country should pursue a policy of Keynesianism or monetarism.

Ergo, this essay discusses arguments supporting both approaches, primarily through theoretical arguments of Keynesianism and monetarism. The authors concluded that in a crisis environment, consumption policy should be given priority; however, a precondition for this is that a country was not overburdened prior to the crisis outbreak, i.e. a successful crisis management policy should, in fact, be pursued over the periods of expansion.

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Richard Pospíšil

Abstract

The issue of money and establishing interest rates are the main activities of central banks. Th rough this, the banks immediately influence the behaviour of households, companies, financial markets and the state with the impact on real outcome, employment and prices. When monitoring the issue of money, it is necessary to focus not only on its volume, but also on the attributes and functions carried by money. Among the first economists who considered the quality monetary aspect were J. Locke, D. Hume, D. Ricardo and others. The founders of modern monetarism of the 20th century were I. Fisher and M. Friedman. Fisher was the first to define the equation of monetary equilibrium in the present-day form. The objective of the paper is to point out different approaches to the equation and its modifications and different meanings of its variables. As regards the monetary aggregate M - Money - the paper also deals with the denomination of the aggregate to its various elements, which is significant for fulfilling monetary policy targets. This approach is very important especially at present in the time of crisis when central banks are performing their policy considering contradictory targets of price stability and economic growth.

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Eleftherios Makedonas, Sotirios Bellos and Subasat Turan

) Monetary vs. fiscal policy , New York: W. W. Norton and Company, Inc. Friedman M (1975) Letter to General Pinochet on Our Return from Chile and His Reply, Available: http://wwww.naomiklein.org/files/resources/pdfs/friedman-pinochet-letters.pdf . Friedman M (1982) ‘Monetary Policy: Theory and Practice’, Journal of Money, Credit and Banking , 14, 98–118. Friedman M (1983) ‘Monetarism in Rhetoric and in Practice’, Bank of Japan Monetary and Economic Studies , 1, 1–14. Geo-Jaja M A and Mangum G (2001) ‘Structural adjustment as an inadvertent enemy

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Marek Loužek

Abstract

The paper deals with the economic theory of Milton Friedman. Its first part outlines the life of Milton Friedman. The second part examines his economic theories - “Essays in Positive Economics” (1953), “Studies in the Quantity Theory of Money“ (1956), “A Theory of the Consumption Function” (1957), “A Program for Monetary Stability” (1959), “A Monetary History of the United States 1897 to 1960” (1963), and “Price Theory” (1976). His Nobel Prize lecture and American Economic Association lecture in 1967 are discussed, too. The third part analyzes Friedman’s methodology. Milton Friedman was the most influential economist of the second half of the 20th century. He is best known for his theoretical and empirical research, especially consumption analysis, monetary history and theory, and for his demonstration of the complexity of stabilization policy.

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Yugang He

References Jayasooriya, D. (2015). Money Supply and Inflation: Evidence from Sri Lanka. Asian Studies International Journal, 1(1), 22-28 Hung, H. F., & Thompson, D. (2016). Money Supply, Class Power, and Inflation: Monetarism Reassessed. American Sociological Review, 81(3), 447-466. Chaudhry, I. S., Farooq, R. I. F., & Murtaza, G. (2015). Monetary policy and its inflationary pressure in Pakistan. Pakistan Economic and Social Review, 53(2), 251. Behera, J. (2016). Dynamics of Inflation, Economic

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Merim Kasumović and Dino Hadžialić

Global Financial Architecture, Cambridge, UK: Cambridge University Press 10. Woods, N. (2006) The Globalizers: The IMF, the World Bank, and Their Borrowers, Vašington, SAD: Overseas Development Council 11. Congdon T. (2007). Keynes, the Keynesians and Monetarism, Cheltenham, UK: Edward Elgar 12. Abel, A. B., Bernanke, B. S. & Croushore, D. (2008). Macroeconomics, 6th ed., New York, SAD: Pearson 13. Coffey, P., Riley, R. J. (2006). Reform of the International Institutions: The IMF, World Bank and the WTO, Cheltenham, UK: Edward Elgar

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Elżbieta Chrabonszczewska

, Private Banking, onet.pl, Biznes (4 sierpnia) Williamson S. (2011), “Bitcoin”, New Monetarism, 24 June Virtual Currency Schemes (2012), European Central Bank. Eurosystem, October WoW Gold, http://www.wowgoldeneuro.com

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Ramona Orăștean

, pp. 61-82. Orăştean, R., (2013), Criza și reforma sistemului monetar internațional, Dissertation, Romanian Academy, SPODE. Rogoff, K., Husain, A., Mody, A., Brooks, R., Oomes, N., (2003), Evolution and Performance of Exchange Rate Regimes, IMF Working Paper, 243. Stiglitz, J., (2006), Making Globalization Work, New York, London: W.W.Norton. World Bank, (2015), World Development Indicators, Washington: World Bank.

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Romar Correa

-Handtke, E. (2010), ‘Axiomatic Basics of e-Economics’, MPRA Paper No. 4431, July 1, 2010 Laidler, D. (2006), ‘Woodford and Wicksell on Interest and Prices: The place of the pure credit economy in the theory of monetary policy’, Journal of the History of Economic Thought , 28 Laidler, D. (2007), ‘Financial Stability, Monetarism and the Wicksell Connection’, The University of Western Ontario RBC Financial Group Economic Policy Research Institute Working Paper No.2007-3 Laidler, D. (2012), ‘Two Crises, Two Ideas and One Question’, University of Western

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Gregor Prinzensing

Berechnung direkter, indirekter und induzierter Nachfrage- und Ausgabeneffekte erfolgt. Dadurch wird der von den neun Landesuniversitäten ausgehende makroökonomische Einfluss in Bezug auf die Wertschöpfung und den Arbeitsmarkt des Bundeslandes abgeschätzt und monetär beziffert. Neben einer solchen Prüfung der regionalwirtschaftlichen Wertschöpfungs- und Beschäftigungseffekte stellen die Autoren auch einen Vergleich mit alternativen Verausgabungsmöglichkeiten des staatlichen Budgets an (eine sogenannte differenzielle Inzidenzanalyse). Nach Ansicht der Autoren zeigen die