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- W2548594584 abstract "This paper offers a pedagogical alternative to the familiar analysis of leakages and injections based on the Classical school. In doing so, the paper posits that the Classical analysis provides a mirror image of the approach, i.e., where the flows constituting leakages in the system are analogous to injections in the Classical school. Furthermore, the paper shows that a disequilibrium situation in the bond market causes bond prices to move in a direction precisely opposite that of real gross domestic product when a similar goods market disequilibrium occur. 1 , the leakages and injections analysis has become an important component of many popular textbooks at both the principles and intermediate levels of macroeconomics. The pedagogical treatment of Keynesianism, at least to our knowledge, has historically always been set in the context of the commodity market where the various structural flows of saving, investment, government spending, tax revenue, exports and imports determine, with the Keynesian cross diagram, the aggregate flow variable of real gross domestic product. Within the Classical school 2 , however, the equilibrium and full-employment level of real gross domestic product is entirely a function of a vertical aggregate supply curve and, therefore, leakages and injections should be interpreted from a different perspective and determine a different and distinct aggregate variable. We believe that the Classical school would view leakages and injections through the lens of the bond market in which the variable determined by the countervailing flows is the price of bonds. While an analysis of the bond market-- sometimes referred to as the capital market or market for loanable funds --is a common way to teach interest rate determination, we know of no previous attempt to contextualize the bond market in hydraulic" @default.
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- W2548594584 date "2011-01-01" @default.
- W2548594584 modified "2023-09-27" @default.
- W2548594584 title "Macroeconomic Hydraulics Reconsidered: Teaching Leakages and Injections from the Classical Perspective" @default.
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