‘Modern Monetary Theory’ makroøkonomisk teori og politik ... · ‘Modern Monetary Theory’...
22
‘Modern Monetary Theory’ makroøkonomisk teori og politik: et stock-flow consistent approach Jesper Jespersen, [email protected]Makro-seminar, 7. marts 2019 Aalborg og Roskilde Universitet
‘Modern Monetary Theory’ makroøkonomisk teori og politik ... · ‘Modern Monetary Theory’ makroøkonomisk teori og politik: et stock-flow consistent approach Jesper Jespersen,
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Jesper Jespersen jesperjrucdkMakro-seminar 7 marts 2019Aalborg og Roskilde Universitet
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politiklsquoSoundrsquo economic policy = the orthodox (Treasury) view
bull Balanced public sector Budgetbull Public debt = a burden on future generationsbull Keep Money supply within narrow limits
The market economy will correct itself if the structures are flexible
Ny laeligrebog giver nogle af de svar vi mangler
MacmillanInternational 2019 Red Globe Press
Som bestemt ikke (alle) er nyeTre vigtige roslashdder1 John Maynard Keynes A monetary Theory of production 1933 =gt foldet ud i
The General Theory of Employment Interest and Money 1936Her brydes lsquoMoney is Neutralrsquo dogmet og efterfoslashlgendeintroduceres en metode til at analysere lsquopersistent unemploymentrsquo altsaring et metodologisk brud med general ligevaeliggtsteori - den walrasianske model2 Abba Lerner Functional Finance 1944 ndashPolicy konklusioner En stat med en selvstaeligndig valuta (og centralbank) kan aldrig blive illikvid ndash den offentlige sektor er ikke budget-constraint i national valuta == politisk suveraelignitet vaeligreRegeringens opgave (kan derfor vaeligre) at sikre makrooslashkonomisk stabilitet3 Stock-Flow consistent analytical framework Keynes havde et flow-consistentmodel hvor privat opsparingsoverskud = off Sektor underskud Godley lagde til Offentlig gaeligld equiv Privat finansiel formue (lukket oslashkonomi)
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
Men det er ikke desto mindre den politik der (delvist) er blevet foslashrt i USA af baringde Ministry of Finance og Federal Reserve ndash med afsaeligt i lsquoFull Employment Actrsquo 1948
Og noget mere toslashvende i EU af centralbankerne fra 2014 (men absolut ikke af finansministerierne endsige EU-kommissionen) det har her trods alt vaeligret en fordel at have uafhaeligngige centralbanker (i EU)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politiklsquoSoundrsquo economic policy = the orthodox (Treasury) view
bull Balanced public sector Budgetbull Public debt = a burden on future generationsbull Keep Money supply within narrow limits
The market economy will correct itself if the structures are flexible
Ny laeligrebog giver nogle af de svar vi mangler
MacmillanInternational 2019 Red Globe Press
Som bestemt ikke (alle) er nyeTre vigtige roslashdder1 John Maynard Keynes A monetary Theory of production 1933 =gt foldet ud i
The General Theory of Employment Interest and Money 1936Her brydes lsquoMoney is Neutralrsquo dogmet og efterfoslashlgendeintroduceres en metode til at analysere lsquopersistent unemploymentrsquo altsaring et metodologisk brud med general ligevaeliggtsteori - den walrasianske model2 Abba Lerner Functional Finance 1944 ndashPolicy konklusioner En stat med en selvstaeligndig valuta (og centralbank) kan aldrig blive illikvid ndash den offentlige sektor er ikke budget-constraint i national valuta == politisk suveraelignitet vaeligreRegeringens opgave (kan derfor vaeligre) at sikre makrooslashkonomisk stabilitet3 Stock-Flow consistent analytical framework Keynes havde et flow-consistentmodel hvor privat opsparingsoverskud = off Sektor underskud Godley lagde til Offentlig gaeligld equiv Privat finansiel formue (lukket oslashkonomi)
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
Men det er ikke desto mindre den politik der (delvist) er blevet foslashrt i USA af baringde Ministry of Finance og Federal Reserve ndash med afsaeligt i lsquoFull Employment Actrsquo 1948
Og noget mere toslashvende i EU af centralbankerne fra 2014 (men absolut ikke af finansministerierne endsige EU-kommissionen) det har her trods alt vaeligret en fordel at have uafhaeligngige centralbanker (i EU)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
Ny laeligrebog giver nogle af de svar vi mangler
MacmillanInternational 2019 Red Globe Press
Som bestemt ikke (alle) er nyeTre vigtige roslashdder1 John Maynard Keynes A monetary Theory of production 1933 =gt foldet ud i
The General Theory of Employment Interest and Money 1936Her brydes lsquoMoney is Neutralrsquo dogmet og efterfoslashlgendeintroduceres en metode til at analysere lsquopersistent unemploymentrsquo altsaring et metodologisk brud med general ligevaeliggtsteori - den walrasianske model2 Abba Lerner Functional Finance 1944 ndashPolicy konklusioner En stat med en selvstaeligndig valuta (og centralbank) kan aldrig blive illikvid ndash den offentlige sektor er ikke budget-constraint i national valuta == politisk suveraelignitet vaeligreRegeringens opgave (kan derfor vaeligre) at sikre makrooslashkonomisk stabilitet3 Stock-Flow consistent analytical framework Keynes havde et flow-consistentmodel hvor privat opsparingsoverskud = off Sektor underskud Godley lagde til Offentlig gaeligld equiv Privat finansiel formue (lukket oslashkonomi)
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
Men det er ikke desto mindre den politik der (delvist) er blevet foslashrt i USA af baringde Ministry of Finance og Federal Reserve ndash med afsaeligt i lsquoFull Employment Actrsquo 1948
Og noget mere toslashvende i EU af centralbankerne fra 2014 (men absolut ikke af finansministerierne endsige EU-kommissionen) det har her trods alt vaeligret en fordel at have uafhaeligngige centralbanker (i EU)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
Som bestemt ikke (alle) er nyeTre vigtige roslashdder1 John Maynard Keynes A monetary Theory of production 1933 =gt foldet ud i
The General Theory of Employment Interest and Money 1936Her brydes lsquoMoney is Neutralrsquo dogmet og efterfoslashlgendeintroduceres en metode til at analysere lsquopersistent unemploymentrsquo altsaring et metodologisk brud med general ligevaeliggtsteori - den walrasianske model2 Abba Lerner Functional Finance 1944 ndashPolicy konklusioner En stat med en selvstaeligndig valuta (og centralbank) kan aldrig blive illikvid ndash den offentlige sektor er ikke budget-constraint i national valuta == politisk suveraelignitet vaeligreRegeringens opgave (kan derfor vaeligre) at sikre makrooslashkonomisk stabilitet3 Stock-Flow consistent analytical framework Keynes havde et flow-consistentmodel hvor privat opsparingsoverskud = off Sektor underskud Godley lagde til Offentlig gaeligld equiv Privat finansiel formue (lukket oslashkonomi)
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
Men det er ikke desto mindre den politik der (delvist) er blevet foslashrt i USA af baringde Ministry of Finance og Federal Reserve ndash med afsaeligt i lsquoFull Employment Actrsquo 1948
Og noget mere toslashvende i EU af centralbankerne fra 2014 (men absolut ikke af finansministerierne endsige EU-kommissionen) det har her trods alt vaeligret en fordel at have uafhaeligngige centralbanker (i EU)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
Men det er ikke desto mindre den politik der (delvist) er blevet foslashrt i USA af baringde Ministry of Finance og Federal Reserve ndash med afsaeligt i lsquoFull Employment Actrsquo 1948
Og noget mere toslashvende i EU af centralbankerne fra 2014 (men absolut ikke af finansministerierne endsige EU-kommissionen) det har her trods alt vaeligret en fordel at have uafhaeligngige centralbanker (i EU)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
rate of interest
US
Euro-zone
Non-euro area
Source OECD Economic Outlook 2016
Percent pa
Long Term rate of interest
60291666667
54480044152
63287708333
50175
49952980315
58641791667
46108333333
49078962908
52710791667
4015
41563189422
46181833333
42741666667
41191061085
49969666667
429
34154803767
41504364583
47916666667
38397165742
43191375
46291666667
43220279553
47857541667
36666666667
43024083152
465460625
32566666667
38005813083
40479716856
32141666667
35524209624
3747659375
27858333333
42343334258
34427614583
18025
36622200104
230604375
23508333333
28554954558
24461958333
25408333333
19511353613
23018013967
21358333333
11415732672
15363362238
OECDStat export
Unemployment euro amp non-euro
Eurozone
Non-Euro countries
SourceOECD economic Outlook June 2016
Percent of labour force
Unemployment Eurozone amp non-eurocountries
85010316876
72293736308
80034230974
71477709182
83758042273
73249353062
88867991864
74427425746
91156906614
74030422078
89813743582
7184743015
82991605353
67074791558
74659376371
57694651114
74932570205
54912831714
94480368491
74517270877
99673185142
80565721478
100568759815
80154055162
112665850545
80538100634
119272773994
78436893168
115497559595
67890305137
108042538443
59800347052
Sheet1
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
2003
2004
2004
2004
2005
2005
2005
2006
2006
2006
2007
2007
2007
2008
2008
2008
2009
2009
2009
2010
2010
2010
2011
2011
2011
2012
2012
2012
2013
2013
2013
2014
2014
2014
2015
2015
2015
OECDStat export
Unemployment euro amp non-euro
Eurozone
Non-Euro countries
SourceOECD economic Outlook June 2016
Percent of labour force
Unemployment Eurozone amp non-eurocountries
85010316876
72293736308
80034230974
71477709182
83758042273
73249353062
88867991864
74427425746
91156906614
74030422078
89813743582
7184743015
82991605353
67074791558
74659376371
57694651114
74932570205
54912831714
94480368491
74517270877
99673185142
80565721478
100568759815
80154055162
112665850545
80538100634
119272773994
78436893168
115497559595
67890305137
108042538443
59800347052
Sheet1
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
436
433
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
784
854
946
771
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1403
1446
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
438
419
560
694
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
375
663
1074
1115
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
882
995
1038
949
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
684
750
691
609
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
748
829
979
1069
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
Unemployment euro amp non-euro
Eurozone
Non-Euro countries
SourceOECD economic Outlook June 2016
Percent of labour force
Unemployment Eurozone amp non-eurocountries
85010316876
72293736308
80034230974
71477709182
83758042273
73249353062
88867991864
74427425746
91156906614
74030422078
89813743582
7184743015
82991605353
67074791558
74659376371
57694651114
74932570205
54912831714
94480368491
74517270877
99673185142
80565721478
100568759815
80154055162
112665850545
80538100634
119272773994
78436893168
115497559595
67890305137
108042538443
59800347052
Sheet1
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
Percentage
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
2000
2000
2001
2001
2002
2002
2003
2003
2004
2004
2005
2005
2006
2006
2007
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
Sheet1
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Dataset OECD Economic Outlook No 99 (Edition 20161)
Variable
Current account balance as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
112
-167
-230
-618
-579
-189
-227
-442
-485
-510
-573
-422
-095
-212
-429
-188
-227
-359
-211
-157
-053
018
092
Denmark
Percentage
i
087
210
275
151
070
144
039
-085
189
158
253
282
340
231
426
315
138
267
332
573
574
569
713
772
698
Greece
Percentage
i
-421
-531
-559
-442
-593
-1048
-976
-869
-858
-773
-887
-1159
-1523
-1515
-1236
-1140
-1000
-383
-205
-213
-005
Poland
Percentage
i
092
063
-219
-382
-419
-776
-629
-324
-291
-263
-552
-261
-403
-636
-666
-404
-538
-516
-371
-128
-200
-023
Portugal
Percentage
i
-090
-024
042
-269
-016
-449
-617
-755
-886
-1080
-1044
-848
-717
-833
-988
-1067
-974
-1213
-1042
-1015
-600
-190
146
012
045
Sweden
Percentage
i
-174
-264
-124
105
319
334
390
364
394
396
474
448
658
631
648
826
886
856
592
602
611
587
602
535
593
United Kingdom
Percentage
i
-138
-161
-138
-048
-070
-058
-017
-041
-252
-224
-202
-207
-171
-182
-125
-230
-251
-363
-304
-280
-169
-328
-449
-509
-516
United States
Percentage
i
005
-079
-123
-166
-148
-154
-163
-237
-306
-399
-372
-417
-453
-516
-569
-582
-496
-469
-266
-295
-297
-278
-226
-225
-270
Euro area (15 countries)
Percentage
i
-209
-188
-010
-012
038
074
114
065
021
-080
-019
053
024
098
034
035
029
-065
037
045
083
228
288
311
383
Data extracted on 24 Jun 2016 0650 UTC (GMT) from OECD iLibrary
Variable
Government net lending as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-1244
-308
-350
-465
-345
-346
-533
-627
-640
-272
-311
-225
-069
-211
-551
-442
-273
-395
-125
-195
-042
Denmark
Percentage
i
-306
-284
-414
-381
-362
-248
-120
-039
087
189
114
-002
-013
207
495
499
502
318
-281
-273
-207
-351
-107
147
-207
Greece
Percentage
i
-975
-818
-607
-628
-579
-405
-546
-602
-783
-882
-618
-594
-671
-1018
-1514
-1118
-1024
-881
-1305
-366
-727
Poland
Percentage
i
-426
-463
-461
-421
-228
-298
-477
-485
-608
-508
-398
-357
-185
-362
-731
-753
-485
-369
-403
-331
-261
Portugal
Percentage
i
-667
-408
-770
-729
-518
-474
-370
-439
-303
-321
-479
-334
-442
-619
-619
-433
-301
-377
-981
-1117
-738
-566
-484
-718
-440
Sweden
Percentage
i
-007
-844
-1075
-873
-700
-309
-155
086
078
324
144
-147
-131
033
181
218
334
195
-072
-003
-009
-093
-137
-157
-000
United Kingdom
Percentage
i
-331
-617
-743
-640
-541
-381
-215
-023
075
115
038
-209
-342
-359
-354
-291
-298
-507
-1081
-967
-771
-835
-568
-562
-442
United States
Percentage
i
-571
-675
-591
-453
-416
-302
-162
-041
-003
078
-141
-477
-595
-547
-420
-311
-370
-719
-1283
-1218
-1075
-900
-549
-513
-437
Euro area (15 countries)
Percentage
i
-521
-518
-587
-509
-736
-431
-302
-244
-151
-026
-202
-271
-319
-296
-259
-149
-064
-216
-625
-618
-417
-366
-298
-258
-208
Variable
Underlying government primary balance as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-443
-313
-251
-458
-362
-305
-608
-155
-215
-350
-270
-366
-466
-359
-209
129
119
065
108
Denmark
Percentage
i
222
148
170
047
050
070
165
249
329
322
210
189
199
307
513
368
364
265
-062
-103
-060
-069
079
185
-086
Greece
Percentage
i
-014
033
146
041
052
152
-014
-055
-442
-602
-439
-683
-805
-994
-1239
-631
-068
353
576
443
545
Poland
Percentage
i
-036
005
016
-039
-063
-041
-093
-120
-009
-057
-053
-208
-457
-575
-428
-188
-126
-116
-091
Portugal
Percentage
i
-319
-076
-175
-118
-032
-064
-155
-250
-196
-298
-425
-279
-235
-362
-365
-161
-111
-171
-525
-531
-166
074
285
392
352
Sweden
Percentage
i
036
-229
-284
-304
-235
194
381
386
366
442
313
109
059
088
226
076
128
160
313
126
068
032
011
-025
001
United Kingdom
Percentage
i
026
-180
-331
-311
-159
-022
128
275
318
298
208
-061
-229
-288
-219
-301
-356
-412
-614
-524
-391
-449
-414
-439
-376
United States
Percentage
i
029
-100
-016
067
136
199
254
297
242
247
099
-196
-313
-349
-261
-197
-218
-426
-686
-694
-541
-418
-157
-112
-082
Euro area (15 countries)
Percentage
i
-174
-117
016
024
052
123
172
187
205
139
068
021
-022
-017
-005
015
018
-058
-187
-194
-093
076
133
142
127
Non-euro area
072
178
217
183
116
-037
-170
-129
-045
-146
-157
-225
-391
-376
-274
-236
-196
-206
-196
Variable
Underlying government net lending as a percentage of potential GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
-482
-361
-301
-473
-395
-336
-650
-215
-283
-418
-340
-439
-561
-465
-316
014
013
-043
018
Denmark
Percentage
i
-179
-157
-185
-313
-323
-247
-157
-053
039
068
005
-007
036
169
402
282
307
247
-103
-161
-120
-120
039
148
-160
Greece
Percentage
i
-992
-915
-643
-687
-657
-490
-607
-590
-930
-1088
-910
-1142
-1278
-1494
-1740
-1182
-700
-038
267
115
246
Poland
Percentage
i
-447
-378
-244
-301
-336
-245
-321
-355
-228
-273
-242
-372
-666
-792
-648
-415
-340
-284
-246
Portugal
Percentage
i
-985
-623
-732
-619
-485
-481
-495
-530
-463
-562
-685
-538
-471
-589
-592
-410
-373
-444
-787
-797
-535
-325
-103
-013
-044
Sweden
Percentage
i
-012
-263
-361
-463
-461
-063
098
140
129
236
148
-088
-066
-002
132
-005
060
113
292
105
042
026
006
-026
009
United Kingdom
Percentage
i
-189
-393
-554
-563
-441
-303
-165
-013
078
072
014
-227
-394
-456
-401
-482
-549
-589
-759
-774
-670
-701
-664
-677
-578
United States
Percentage
i
-402
-533
-434
-343
-292
-204
-131
-062
-079
-039
-168
-458
-584
-611
-529
-463
-487
-683
-955
-975
-840
-717
-378
-378
-357
Euro area (15 countries)
Percentage
i
-613
-583
-445
-412
-402
-344
-258
-214
-149
-204
-261
-286
-308
-291
-266
-238
-242
-319
-424
-433
-349
-180
-103
-083
-078
Variable
General government gross financial liabilities as a percentage of GDP
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
1765
1623
1660
1751
2345
2399
2799
3016
3265
3249
3223
3198
3067
3460
4139
4632
4898
5860
5841
5757
5584
Czech Republic
Denmark
Percentage
i
6843
7234
8649
8030
8156
7913
7500
7257
6710
6046
5828
5815
5607
5236
4510
4048
3459
4203
4950
5381
6055
6101
5747
6003
5403
Denmark
Greece
Percentage
i
9801
9925
9566
9308
9633
11155
11409
11312
10876
11012
11193
11692
11482
11896
13519
12914
10976
16592
18265
18291
18268
Greece
Poland
Percentage
i
5094
5086
4783
4341
4624
4485
4318
5433
5481
5378
5445
5458
5091
5396
5714
6066
6115
6075
6259
6615
6642
Poland
Portugal
Percentage
i
6749
6804
6603
6531
6246
6202
6346
6681
7062
7665
7997
7941
7809
8276
9612
10409
10836
13885
14262
15242
15031
Portugal
Sweden
Percentage
i
5122
6822
7344
7757
7597
7893
7734
7662
6720
5693
5836
5810
5702
5650
5755
5125
4591
4600
4772
4531
4554
4571
4791
5493
5232
Sweden
United Kingdom
Percentage
i
3025
3191
3614
4348
5540
5474
5442
5976
5511
5566
5129
5341
5217
5468
5614
5532
5563
6832
8174
9299
10693
11115
10635
11714
11283
United Kingdom
United States
Percentage
i
6533
6957
7060
7120
6829
6626
6166
5770
5234
4809
5065
5743
5878
6672
6693
6441
6491
7858
9347
10266
10825
11148
11145
11170
11363
United States
Euro area (15 countries)
Percentage
i
5943
6356
6944
7059
7580
8055
8135
8220
7848
7635
7484
7611
7687
7820
7928
7575
7220
7744
8816
9232
9354
10412
10521
11211
11050
Euro area (15 countries)
Variable
Unemployment rate
Frequency
Annual
Time
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
405
392
482
649
876
882
816
731
782
832
792
714
532
439
667
728
671
698
695
610
504
Denmark
Percentage
i
676
633
523
487
509
432
451
462
543
551
480
390
376
348
600
748
757
753
700
654
618
Greece
Percentage
i
977
1031
1032
1122
1210
1135
1079
1035
979
1059
999
901
840
776
962
1271
1786
2444
2747
2649
2490
Poland
Percentage
i
1336
1236
1126
1059
1352
1611
1827
1996
1967
1900
1777
1386
962
713
818
964
963
1009
1033
899
750
Portugal
Percentage
i
724
734
683
507
454
401
401
500
627
664
757
763
798
757
945
1079
1264
1551
1620
1390
1245
Sweden
Percentage
i
1048
1140
1167
971
820
675
583
595
657
737
765
706
613
618
831
858
777
796
802
793
740
United Kingdom
Percentage
i
862
810
697
626
598
546
510
519
501
475
483
542
533
569
761
787
811
797
761
619
543
United States
Percentage
i
560
540
494
451
422
399
475
578
599
552
508
462
462
580
927
962
894
807
737
616
527
Euro area (15 countries)
Percentage
i
1052
1061
1057
1008
935
850
800
838
889
912
898
830
747
749
945
997
1006
1127
1193
1155
1080
Non-euro area
Percentage
864
830
761
709
743
723
715
732
744
740
718
671
577
549
745
806
802
805
784
679
598
Variable
Long-term interest rate on government bonds
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage
i
650
631
488
412
482
354
380
430
463
484
388
371
278
211
158
058
Denmark
Percentage
i
926
899
730
783
827
719
626
504
492
566
509
506
431
430
340
381
429
428
359
293
273
140
175
133
069
Greece
Percentage
i
1702
1446
992
848
631
611
530
512
427
426
359
407
450
480
517
909
1575
2250
1005
693
964
Poland
Percentage
i
1179
1068
736
578
690
522
523
548
607
612
578
596
500
403
352
270
Portugal
Percentage
i
2128
2063
1425
1048
1147
856
636
488
478
560
516
501
418
414
344
391
442
452
421
540
1024
1055
629
375
242
Sweden
Percentage
i
1072
1002
857
971
1027
806
665
502
498
537
511
530
464
442
338
370
417
389
325
289
261
159
212
172
072
United Kingdom
Percentage
i
1011
906
748
812
820
781
705
555
509
533
493
489
453
488
441
450
501
459
365
362
314
192
239
257
190
United States
Percentage
i
786
701
587
708
658
644
635
526
564
US
603
502
461
402
427
429
479
463
367
326
321
279
180
235
254
214
Euro area (15 countries)
Percentage
i
1029
981
819
821
855
725
605
483
469
Euro-zone
545
500
491
416
412
342
384
432
430
380
355
423
366
286
195
114
Non-euro area
Non-euro area
63287708333
58641791667
52710791667
46181833333
49969666667
41504364583
43191375
47857541667
465460625
40479716856
3747659375
34427614583
230604375
24461958333
23018013967
15363362238
Variable
Export performance for total goods and services growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
-614
753
-066
-233
163
-059
361
654
-050
341
1830
1000
322
272
084
296
233
234
338
-269
514
314
6576
Czech Republic
Denmark
Percentage 2010
i
457
-307
105
023
-461
-192
-561
-403
546
109
224
191
-501
-560
051
011
-357
077
231
-839
104
-128
-150
-089
-462
-1943
Denmark
Finland
Percentage 2010
i
-993
658
1590
545
-008
-078
328
230
688
342
-015
061
-688
-146
-159
-062
-019
277
-769
-599
-602
-183
-159
-353
004
-2153
Finland
France
Percentage 2010
i
100
072
140
162
013
-210
245
135
-088
135
138
-043
-593
-441
-362
-342
-495
-247
014
-209
117
127
-088
-116
265
-2094
France
Germany
Percentage 2010
i
927
-529
-645
060
-186
-054
194
-019
-007
184
415
117
-291
068
-089
309
152
-158
-331
262
175
169
-107
062
180
1089
Germany
Greece
Percentage 2010
i
-182
1116
-194
2049
1136
-262
-1032
-643
681
-322
-408
-023
-065
-783
-564
-581
-113
-108
444
-635
-1424
Greece
Ireland
Percentage 2010
i
440
864
805
624
1159
497
670
1386
790
697
844
289
-292
-095
-047
-078
492
-058
1118
-400
-302
059
-000
842
890
6137
Ireland
Italy
Percentage 2010
i
-617
228
792
412
418
-555
-441
-494
-637
066
068
-483
-661
-390
-351
-099
-310
-650
-748
060
-051
-002
-222
-014
136
-4781
Italy
Netherlands
Percentage 2010
i
229
-102
571
109
120
-131
082
-165
234
079
001
-099
-240
-033
-122
-197
-128
-033
233
-051
-157
271
-008
023
107
-283
Netherlands
Poland
Percentage 2010
i
-328
601
485
574
1328
542
245
593
-756
1057
-046
268
855
-432
171
446
184
429
711
116
094
325
343
298
335
4991
Poland
Portugal
Percentage 2010
i
-533
-176
-113
102
002
-009
-313
-191
-375
-245
-044
061
-133
-412
-650
321
-080
-085
254
039
279
332
501
-018
059
-388
Portugal
Spain
Percentage 2010
i
405
219
933
930
140
428
427
-085
246
-119
210
-037
-021
-365
-476
-370
082
-334
-051
-100
210
039
166
150
136
-718
Spain
Sweden
Percentage 2010
i
-401
-135
721
528
333
-272
329
096
259
087
-059
-169
022
054
-168
-087
-268
-154
-319
132
-010
-082
-336
058
311
-633
Sweden
United Kingdom
Percentage 2010
i
-365
018
367
102
001
055
-283
-569
-368
-303
064
003
-137
-387
-005
305
-861
-069
119
-390
030
-123
-114
-335
-001
-3142
United Kingdom
Variable
Gross fixed capital formation growth
Euro area (15 countries)
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
Czech Republic
Percentage 2010
i
761
-524
-113
-303
928
553
200
180
352
660
629
1349
221
-979
095
111
-305
-275
199
739
4241
Czech Republic
Denmark
Percentage 2010
i
-319
-019
-374
854
1194
532
1021
665
-026
817
-047
-074
-004
418
477
1510
066
-330
-1426
-398
034
390
108
337
120
2637
Denmark
Finland
Percentage 2010
i
-1691
-1375
-1251
084
1254
1002
1088
1068
453
622
176
-296
280
466
325
131
998
028
-1255
110
410
-194
-494
-262
-107
2457
Finland
France
Percentage 2010
i
-056
-156
-549
166
141
069
075
645
771
687
228
-088
195
312
289
399
548
073
-905
194
214
030
-045
-119
001
3427
France
Germany
Percentage 2010
i
324
-429
377
023
-035
072
346
434
295
-225
-580
-137
-090
097
813
431
089
-1003
505
736
016
-126
347
166
2113
Germany
Greece
Percentage 2010
i
914
367
2239
736
286
532
-025
1504
292
-1189
1914
1582
-705
-1381
-1929
-2066
-2342
-933
-264
088
-1661
Greece
Ireland
Percentage 2013
i
-698
-003
-508
1184
1579
1627
1640
1408
1439
480
571
569
779
996
1686
724
-035
-1141
-1693
-1567
325
859
-623
1406
2818
9002
Ireland
Italy
Percentage 2010
i
129
-201
-1121
127
738
126
185
371
403
702
284
423
-019
173
201
336
135
-316
-996
-060
-168
-937
-661
-330
063
-398
Italy
Netherlands
Percentage 2010
i
126
178
-164
204
589
853
688
657
956
190
062
-451
-159
026
307
717
647
414
-922
-647
556
-628
-448
351
1032
2658
Netherlands
Poland
Percentage 2010
i
-448
241
288
916
1655
1933
2129
1414
666
217
-856
-694
120
670
871
1332
1923
835
-186
-022
877
-178
-107
1003
582
8466
Poland
Portugal
Percentage 2011
i
333
452
-554
272
655
512
1426
1174
608
407
096
-338
-732
014
009
-085
310
037
-757
-094
-1252
-1662
-506
282
395
-2092
Portugal
Spain
Percentage 2010
i
166
-413
-891
185
774
247
529
1074
999
742
488
462
697
513
748
736
437
-393
-1687
-487
-694
-706
-249
349
638
3669
Spain
Sweden
Percentage 2014
i
-854
-1130
-1465
728
832
535
151
770
679
652
270
-230
272
507
516
956
829
033
-1330
558
584
021
062
763
694
6607
Sweden
United Kingdom
Percentage 2012
i
-795
-162
076
159
-047
467
-159
756
232
320
-114
276
231
281
339
299
565
-594
-1440
504
196
150
256
726
412
3395
United Kingdom
Euro area (15 countries)
Percentage 2011
i
-027
-601
247
300
176
264
574
587
493
116
-122
129
219
291
577
466
-084
-1101
-043
161
-318
-250
137
265
2097
Euro area (15 countries)
Variable
GDP growth
Frequency
Annual
Time
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Country
Unit
1998-2015
2008-2015
Czech Republic
Percentage 2010
i
416
-070
-030
127
464
304
156
360
479
651
707
551
254
-470
214
197
-082
-053
195
427
4452
682
Czech Republic
Denmark
Percentage 2010
i
130
198
-009
553
307
290
326
222
295
375
082
047
039
264
244
380
082
-072
-509
163
115
-007
-024
126
118
1938
-091
Denmark
Finland
Percentage 2010
i
-592
-332
-073
394
421
366
625
543
444
563
258
168
199
393
278
405
519
072
-827
299
257
-143
-076
-070
055
3339
-432
Finland
France
Percentage 2010
i
104
160
-061
235
209
139
234
356
341
388
195
112
082
279
161
237
236
020
-294
197
208
018
064
063
122
2784
397
France
Germany
Percentage 2010
i
151
-098
252
182
085
190
178
185
320
184
002
-073
070
088
388
338
081
-557
394
372
062
041
158
145
2374
695
Germany
Greece
Percentage 2010
i
291
462
384
291
408
420
400
581
470
085
557
316
-022
-430
-549
-918
-733
-311
072
-032
990
-2923
Greece
Ireland
Percentage 2013
i
193
334
269
576
963
970
1127
893
1073
1022
587
595
385
443
635
632
553
-221
-566
038
259
014
144
521
783
7793
973
Ireland
Italy
Percentage 2010
i
153
070
-086
228
296
100
197
146
151
397
158
025
024
137
115
210
133
-107
-551
165
072
-286
-175
-027
064
650
-846
Italy
Netherlands
Percentage 2010
i
245
159
126
301
325
329
451
442
495
433
212
010
037
177
225
361
370
170
-377
132
166
-106
-041
101
199
3007
244
Netherlands
Poland
Percentage 2010
i
-702
251
374
529
695
631
699
492
445
447
128
144
356
514
355
619
720
392
263
373
501
156
126
328
365
6726
2505
Poland
Portugal
Percentage 2011
i
437
109
-204
096
428
350
443
479
389
379
194
077
-093
181
077
155
249
020
-298
190
-183
-403
-113
091
146
1537
-550
Portugal
Spain
Percentage 2010
i
254
093
-103
238
276
267
369
431
448
529
400
288
319
317
372
417
377
112
-357
001
-100
-262
-167
136
321
3582
-316
Spain
Sweden
Percentage 2014
i
-115
-116
-207
392
425
154
312
413
427
489
172
208
252
379
281
495
354
-072
-511
569
274
005
123
238
383
4478
1008
Sweden
United Kingdom
Percentage 2012
i
-126
045
263
402
252
267
310
338
311
380
276
249
334
249
300
266
259
-047
-419
154
197
118
216
285
233
3698
737
United Kingdom
Euro area (15 countries)
Percentage 2011
i
122
-069
251
244
160
270
280
289
396
212
095
065
203
175
329
301
038
-447
202
162
-085
-028
099
157
2444
098
Euro area (15 countries)
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
(1) Y equiv C + I + G (2) Y ndash Tax equiv C + I + [G - Tax] (3) Private actual excess savings Spx equiv Y ndash C ndash I ndash Tax equiv [G ndash Tax](4) Private actual excess savings equiv public sector deficit
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Private sector Structural saving surplus
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Opsparing
Reale investeringer
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Den private sektors investeringsopsparingsbalance har betydning for
1 Den private sektors finansielle formueakkumulation den offentlige sektors akkumulerede gaeligld (anlaeliggsinvesteringer dvs indenlandske reale aktiver) eller (udlandsformue)
2 Konjunkturstyringen maring afpasses den loslashbende ubalance mellem privat opsparing og reale investeringer (+ saldo paring de loslashbende poster)
3 Derimod giver det bedre mening at stile mod en holdbar samfundsoslashkonomi med lav arbejdsloslashshed og en positiv (men ikke for stor) udlandsformue
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi 1 Public budget er et instrument til at skabe samfundsoslashkonomisk balance primaeligrt lsquofuld beskaeligftigelsersquo
2 Budgetsaldoen boslashr ikke vaeligre et maringl i sig selv
Fordi3 Den afspejler opsparingsinvesterings ubalancen i den private sektor (lukket oslashkonomi)4 Opsparingen og likviditeten kommer af sig selv self-financing Det er saring svaeligrt at forstaring naringr man raeligsonnere som omdet er en husholdnings oslashkonomi
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
EU(15) Getting causality right Private Sector surplus lt==gt Public Sector Deficit
-10
-8
-6
-4
-2
0
2
4
6
8
10
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
SourceOECD Economic Outlook no 90 amp 93
Per
cen
t o
f G
DP
Public sector Privat sector
R2=082 trivial
1 Collapse of private real investment
2 Unemployment
3 Public sector budget deficit
Excess Private saving public deficit (and foreign surplus)
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
App figur 71 Det offentlige sektorbudget pct af BNP
Kilde Finansredegoslashrelsen 2014 kap 7 s 321 httpswwwfmdkpublikationer2014finansredegoerelse-2014
Stabilitets- og vaeligkstpagtens graelignse for faktiske underskud
Budgetlovens graelignse for strukturelle underskud
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Getting causality right
What matters is the private sector imbalance and balance of payments(current account)
Unemployment is a waste of real resources and (causes social misery)
Caused by lack of private effective demandPrivate financial savings exceed private real investmentFull stop
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Modern Monetary Theory ndash Economics of Reality
Kombination af
1 Keynes
2 Abba Lerner
3 Wynn Godley (Marc Lavoie)
4 Og lsquosund fornuftrsquo ndash rationalitet
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
Getting causality right
Modern Monetary Theory ndash Economics of Reality
Tak for opmaeligrksomheden
Tak for opmaeligrksomheden
lsquoModern Monetary Theoryrsquomakrooslashkonomisk teori og politik et stock-flow consistent approach
Den oslashkonomiske krise har udfordret den konventionelle lsquovisdomrsquo teori og politik
Ny laeligrebog giver nogle af de svar vi mangler
Som bestemt ikke (alle) er nye
The economy as a whole-approach foslashrer til lsquoukonventielrsquo makroteori og dermed finans- og pengepolitik (lsquomainstreamernesrsquo betegnelse)
A US Budget Deficit is the norm
Offentlig (bruttogaeligld)
Money supply in the US has dobbled
- And (registered) Unemployment fallen
Without inflation
Dias nummer 11
Laeligrebogen er opbygget paring balance-sheet frame-work (Flows) The economy as a whole
Private sector Structural saving surplus
Dias nummer 14
Men privat opsparing kan ogsaring placeres i udlandet betalingsbalanceoverskud
Den private sektors investeringsopsparingsbalance har betydning for
Public finance er et instrument ikke et maringl derved adskiller den fra husholdningsoslashkonomi
Dias nummer 18
Konjunkturstyring Hvilken finanspolitik ville have sikret fuld beskaeligftigelse ndash ifoslashlge FM-model
