T D

11%
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Turning to the foreign sector, exports are largely outside control of a nation (we say they are “exogenous” or “autonomous to domestic income”). They depend on lots of factors, including growth in the rest of the world, exchange rates, trade policy, and relative prices and wages (further, efforts to increase exports will likely lead to responses abroad).
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
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