The aim of the article is to compare total real GDP growth of European countries from the 3rd quarter of 2008 to the 3rd quarter of 2012, that is the period from the start of the Great recession in European Union to the present day. This period is characterized by a predominant economic...

The aim of the paper is to propose a new simple frictionless model of international trade shares as an alternative to standard gravity models. In the proposed model (total) shares of export from a given country depend only on a gross domestic product and a distance of importing countries. The...

The aim of this article is to show that an aggregate demand function (curve) might not be monotonically decreasing as assumed in economic theory. When a price of a good decreases to some point, the amount demanded stops increasing due to the so called loss of confidence effect: a price too low...