  Starting from exact expression for the dynamical spin susceptibility in the
time-dependent density functional theory a controversial issue about exchange
interaction parameters and spin-wave excitation spectra of itinerant electron
ferromagnets is reconsidered. It is shown that the original expressions for
exchange integrals based on the magnetic force theorem (J. Phys. F14 L125
(1984)) are optimal for the calculations of the magnon spectrum whereas static
response function is better described by the ``renormalized'' magnetic force
theorem by P. Bruno (Phys. Rev. Lett. 90, 087205 (2003)). This conclusion is
confirmed by the {\it ab initio} calculations for Fe and Ni.
