The finding of Feldstein and Horioka (1980) that domestic saving and domestic investment are highly correlated across countries despite the rapid globalization and liberalization of financial markets in recent decades has been regarded as a Puzzle or Paradox. However, in this paper, we show that...

The finding of Feldstein and Horioka (1980) that domestic saving and domestic investment are highly correlated across countries despite the rapid globalization and liberalization of financial markets in recent decades has been regarded as a Puzzle or Paradox. However, in this paper, we show that...

An attempt is made, in these few pages, to suggest how Stefano Zambelli's economic intuition is based on the work of distinguished unorthodox (and some enlightened orthodox) economists, emphasising the connection between the long-term and the short-term and the theory of imperfect competition.

The appeal of the 'Micro-foundations' project, which requires that all macroeconomic propositions are reduced to or derived from microeconomic ones, is strongly supported by the considerable force of what Lakatos calls the discipline's 'hard core'. This is particularly so if this project is...

In diesem Beitrag wird erstens die These aufgestellt, dass die konjunkturelle Erholung in der Eurozone allein auf die Ankündigung des OMT-Programms (Outright Monetary Transactions) durch die EZB zurückzuführen ist. Zweitens wird dargelegt, dass die Sparpolitik eine nicht tragbare Verschuldung...

A review of J.E. King's The Microfoundations Delusion: Metaphor and Dogma in the History of Macroeconomics.

The appeal of the microfoundations project in economics is strongly supported by the considerable force of the discipline's "hard core" (in Lakatos' sense). This is especially the case, if the microfoundations metaphor is seen as a way of giving precedence to microeconomics in unifying economic...