Considers the treatment of openness and imperfect competition in the influential analysis of Layard, Nickell and Jackman's (LNJ's) Unemployment: Macroeconomic Performance and the Labour Market. Clarifies and completes LNJ's treatment of openness through the provision of explicit analytical...

Considers the treatment of openness and imperfect competition in the influential analysis of Layard, Nickell and Jackman′s (LNJ′s) Unemployment: Macroeconomic Performance and the Labour Market . Clarifies and completes LNJ′s treatment of openness through the provision of explicit...

This study attempts to provide a systematic theoretical analysis of the portfolio selection approach to the determination of inter‐regional and international capital flows, and to identify the implications of this analysis for the appropriate specification of short‐run econometric models of...

Professor Shackle has long maintained both the originality of the liquidity preference theory of interest rates and its paramount importance for macroeconomics. He has argued, for example, that: