The paper deals with the long run positive relationship between the long term rate of interest and the level of wholesale prices, a relationship dubbed by Keynes the "Gibson Paradox". This correlation, before Keynes, puzzled other important economists such as Wicksell and Fisher, who attempted,...

After two decades of theoretical discussion and application of labour policies aimed at flexibility, ever-spreading unemployment in Europe has compelled some official institutions to admit that the 'rigidity' of the labour market does not suffice to account for the different trends in employment...

Two interpretations have been advanced to account for persistent German current account surpluses that translate into equally persistent deficits of countries in the European periphery. According to the first, the German surplus is the expression of a 'virtuous' savings behaviour, to be extended...