Abstract Keynes and Kalecki both assume that private investment determines (but is not determined by) private savings. For Keynes, the desired level of saving is an increasing function of GDP, somehow related to the psychology of the society; 'autonomous' shifts of investment are determined by...

Sustainable growth in catching-up countries requires the widening of the foreign trade bottleneck. It is however not clear whether two prescriptions aiming at solving this problem greater exchange rate flexibility and the liberalization of the capital market, are in reality not contradictory....

This study presents a concise analysis of the macroeconomic developments in four cohesion countries (CCs) Greece, Ireland, Portugal and Spain, from 1960 to 2000. Special attention is being paid to the economic performance of these countries after their accession to the European Union (EU). The...

Erster Absatz: Wie sind Sie zu den Wirtschaftswissenschaften gekommen, und wer waren Ihre Lehrer?

First paragraph: Extraordinary actions taken by EU governments and the European Central Bank (ECB) averted a catastrophe. However, while these actions are acknowledged to be Keynesian, ›we are not all Keynesians now‹. Little has changed in the decision makers' minds. Numerous statements...