NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Feldstein-Horioka fact

Domenico Giannone, Michele Lenza

NBER Working Paper No. 15519
Issued in November 2009
NBER Program(s):   EFG

This paper shows that general equilibrium effects can partly rationalize the high correlation between saving and investment rates observed in OECD countries. We find that once controlling for general equilibrium effects the saving-retention coefficient remains high in the 70’s but decreases considerably since the 80’s, consistently with the increased capital mobility in OECD countries.

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Document Object Identifier (DOI): 10.3386/w15519

Published: The Feldstein-Horioka Fact, Domenico Giannone, Michele Lenza. in NBER International Seminar on Macroeconomics 2009, Reichlin and West. 2010

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