TY  - JOUR
AU  - Giannone,Domenico
AU  - Lenza,Michele
TI  - The Feldstein-Horioka fact
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15519
PY  - 2009
Y2  - November 2009
UR  - http://www.nber.org/papers/w15519
L1  - http://www.nber.org/papers/w15519.pdf
N1  - Author contact info:
Domenico Giannone
ECARES - Université Libre de Bruxelles
Avenue F. D. Roosevelt, 50
1050 Bruxelles
Belgium
Tel:  +49 (0)69 1344 7849
E-Mail: dgiannon@ulb.ac.be

Michele Lenza
European Central Bank
Kaiserstrasse 29
60311 Frankfurt An Main
Germany
E-Mail: michele.lenza@ecb.int
M1  - published as Domenico Giannone, Michele Lenza. "The Feldstein-Horioka Fact," in Lucrezia Reichlin and Kenneth West, organizers, "NBER International Seminar on Macroeconomics 2009" University of Chicago Press (2010)

M3  - presented at "ISOM", June 12-13, 2009
AB  - 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.
ER  -