The Journal of Philosophical Economics: Reflections on Economic and Social Issues

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  • Volume I Issue 1
    (Autumn 2007)
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    (Special issue 2008)
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    (Autumn 2008)
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    (Spring 2009)
  • Volume III Issue 1
    (Autumn 2009)
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    (Spring 2010)
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    (Special issue 2010)
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    (Spring 2011)
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    (Spring 2013)
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    (Spring 2019)
  • Volume XIII Issue 1
    (Autumn 2019)
  • Volume XIII Issue 2
    (Spring - Autumn 2020)
Sergio ROSSI
Sergio Rossi is Full Professor of Economics and Chair of Macroeconomics and Monetary Economics in the Department of Economics at the University of Fribourg, Switzerland (sergio.rossi@unifr.ch)
ARTICLES
Financial stability requires macroeconomic foundations of macroeconomics (Sergio ROSSI)
Abstract: Financial stability features prominently among the goals of several post­crisis macroeconomic policies around the world. Being a systemic characteristic, financial stability requires a systemic analysis, which only macroeconomics can offer logically. Yet, the current way of doing macroeconomics is not up to the task, as it is grounded on so­called microfoundations. Considering macroeconomics as the science of aggregating data obtained at microeconomic level can lead indeed to conclusions that are either misleading or wrong. This paper points out that the true foundations of macroeconomics are macroeconomic, and that understanding the working of monetary economies of production and exchange requires a conceptual rather than a mathematical treatment of economic issues at a systemic level. [Volume III Issue 2 (Spring 2010)] Read the article ...
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