Teoria economica, tasso d'interesse e intermediazione finanziaria

Current macroeconomics takes the level of production as given by labour market equilibrium and production function. The interest rate aims to adjust the demand to this given supply in every period, where interest rate results from the interaction between marginal productivity of capital and the supply of savings. Generally financial intermediaries were not admitted in the core models. After the financial crisis , the new models recognized that financial intermediation is important and that the transformation of savings into investment can be impaired by financial frictions; but the role of interest rate was left unchanged. In this paper we review current macroeconomic models and the leading role of interest rate in the intertemporal output market. And finally we suggest that financial intermediation is not simply a reply of the Fisher model, but it results from the interaction between monetary policy, money markets and collateral rules. Liquidity, not savings is the key to nderstand his failures