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economics, inflation, unemployment and enterprise cycles were thought and taught mainly as problems originating from “saving-funding imbalances” as a result of some form of malfunctioning of the capital market. Whereas trendy research of imperfect capital markets have tremendously improved our understanding of capital market failures, their impression on macroeconomics has remained surprisingly restricted. The macroeconomic consequences of saving-funding imbalances are nonetheless undeveloped on this literature. The hottest macroeconomic model so far – the so-known as New Neoclassical Synthesis – dispenses with capital market imperfections altogether. The aim of this paper is to fill this hole. After an summary of the historic foundations and the current state of the Amazing ireland flag saint patricks day shamrock all over print shirtmacroeconomics of imperfect capital markets, the paper presents a competitive, flex-price model of saving-funding imbalances where deviations of the market interest rate from the Wicksellian natural fee generate enterprise cycles. Then the model is prolonged to make the market interest rate endogenous and to allow preliminary considerations to be made about monetary policy and the control of the interest rate over the business cycle. It could be considered and as indicated is taken into account as a basic case of Keynesian

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