“…Much research has been conducted and almost all studies confirm this negative relationship (Knoester (1986), Paldam (1987), Kaufman (1988), Moosa (1997), Lee (2000), Freeman (2001), Silverstone and Harris (2001), Sögner and Stiassny (2002), Holmes and Silverstone (2006), Knotek (2007)). Therefore, Blinder (1997) calls it a core element of practical macroeconomic analysis we should all believe in.…”