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1. Verfasser-/Urheberwerk
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Referenz: |
Tymoigne (2009): Central Banking, Asset Prices, and Financial Fragi
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stabile URL: |
www.pol-oek.de/objekt_start.fau?prj=poloeklit&zeig=15186
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Fremd-URL (ohne Gewähr): |
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im Mehrwert & Co Archiv als: |
PDF
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Verf./Hrsg./KS: |
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Titel: |
Central Banking, Asset Prices, and Financial Fragility
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Ort: Verl.: |
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Jahr: |
2009
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Faksimile: |
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Deskribierung: |
Volkswirtschaftslehre/Betriebswirtschaftslehre/Managementtheorien; Finanzkapital/Finanzmarkt/Banken/Finanzialisierung; Kreditsystem/Leihkapital/Zins; Geldtheorie/Währungsfragen/Inflation; Wirtschaftspolitik/Finanzpolitik; Börse/Aktienhandel/Wertpapiere; Keynes, John Maynard (1883-1946); ′Abweichler′/Heterodoxe
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Inhalt: |
1 Introduction 1
2 Central banking, asset prices, and financial fragility 7 Asset prices, financial fragility, and central banking in the new consensus 7 Asset prices, financial fragility, and central banking: A Post-Keynesian view 26 Conclusion 46 3 Asset-price theories and central banking 48 The rational approach to asset prices 48 The irrational approach to asset prices 54 The convention approach to asset prices 61 Conclusion 77 4 Against the instrumental use of interest rates 79 The importance of the notion of breakeven point: A Post-Keynesian view 79 Theoretical implications 84 Monetary policy in the Post-Keynesian framework 106 Conclusion 113 5 An analysis of financial fragility in the Minskian tradition 115 The fundamental hypotheses and dynamics of the Minskian analysis 115 The modeling of Minsky′s framework 168 Implications for central banking 200 6 Financial matters in the decisions of the FOMC 204 The Federal Reserve and financial disruptions 204 A critical appraisal of the FOMC economic framework 222 General conclusion 245 7 Conclusion: A new role for the central bank 249Appendix 1: Own-rates of interest, real rates of interest, and money rates of interest 255 Appendix 2: The aggregate liquidity preference ratio with K assets 258 Appendix 3: Immunization procedure with consols 259 Appendix 4: Econometric analysis of inflation and interest rates 261 Appendix 5: Financial disturbances and financial crises in the US 270 |