Tymoigne (2009): Central Banking, Asset Prices, and Financial Fragi

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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

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 249

Appendix 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