9780415773997

Central Banking, Asset Prices and Financial Fragility

by ;
  • ISBN13:

    9780415773997

  • ISBN10:

    0415773997

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-01-02
  • Publisher: Routledge
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Summary

In this book Tymoigne argues that financial stability should be the sole goal of central banks and suggests an alternative to the inflation targeting framework showing how interest-rate policy can help to solve some of the problems faced by central bankers.

Table of Contents

List of Illustrationsp. xi
Acknowledgmentsp. xiii
Introductionp. 1
Central banking, asset prices, and financial fragilityp. 7
Asset prices, financial fragility, and central banking in the new consensusp. 7
Asset prices, financial fragility, and central banking: A Post-Keynesian viewp. 26
Conclusionp. 46
Asset-price theories and central bankingp. 48
The rational approach to asset pricesp. 48
The irrational approach to asset pricesp. 54
The convention approach to asset pricesp. 61
Conclusionp. 77
Against the instrumental use of interest ratesp. 79
The importance of the notion of breakeven point: A Post-Keynesian viewp. 79
Theoretical implicationsp. 84
Monetary policy in the Post-Keynesian frameworkp. 106
Conclusionp. 113
An analysis of financial fragility in the Minskian traditionp. 115
The fundamental hypotheses and dynamics of the Minskian analysisp. 115
The modeling of Minsky's frameworkp. 168
Implications for central bankingp. 200
Financial matters in the decisions of the FOMCp. 204
The Federal Reserve and financial disruptionsp. 204
A critical appraisal of the FOMC economic frameworkp. 222
General conclusionp. 245
Conclusion: A new role for the central bankp. 249
Own-rates of interest, real rates of interest, and money rates of interestp. 255
The aggregate liquidity preference ratio with K assetsp. 258
Immunization procedure with consolsp. 259
Econometric analysis of inflation and interest ratesp. 261
Financial disturbances and financial crises in the USp. 270
Notesp. 274
Referencesp. 282
Indexp. 314
Table of Contents provided by Ingram. All Rights Reserved.

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