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dc.contributor.authorBibow, Jörgen_US
dc.date.accessioned2012-04-12T14:22:19Z-
dc.date.available2012-04-12T14:22:19Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/57063-
dc.description.abstractThis paper provides a brief exposition of financial markets in Post Keynesian economics. Inspired by John Maynard Keynes's path-breaking insights into the role of liquidity and finance in monetary production economies Post Keynesian economics offers a refreshing alternative to mainstream (mis)conceptions in this area. We highlight the importance of liquidity - as provided by the financial system - to the proper functioning of real world economies under fundamental uncertainty, contrasting starkly with the fictitious modeling world of neo-Walrasian exchange economies. The mainstream vision of well-behaved financial markets, channeling saving flows from savers to investors while anchored by fundamentals, complements a notion of money as an arbitrary numéraire and mere convenience, facilitating exchange but otherwise neutral. From a Post Keynesian perspective, money and finance are nonneutral but condition and shape real economic performance. It takes public policy to anchor asset prices and secure financial stability, with the central bank as the key public policy tool.en_US
dc.language.isoengen_US
dc.publisherLevy Economics Inst. Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking paper, Levy Economics Institute 660en_US
dc.subject.jelA33en_US
dc.subject.jelB31en_US
dc.subject.jelE44en_US
dc.subject.jelE50en_US
dc.subject.ddc330en_US
dc.subject.keywordfinancial marketsen_US
dc.subject.keywordliquidityen_US
dc.subject.keyworduncertaintyen_US
dc.subject.keywordrate of interesten_US
dc.subject.keywordinstabilityen_US
dc.subject.keywordcentral bankingen_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwLiquiditätspräferenzen_US
dc.subject.stwKapitalmarkttheorieen_US
dc.subject.stwPostkeynesianismusen_US
dc.subject.stwTheorieen_US
dc.titleFinancial marketsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn654842027en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Levy Economics Institute of Bard College

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