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dc.contributor.authorBibow, Jörgen
dc.date.accessioned2012-04-12T14:22:19Z-
dc.date.available2012-04-12T14:22:19Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x660en
dc.subject.jelA33en
dc.subject.jelB31en
dc.subject.jelE44en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordfinancial marketsen
dc.subject.keywordliquidityen
dc.subject.keyworduncertaintyen
dc.subject.keywordrate of interesten
dc.subject.keywordinstabilityen
dc.subject.keywordcentral bankingen
dc.subject.stwFinanzmarkten
dc.subject.stwLiquiditätspräferenzen
dc.subject.stwKapitalmarkttheorieen
dc.subject.stwPostkeynesianismusen
dc.subject.stwTheorieen
dc.titleFinancial markets-
dc.typeWorking Paperen
dc.identifier.ppn654842027en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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