Financial Assets, Debt and Liquidity Crises: A Keynesian Approach

Field	Value	Language
dc.contributor.author	Charpe, M	en_US
dc.contributor.author	Chiarella, C	en_US
dc.contributor.author	Flaschel, P	en_US
dc.contributor.author	Semmler, W	en_US
dc.date.issued	2011-01	en_US
dc.identifier.citation	2011, 1st	en_US
dc.identifier.isbn	978-1-107-00493-1	en_US
dc.identifier.uri	http://hdl.handle.net/10453/17717
dc.description.abstract	The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007-2009 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.	en_US
dc.publisher	Cambridge University Press	en_US
dc.title	Financial Assets, Debt and Liquidity Crises: A Keynesian Approach	en_US
dc.type	Book
utslib.location	US	en_US
utslib.for	1499 Other Economics	en_US
utslib.citation.edition	1st	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
utslib.copyright.status	open_access
pubs.consider-herdc	true	en_US
pubs.edition	1st	en_US
pubs.place-of-publication	US	en_US

Abstract:

The macroeconomic development of most major industrial economies is characterised by boom-bust cycles. Normally such boom-bust cycles are driven by specific sectors of the economy. In the financial meltdown of the years 2007-2009 it was the credit sector and the real-estate sector that were the main driving forces. This book takes on the challenge of interpreting and modelling this meltdown. In doing so it revives the traditional Keynesian approach to the financial-real economy interaction and the business cycle, extending it in several important ways. In particular, it adopts the Keynesian view of a hierarchy of markets and introduces a detailed financial sector into the traditional Keynesian framework. The approach of the book goes beyond the currently dominant paradigm based on the representative agent, market clearing and rational economic agents. Instead it proposes an economy populated with heterogeneous, rationally bounded agents attempting to cope with disequilibria in various markets.

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http://hdl.handle.net/10453/17717