Reconstructing Keynesian macroeconomics: 3 Macroeconomic activity, banking and financial markets
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London [u.a.]
Routledge
2015
|
| Series: | Routledge frontiers of political economy
194 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXIX, 359 S. graph. Darst. |
| ISBN: | 9780415668583 |
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Record in the Search Index
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| adam_text | Contents
List of figures
xx
List of tables
xxiii
Notation
xxiv
Preface
xxvi
Acknowledgments
xxviii
PART I
Housing market, household debt and
boom—bust cycles
1
1
Boom-bust cycles in the housing market
λ
/. /
Introduction
3
1.2
The US market for residential houses:
some observations
4
1.3
Boom-bust cycles in the housing market
5
1.4
Local stability analysis
7
/.5
Global boundedness and basins of attraction
9
1.6
Dissolution of boom and bust equilibria
through slowly adjusting housing
supply
9
1.
7
Fold catastrophes and relaxation oscillations
in the housing market
12
1.8
Conclusions
15
2
Income distribution, credit market and
household debt 16
2.1
Introduction
16
2.2
A model of workers
indebtedness and financial
fragility
18
2.3
The IS curve and typologies of demand regime
21
xvi Contents
2.4
Two-dimensional model of income distribution
and debt dynamics
26
2.5
Credit rationing and financial fragility:
the two-dimensional model of debt and
deposits dynamics
30
2.6
Three-dimensional model of income distribution,
credit rationing and debt dynamics
33
2
J
Conclusion
34
Appendix: Mathematical stability proofs
36
PART II
Banking sector and macrodynamics
43
3
The vulnerability of traditional banking
45
3.
1 Introduction
45
3.2
Asset price dynamics and the multiplier
46
3.3
Stability propositions
47
3.4
Commercial banking and central bank behavior
48
3.5
Credit and credit-dependent multiplier dynamics
52
3.6
Financial markets, accelerating capital gain
expectations and Tobin-type taxes
53
3.7
Financial markets, credit and output dynamics:
A stabilized baseline scenario
55
3.8
Conclusions
58
Appendix
58
4
The perils of broad banking and the benefits of narrow
banking 61
4.1
introduction
61
4.2
The theoretical framework
62
4.3
Dynamics and stability properties under broad and
narrow banking
69
4.4
Unconventional monetary policy in the broad
banking system
79
4.5
Concluding remarks
81
5
The instability of investment banking g3
5.1
Introduction
83
5.2
Two
variantsofa
banking model and their dynamics
85
5.3
Solution method and numerical results
88
5.4
Conclusions and empirical outlook
91
Contents xvii
PART
III
Credit bubbles, asset prices and monetary policy
93
6
Tobin
s q
y
investment and the credit market
95
6.1
Introduction
95
6.2
The benchmark model without size effects
96
6.3
The model with adjustment cost and size effects
98
6.4
The effects of demand, interest rate and tax rate
103
6.5
Credit market and investment
106
6.6
Empirics of the role of equity and bonds for investment
110
6.7
Conclusion 111
7
Liquidity, output and regime changes 1
12
7.1
Introduction
112
7.2
A model with regime changes
113
7.3
The empirical analysis
115
7.4
Concluding remarks
132
8
Credit bubble, default risk and asset pricing
134
8.1
introduction
134
8.2
A model on leveraging and asset prices
137
8.3
Distance to default and default risk
144
8.4
Computation of the distance to default
146
8.5
Conclusions
151
9
Asset price volatility and monetary policy rules 1
52
9.1
Introduction 1
52
9.2
The basic model
154
9.3
Monetary policy rule in practice: the case of the
early euro area
157
9.4
Endogenous probability and state-dependent
monetary policy rule
158
9.5
The zero bound on the nominal interest rate
163
9.6
Conclusions
167
10
Financial stress regimes and monetary policy
168
10.1
Introduction
168
10.2
Financial stress and the banking sector
168
10.3
Banking and financial stress measures
170
10.4
Financial stress, output and monetary policy
172
10.5
Conclusions
176
xviii Contents
PART IV
Stabilizing the financial-real interaction
177
11
Taming financial market driven economic
fluctuations 179
11.1 Introduction
179
11.2
Adding long-term bonds
181
11.3
Intensive form of the model and its steady state
184
11.4
Financial markets: comparative statics
187
11.5
Policies for the stability of balanced growth
191
11.6
Monetary policy
200
11.7
Conclusions
204
Appendix
205
12
Stabilizing a financially unstable economy
213
12.1
Introduction
213
12.2
Asset price dynamics and the Keynesian multiplier
214
12.3
Stable real-financial market interactions?
218
12.4
Endogenizing capital gain expectations
220
12.5
Stabilizing an unstable economy: Tobin-type taxes,
interest rate rules and open market policies
222
12.6
Conclusions
225
Appendix
226
PART V
Hlglier-diniensionalmacrodynamics
231
13
Higher^Umenslonal
macrostructure
233
13.1
Introduction
233
13.2
Firms: the fundamental unit
235
13.3
Interest: pure asset holders and asset markets
249
13.4
Policy makers: fiscal and monetary authorities
258
13.5
Completion: worker households, aggregate relationships
and consistency requirements
263
13.6
Conclusions
267
14
HifberKtimensíoDJÜ macrodyiianiics
268
14.1
Introduction
268
14.2
Laws of motion
268
14
J
Steady-state analysis
274
14.4
Conclusions
283
Contents xix
15
Numerical
explorations
of the dynamics
284
15.1
Introduction
284
15.2
The basic eight-dimensional situation
284
15.3
Asset and investment dynamics
290
15.4
Credit rationing and investment dynamics
296
15.5
Wealth accumulation and wealth effects
304
15.6
Fiscal policy: necessary anchor and classical-Keynesian
fiscal stabilization rules
313
15.7
Conclusions
320
Appendices: Financial market reaction functions
320
16
Uncertain outcomes in high-dimensional macro models and
relevance of policies
322
16.1
Oscillations and the
Frisch
paradigm
322
16.2
Endogenous irregular persistent fluctuations and
the Keynes paradigm
323
16.3
Occasional economic crises
323
16.4
Relevance of monetary policy
324
16.5
Relevance of fiscal policy
325
16.6
Conclusions
326
Notes
Bibliography
Index
|
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| spelling | Chiarella, Carl 1944-2016 Verfasser (DE-588)121195724 aut Reconstructing Keynesian macroeconomics 3 Macroeconomic activity, banking and financial markets by Carl Chiarella ; Peter Flaschel and Willi Semmler London [u.a.] Routledge 2015 XXIX, 359 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Routledge frontiers of political economy 194 Makroökonomie (DE-588)4037174-8 gnd rswk-swf Keynessche Theorie (DE-588)4030426-7 gnd rswk-swf Makroökonomie (DE-588)4037174-8 s Keynessche Theorie (DE-588)4030426-7 s DE-604 Flaschel, Peter 1943- Verfasser (DE-588)134115864 aut Semmler, Willi 1942- Verfasser (DE-588)121195775 aut (DE-604)BV039545445 3 Erscheint auch als Online-Ausgabe 978-1-315-73696-9 Routledge frontiers of political economy 194 (DE-604)BV010502713 194 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025682807&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Chiarella, Carl 1944-2016 Flaschel, Peter 1943- Semmler, Willi 1942- Reconstructing Keynesian macroeconomics Routledge frontiers of political economy Makroökonomie (DE-588)4037174-8 gnd Keynessche Theorie (DE-588)4030426-7 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4030426-7 |
| title | Reconstructing Keynesian macroeconomics |
| title_auth | Reconstructing Keynesian macroeconomics |
| title_exact_search | Reconstructing Keynesian macroeconomics |
| title_full | Reconstructing Keynesian macroeconomics 3 Macroeconomic activity, banking and financial markets by Carl Chiarella ; Peter Flaschel and Willi Semmler |
| title_fullStr | Reconstructing Keynesian macroeconomics 3 Macroeconomic activity, banking and financial markets by Carl Chiarella ; Peter Flaschel and Willi Semmler |
| title_full_unstemmed | Reconstructing Keynesian macroeconomics 3 Macroeconomic activity, banking and financial markets by Carl Chiarella ; Peter Flaschel and Willi Semmler |
| title_short | Reconstructing Keynesian macroeconomics |
| title_sort | reconstructing keynesian macroeconomics macroeconomic activity banking and financial markets |
| topic | Makroökonomie (DE-588)4037174-8 gnd Keynessche Theorie (DE-588)4030426-7 gnd |
| topic_facet | Makroökonomie Keynessche Theorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025682807&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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