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1、CentralBanking,AssetPrices,andFinancialFragilityThecurrentliteratureoncentralbankingcontainstwodistinctbranches.Ononeside,researchfocusesontheimpactofmonetarypolicyoneconomicgrowth,unemployment,andoutput-priceinflation,whileignoringfinancialaspects.Ontheotherside,somescholarsleaveasidema
2、croeconomicsinordertostudythenarrow,butcrucial,subjectsoffinancialbehaviors,andfinancialsupervisionandregulation.Thisbookaimsatmergingbothapproachesbyusingmacroeconomicanalysistoshowthatfinancialconsiderationsshouldbethemainpreoccupationofcentralbanks.ÉricTymoigneshowshowdifferentviewsreg
3、ardingtheconceptionofassetpricingleadtodifferentpositionsregardingtheappropriateroleofacentralbankintheeconomy.Inaddition,HymanP.Minsky’sframeworkofanalysisisusedextensivelyandiscombinedwithotherelementsofthePost-Keynesianframeworktostudytheroleofacentralbank.Tymoignearguesthatcentralb
4、anksshouldbeincludedinabroadpolicystrategythataimsatachievingstablefullemployment.Theirsolegoalshouldbetopromotefinancialstability,whichisthebestwaytheycancontributetopricestabilityandfullemployment.Centralbanksshouldstopmovingtheirpolicyratefrequentlyandwidelybecausethatcreatesinflation
5、,speculation,andeconomicinstability.Instead,Tymoigneconsidersapro-activefinancialpolicythatdoesnotallowfinancialinnovationstoentertheeconomyuntiltheyarecertifiedtobesafeandthatfocusesonanalyzingsystemicrisk.Hearguesthatcentralbanksshouldbeaguideandareformerthatallowasmoothfinancingandfundi
6、ngofassetpositions,whilemakingsurethatfinancialfragilitydoesnotincreasedrasticallyoveraperiodofexpansion.Thisbookwillbeofinteresttostudentsandresearchersengagedwithcentralbanking,macroeconomics,assetpricing,andmonetaryeconomics.ÉricTymoigneisAssistantProfessorofEconomicsatCaliforniaStat
7、eUniversityFresno.Routledgeinternationalstudiesinmoneyandbanking1PrivateBankinginEurope10TheEuroLynnBickerAchallengeandopportunityforfinancialmarkets2BankDeregulationandMonetaryPublishedonbehalfofSociétéOrderuniversitaireEuropéennedeGeorgeSelginrecherchesfinancières(SUERF)EditedbyMicha
