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Investigación económica
versión impresa ISSN 0185-1667
Inv. Econ vol.62 no.242 Ciudad de México oct./dic. 2002
Artículos
Keynes and monetary policy in speculative markets
Keynes y la política monetaria en los mercados especulativos
*Reader in Economics, South Bank University, 103 Borough Road, London, United Kingdom SEI 0AA, Tel: 0207 485 1987, Fax: 0207 485 3129, e-mail: toporoj@sbu.ac.uk
Asset inflation in securities markets has important balance sheet effects which spread financia! fragility into banking and corporate sectors through balance sheet effects. Monetary policy becomes less effective as a means of regulating output price iriflation, economic activity and asset inflation. The analysis. is similar to the one advanced by Keynes in chapter 17 of the General fheory (on 'own rates of interest'), with the important difference that Keynes was advancing in that chapter a monetary theory of under-employment, rather than an analysis of financial fragility.
La inflación de activos en mercados de valores tiene efectos importantes en la hoja de balance lo que puede conducir a una mayor fragilidad financiera de los sectores bancario y corporativo. La política monetaria entonces se torna menos eficaz como medio de regulación de la inflación, la actividad economica, y la inflación de activos. El análisis es similar al desarrollado por Keynes en el capítulo 17 de la Teoría General, con una diferencia importante de que Keynes elaboró en ese capítulo una teoria monetaria de subempleo, en lugar de un análisis de fragilidad financiera.
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Received: July 2002; Accepted: August 2002
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