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Financial Assets, Debt and Liquidity Crises
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 2007–9 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 busi-
ness 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 popu-
lated with heterogeneous, rationally bounded agents attempting to
cope with disequilibria in various markets.
m atthieu cha r p e
works as an economist for the Interna-
tional Institute for Labour Studies at the International Labour
Organization in Geneva.
car l c hiar el la
is Emeritus Professor and Professor of Quan-
titative Finance in the School of Finance and Economics at the
University of Technology, Sydney.
p eter f las c he l
is Emeritus Professor in the Faculty of Eco-
nomics at Bielefeld University.
wi lli s emmle r
is Professor of Economics at The New School
for Social Research, New York.
Financial Assets, Debt and
Liquidity Crises:
A Keynesian Approach
Matthieu Charpe
Carl Chiarella
Peter Flaschel
Willi Semmler
ca m bri d g e univers i ty p res s
Cambridge, New York, Melbourne, Madrid, Cape Town,
Singapore, São Paulo, Delhi, Tokyo, Mexico City
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK
Published in the United States of America by Cambridge University Press, New York
www.cambridge.org
Information on this title:
www.cambridge.org/9781107004931
© Cambridge University Press 2011
This publication is in copyright. Subject to statutory exception
and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.
First published 2011
Printed in the United Kingdom at the University Press, Cambridge
A catalogue record for this publication is available from the British Library
Library of Congress Cataloging in Publication data
Financial assets, debt, and liquidity crises : a Keynesian approach / Matthieu Charpe... [et al.].
p. cm.
Includes bibliographical references and index.
ISBN 978-1-107-00493-1
1. Macroeconomics. 2. Business cycles. 3. Financial crises.
4. Keynesian economics. I. Charpe, Matthieu.
HB172.5.F516 2011
330.9 0511–dc22
2011011256
ISBN 978-1-107-00493-1 Hardback
Cambridge University Press has no responsibility for the persistence or
accuracy of URLs for external or third-party Internet websites referred to in
this publication, and does not guarantee that any content on such websites is,
or will remain, accurate or appropriate.

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