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Economic consequences of the financial crisis - A Keynesian point of view

Angel Asensio ()
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Angel Asensio: CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique

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Abstract: The paper discusses the possible economic consequences of the financial crisis from a (Post)Keynesian point of view. It examines the forthcoming depressive mechanisms, including the orthodox reactions of monetary and fiscal authorities, in the vein of those inferred in Europe by the mandate of the European central bank and by the stability and growth pact. As these policies have been designed for an imaginary self regulated system, they are likely to make the situation worse. Measures adapted to the (Post)Keynesian representation of the real world are therefore also suggested.

Keywords: Depression; Financial crisis; Fiscal policy; Monetary policy; Recession; Crise financière; Politique monétaire; Politique budgétaire (search for similar items in EconPapers)
Date: 2008-10-28
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Handle: RePEc:hal:cepnwp:halshs-00335554