<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672002000400013</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Keynes and monetary policy in speculative markets]]></article-title>
<article-title xml:lang="es"><![CDATA[Keynes y la política monetaria en los mercados especulativos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Toporowski]]></surname>
<given-names><![CDATA[Jan]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,South Bank University  ]]></institution>
<addr-line><![CDATA[London ]]></addr-line>
<country>United Kingdom</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2002</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2002</year>
</pub-date>
<volume>62</volume>
<numero>242</numero>
<fpage>13</fpage>
<lpage>32</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672002000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672002000400013&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672002000400013&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract 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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen 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.]]></p></abstract>
</article-meta>
</front><back>
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