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Can It Happen Again?
The Changing Nature of American Business Cycles
An Interpretation of Keynes and an Alternative to Standard Theory
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aggregate asset prices balance sheets behavior billion boom borrowing business cycle capital assets capitalist economy cash flows cash payment commitments central bank changes cial commercial banks constraint consumption costs debt debt-deflation debt-income ratios decrease deep depression demand deposits determined effective employment equity euphoric ex ante saving exists expected fall Federal Reserve System financial assets financial crisis financial instability hypothesis financial institutions financial markets financial structure financial system function funds government deficit gross capital income gross profits growth of income hedge financing households increase inflation interest rates investment output J. M. Keynes Keynes Keynesian lead lender of last liability structure liquidity preference ment monetary system money market money supply nancing nonfinancial corporations occur period Ponzi finance portfolio position price level price of capital production quantity of money quasi-rents rate of growth real assets real capital refinancing relation repurchase agreements result rise stability take place taxes tion uncertainty velocity wage
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