Eric Tymoigne is Assistant Professor of Economics at California State University Fresno.

• 1 Introduction, 2 Central banking, asset prices, and financial fragility, 3 Asset-price theories and central banking, 4 Against the instrumental use of interest rates, 5 An analysis of financial fragility in the Minskian tradition, 6 Financial matters in the decisions of the FOMC, 7 Conclusion: A New Role for the Central Bank, Appendix 1: Own-Rates of Interest, Real Rates of Interest, and Money Rates of Interest, Appendix 2: The Aggregate Liquidity Preference Ratio with K Assets, Appendix 3: Immunization Procedure with Consols, Appendix 4: Econometric Analysis of Inflation and Interest Rates, Appendix 5: Financial Disturbances and Financial Crises in the U.S

Eric Tymoigne is Assistant Professor of Economics at California State University Fresno.

• 1 Introduction, 2 Central banking, asset prices, and financial fragility, 3 Asset-price theories and central banking, 4 Against the instrumental use of interest rates, 5 An analysis of financial fragility in the Minskian tradition, 6 Financial matters in the decisions of the FOMC, 7 Conclusion: A New Role for the Central Bank, Appendix 1: Own-Rates of Interest, Real Rates of Interest, and Money Rates of Interest, Appendix 2: The Aggregate Liquidity Preference Ratio with K Assets, Appendix 3: Immunization Procedure with Consols, Appendix 4: Econometric Analysis of Inflation and Interest Rates, Appendix 5: Financial Disturbances and Financial Crises in the U.S

Eric Tymoigne is Assistant Professor of Economics at California State University Fresno.

• 1 Introduction, 2 Central banking, asset prices, and financial fragility, 3 Asset-price theories and central banking, 4 Against the instrumental use of interest rates, 5 An analysis of financial fragility in the Minskian tradition, 6 Financial matters in the decisions of the FOMC, 7 Conclusion: A New Role for the Central Bank, Appendix 1: Own-Rates of Interest, Real Rates of Interest, and Money Rates of Interest, Appendix 2: The Aggregate Liquidity Preference Ratio with K Assets, Appendix 3: Immunization Procedure with Consols, Appendix 4: Econometric Analysis of Inflation and Interest Rates, Appendix 5: Financial Disturbances and Financial Crises in the U.S