Keynes emphasized a specific situation in which the liquidity preference becomes absolute, leading to monetary policy ineffectiveness when nominal interest approaches the zero-bound rate. This situation was termed a liquidity trap (LT) by Robertson and was popularized by the Hicks- Hansen...

Introduction -- Compounding financialization, critical pluralist political economy, and historical-institutional balance-sheet analysis -- Political economy and the financialization of American banking -- The centralization and financialization of American monetary authority -- Shadow banking,...