Pages

Models Building On Minsky

Some recent resources on Hyman Minsky:
  • Gauti B. Eggertsson and Paul Krugman (2010) "Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach"
  • Steve Keen (15 March 2011) "The Debt Krugman Would Rather Forget", Business Spectator.
  • Steve Keen (2011) "A Monetary Minsky Model of the Great Moderation and Great Recession", Journal of Economic Behavior & Organization
  • Thomas I. Palley (April 2010)"The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis", Monthly Review, V. 61, Iss. 11.
  • Thomas I. Palley (2011) "A Theory of Minsky Super-Cycles and Financial Crises", Contributions to Political Economy.
  • Lance Taylor and Stephen A. O'Connell (1985) "A Minsky Crisis", Quarterly Journal of Economics, V. 100, Supplement: pp. 871-885.
With some work, one can find downloadable copies of the above papers containing the formal models. In the more popular paper above, Keen criticizes Krugman for retaining flawed assumptions of mainstream macroeconomics. Why should anyone care at this point how a Dynamic Stochastic General Equilibrium (DSGE) model can be tweaked? Palley's Monthly Review article is also deliberately designed to generate controversy. He argues that Minsky's approach needs to be supplemented by more structuralist explanations.

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)
  • Stiglitz the Keynesian... Web review of economics: Stigliz has an article, "Capitalist Fools", in the January issue of Vanity Fair. He argues that the new depression is the result of:Firing...
  • It's Never Enough Until Your He... Web review of economics: Aaron Swartz quotes a paper by Louis Pascal posing a thought experiment. I wonder if many find this argument emotionally unsatisfying. It...
  • Michele Boldrin Confused About Marx... Web review of economics: Michele Boldrin has written a paper in which supposedly Marxian themes are treated in a Dynamic Stochastic Equilibrium Model (DSGE). He...
  • Negative Price Wicksell Effect, Pos... Web review of economics: 1.0 IntroductionI have previously suggested a taxonomy of Wicksell effects. This post presents an example with:The cost-minimizing...
  • Designing A Keynesian Stimulus Plan... Web review of economics: Some version of this New York Times article contains the following passage:"A blueprint for such spending can be found in a study financed...
  • Robert Paul Wolff Blogging On Books... Web review of economics: Here Wolff provides an overview of Marx, agrees with Morishima that Marx was a great economist, and mentions books by the analytical...
  • Simple and Expanded Reproduction... Web review of economics: 1.0 IntroductionThis post presents a model in which a capitalist economy smoothly reproduces itself. The purpose of such a model is not to...
  • How Individuals Can Choose, Even Th... Web review of economics: 1.0 IntroductionI think of this post as posing a research question. S. Abu Turab Rizvi re-interprets the primitives of social choice theory...