Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P.MinskyThis collection of papers on financial instability and its impact on macroeconomic performance honours Hyman P. Minsky and his lifelong work. It is based on a conference at Washington University, St. Louis, in 1990 and includes among the authors Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and Steven Fazzari. These papers consider Minsky's definitive analysis that yields such a clear and disturbing sequence of financial events: booms, government intervention to prevent debt contraction and new booms that cause a progressive buildup of new debt, eventually leaving the economy much more fragile financially. |
Contents
Minsky on Himself | |
The Power | |
Direct Trading | |
Minskys Two Price Theory of Financial Instability | |
of Instability | |
Commitments | |
Minskys Financial Instability Hypothesis and | |
Conference Participant List | |
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Common terms and phrases
aggregate aggregate demand analysis approach asymmetric information balance sheets bank loans bank reserves banking system behavior borrowers business cycle Cambridge capitalist economy cash flows central bank constraints corporate credit crunch current output curve debt commitments debt deflation default demand deposits determined developed discount discussed disintermediation Dymski dynamics economists effect endogenous endogenous instability endogenous money equation equilibrium equities exogenous expectations Fazzari Federal Reserve financial crisis financial fragility financial institutions financial markets financial structure firms fluctuations Friedman function fundamental funds growth Harvard Hyman Minsky income increase innovation interest rates intermediation intervention investment project John Maynard Keynes Journal of Economic lenders lending leverage liabilities liquidity preference macroeconomic mainstream Minsky's monetary policy money market money supply neoclassical synthesis nonlinear paper parameters Ponzi post-Keynesian price of capital production profits rate of interest ratio real business cycle rise risk stability theory of investment trade University Press Washington University York