Minsky’s Moment
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Minsky’s Moment

An Insider’s View on the Economics of Hyman Minsky

Piero Ferri

At its core this book sets out the analytical and methodological foundations of Minsky’s financial instability hypothesis (FIH). Grounded on the joint work of Piero Ferri and Hyman Minsky, it offers insightful analysis from a unique insider's perspective. The objective is to deepen and enlarge the toolbox used by Minsky and to place the analysis within a dynamic perspective where a meta model, based upon regime switching, can encompass the different forms that the FIH can assume.
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Chapter 2: The Minsky moment and the economics of Minsky

Piero Ferri

Abstract

This chapter relates the so-called Minsky moment, that is, a period of financial turbulence characterized by high debt leverage, falling growth and increasing inequalities, to his financial instability hypothesis that had the Great Depression as its source of inspiration. The financial instability hypothesis has been formalized in different ways that have increased enormously during the Great Recession and its aftermath. In this chapter, its relationship with the economics of Minsky will be developed. In particular, the chapter shows how the financial instability hypothesis can be derived from so-called financial Keynesianism.

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