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 10: New tools for dynamics

Piero Ferri

Abstract

This chapter has two aims. On the one hand, it tries to generalize the stylized facts it can deal with. In fact, the 1984 paper I co-authored with Minsky was conceived in a period of stagflation, a relatively new phenomenon which challenged the neoclassical synthesis. It is important to stress that in the paper this phenomenon is generated without referring to supply shocks. However, since this was a typical phenomenon of the 1980s, there is a necessity in this chapter to deal with new stylized facts, characterized by moderate inflation or even deflation. On the other hand, the chapter suggests new tools for carrying out endogenous dynamics.

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