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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 8: Micro and macro in Minsky’s models

Piero Ferri

Extract

This chapter starts deepening Minsky’s contributions and, in particular, it considers the different solutions offered to the methodological problems arising from the presence of heterogeneous agents interacting within a dynamic system. The thesis put forward is that underlying this variety of proposals there are two unifying principles. First, macro dynamics are dominated by a complex set of forces that can generate instability along with a set of policies and institutions that can thwart it. Second, microeconomics tends to be macrofounded. The variety of approaches underlying the micro–macro relationships is a sign of richness in a research field where compromises are inevitable.

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