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
Hyman Minsky | 3 |
DIMITRI B PAPADIMITRIOU | 13 |
The Power | 27 |
Intermediation Disintermediation | 71 |
Minskys Two Price Theory of Financial Instability | 85 |
From Business Cycles to the Economics | 105 |
Minskys Financial Instability Hypothesis and the Endogeneity | 161 |
Conference Participant List | 181 |
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Common terms and phrases
aggregate demand analysis approach asymmetric information balance sheets bank loans banking system behavior borrowers business cycle Cambridge cash commitments cash flows central bank constraints corporate current output debt commitments debt deflation default deficits deposits determined developed discount discussed Dymski dynamics economists effect endogenous equation equilibrium equities exogenous expectations Fazzari Federal Reserve financial crisis financial fragility financial instability financial institutions financial markets financial structure firms fluctuations Friedman function funds growth Harvard Hyman Minsky impact income increase innovation interest rates intermediation intervention investment project John Maynard Keynes Journal of Economic Keynesian Keynesian Economics lender-of-last-resort lenders lending leverage liabilities liquidity preference macroeconomic mainstream ment Minsky's monetary policy money market money supply nomic nonlinear paper parameters Ponzi post-Keynesian Post-Keynesian Economics price of capital productivity profits rate of interest ratio real business cycle Review rise risk role stability theory of investment tion trade wages Washington University York