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
Conversations with Hyman Minsky | 3 |
2 Minsky on Himself | 13 |
The Power of the Wall Street Paradigm | 27 |
Depression or Inflation? | 63 |
5 Intermediation Disintermediation and Direct Trading | 71 |
Discounting versus Open Market Intervention | 85 |
7 From Business Cycles to the Economics of Instability | 105 |
Neo Post and New | 121 |
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activity aggregate American analysis approach argues balance become behavior borrowers business cycle Cambridge capital assets capitalist cash flows cause central bank commitments corporate costs course crisis curve debt decline demand deposits determined developed direct discussed dynamics Economic effect endogenous equation equilibrium equities expectations fall Federal Reserve financial instability financial markets firms fluctuations follows fragility function fundamental funds growth ideas important income increase influence innovation institutions interest interest rates intermediation internal intervention investment issue Italy Journal Keynes Keynesian lead lenders lending liabilities liquidity loans macroeconomic mainstream Minsky Minsky's monetary monetary policy money supply neoclassical output period position Press problem productivity profits quantity rates ratio reduce relations reserves result Review rise risk role savings stability structure supply theory tion trade United University York