کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
883672 | 1471677 | 2013 | 15 صفحه PDF | دانلود رایگان |
Steve Keen's model of Minsky's Financial Instability Hypothesis (Keen, 1995) displayed qualitative characteristics that matched the real macroeconomic and income-distributional outcomes of the preceding and subsequent fifteen years: a period of economic volatility followed by a period of moderation, leading to a rise of instability once more and a serious economic crisis. This paper extends that model to build a strictly monetary macroeconomic model which can generate the monetary as well as the real phenomena manifested by both The Great Recession and The Great Moderation.
Research highlights
► Explicitly monetary model of Minsky's Financial Instability Hypothesis.
► Reproduces stylized facts of Great Moderation and Great Recession.
► Showcases new tabular method for developing dynamic models of financial flows.
Journal: Journal of Economic Behavior & Organization - Volume 86, February 2013, Pages 221–235