TY - JOUR
T1 - A monetary Minsky model of the Great Moderation and the Great Recession
AU - Keen, Steve
PY - 2013
Y1 - 2013
N2 - 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.
AB - 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.
UR - http://handle.uws.edu.au:8081/1959.7/530326
U2 - 10.1016/j.jebo.2011.01.010
DO - 10.1016/j.jebo.2011.01.010
M3 - Article
SN - 0167-2681
VL - 86
SP - 221
EP - 235
JO - Journal of Economic Behavior and Organization
JF - Journal of Economic Behavior and Organization
ER -
