A monetary Minsky model of the Great Moderation and the Great Recession |
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| Institution: | 1. University of Niš, Faculty of Mechanical Engineering, Aleksandra Medvedeva 14, 18000 Niš, Serbia;2. University of Nis, Faculty of Economics, Trg kralja Aleksandra 11, 18000 Niš, Serbia;1. Universitat Jaume I, Campus del Riu Sec, 12071 Castellon, Spain;2. DIME-CINEF, Università degli Studi di Genova, Via Opera Pia 15, 16145 Genova, Italy;3. Department of Economics, University Ca’ Foscari of Venice, Cannaregio 873, 30121 Venezia, Italy;1. Agence Française de Développement, France;2. World Bank, United States |
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| Abstract: | 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. |
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