A Reconsideration of the Formal Minskyan Analysis: Microfundations, Endogenous Money and the Public Sector

20 Pages Posted: 22 Mar 2012 Last revised: 9 Oct 2012

See all articles by Carl Chiarella

Carl Chiarella

University of Technology, Sydney - UTS Business School, Finance Discipline Group

Corrado Di Guilmi

University of Technology Sydney (UTS) - UTS Business School

Date Written: October 6, 2011

Abstract

The paper presents a survey of the literature that has grown out of the work of Hyman Minsky and, in particular, of the main models which have mathematically formalized the cyclical dynamics of a capitalist economy implied by the Financial Fragility Hypothesis. We identify some of the issues that the existing literature has left unresolved. We then briefly summarize the contributions by Chiarella and Di Guilmi (2011a; 2011d), highlighting how these papers have addressed the open questions and how they could be further developed.

Keywords: financial instability hypothesis, endogenous money, agent based modelling, complex dynamics

JEL Classification: E12, E22, E44

Suggested Citation

Chiarella, Carl and Di Guilmi, Corrado, A Reconsideration of the Formal Minskyan Analysis: Microfundations, Endogenous Money and the Public Sector (October 6, 2011). Available at SSRN: https://ssrn.com/abstract=1939619 or http://dx.doi.org/10.2139/ssrn.1939619

Carl Chiarella

University of Technology, Sydney - UTS Business School, Finance Discipline Group ( email )

PO Box 123
Broadway, NSW 2007
Australia
+61 2 9514 7719 (Phone)
+61 2 9514 7711 (Fax)

HOME PAGE: http://www.business.uts.edu.au/finance/

Corrado Di Guilmi (Contact Author)

University of Technology Sydney (UTS) - UTS Business School ( email )

Sydney
Australia

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