Nikolaidi, Maria ORCID: 0000-0002-8188-5482 (2017) Three decades of modelling Minsky: what we have learned and the way forward. European Journal of Economics and Economic Policies: Intervention, 14 (2). pp. 222-237. ISSN 2052-7764 (Print), 2052-7772 (Online) (doi:https://doi.org/10.4337/ejeep.2017.02.05)

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Abstract

This paper intends to contribute to the contemporary discussions about Minsky’s economics by reviewing how the key ideas of Minsky have been formalised in the heterodox literature over the last three decades or so. First, a distinction is made between the different models based on (a) the source of financial instability they focus on, (b) the type of heterodox macroeconomic framework into which Minskyan ideas are incorporated and (c) the purpose and the nature of the dynamic analysis. Second, the key lessons learned from modelling Minsky are outlined. Finally, the paper calls for more empirically-driven models, points out the usefulness of agent-based approaches and highlights the need for the development of Minsky models on open economy, shadow banking and environmental issues.

Item Type:	Article
Uncontrolled Keywords:	Minsky, financial instability, Post-Keynesian economics
Subjects:	H Social Sciences > H Social Sciences (General)
Faculty / School / Research Centre / Research Group:	Faculty of Business Faculty of Business > Department of International Business & Economics Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Related URLs:	Publisher
Last Modified:	04 Aug 2021 16:33
URI:	http://gala.gre.ac.uk/id/eprint/17509

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