Skip navigation

Three decades of modelling Minsky: what we have learned and the way forward

Three decades of modelling Minsky: what we have learned and the way forward

Nikolaidi, Maria (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)

[img]
Preview
PDF (Author Accepted Manuscript)
17509 NIKOLAIDI_Three_Decades_of_Modelling_Minsky_2017.pdf - Accepted Version

Download (405kB) | Preview
[img] PDF (Acceptance Email)
17509 NIKOLAIDI_Acceptance_Email_2017.pdf - Additional Metadata
Restricted to Repository staff only

Download (182kB)

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
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of International Business & Economics
Faculty of Business > Greenwich Political Economy Research Centre (GPERC)
Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) > Greenwich Political Economy Research Centre (GPERC)
Related URLs:
Last Modified: 02 Mar 2019 01:38
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/17509

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics