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

Maria Nikolaidi

European Journal of Economics and Economic Policies: Intervention, 2017, vol. 14, issue 2, 222-237

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

Keywords: Minsky; financial instability; post-Keynesian economics (search for similar items in EconPapers)
JEL-codes: E12 E32 E44 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (9)

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Working Paper: Three decades of modelling Minsky: what we have learned and the way forward (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:14:y:2017:i:2:p222-237

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