Minsky models: a structured survey

Maria Nikolaidi and Engelbert Stockhammer

No 17448, Greenwich Papers in Political Economy from University of Greenwich, Greenwich Political Economy Research Centre

Abstract: Minsky’s ideas have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of Minsky’s insights. The aim of this paper is to survey the literature and identify differences and similarities in the ways through which Minskyan ideas have been formalised. We distinguish between the models that focus on the dynamics of debt or interest, with no or a secondary role for asset prices, and the models in which asset prices play a key role in the dynamic behaviour of the economy. Within the first category of models we make a classification between (i) the Kalecki-Minsky models, (ii) the Kaldor-Minsky models, (iii) the Goodwin-Minsky models, (iv) the credit rationing Minsky models, (v) the endogenous target debt ratio models and (vi) the Minsky-Veblen models. Within the second category of models, we distinguish between (i) the equity price Minsky models and (ii) the real estate price Minsky models. Key limitations of the models and directions for future research are outlined.

Keywords: business cycles; financial instability; post-Keynesian economics; debt cycles (search for similar items in EconPapers)
JEL-codes: B50 E32 G01 (search for similar items in EconPapers)
Date: 2017-06-26
New Economics Papers: this item is included in nep-his, nep-hme, nep-mac and nep-pke
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Citations: View citations in EconPapers (54)

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Related works:
Journal Article: MINSKY MODELS: A STRUCTURED SURVEY (2017)
Working Paper: Minsky models: a structured survey (2017)
Working Paper: Minsky models: A structured survey (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:gpe:wpaper:17448

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