A Theory of Minsky Super-Cycles and Financial Crises
Thomas Palley
No 05-2009, IMK Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute
Abstract:
This paper argues that Hyman Minsky's financial instability hypothesis weaves together a medium term Keynesian approach to the business cycles in the spirit of Samuelson (1936) and Hicks (1950) with long cycle thinking of economists such as Schumpeter (1939) and Kondratieff. Post Keynesians have devoted considerable attention to the medium term dimension of Minsky's thinking. The current paper concentrates on the long swing dimension and introduces the idea of "Minsky super-cycles." It is the supercycle that ultimately permits financial crisis. Whereas financially driven business cycles occur every decade, financial crises occur over longer durations reflecting the longer phase of the super-cycle.
Keywords: Minsky; business cycles; financial instability hypothesis (search for similar items in EconPapers)
Pages: 32 pages
Date: 2009
New Economics Papers: this item is included in nep-bec, nep-cba, nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (7)
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Related works:
Chapter: A Theory of Minsky Super-cycles and Financial Crises (2013)
Journal Article: A Theory of Minsky Super-cycles and Financial Crises * (2011) 
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Persistent link: https://EconPapers.repec.org/RePEc:imk:wpaper:5-2009
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