Finance, Investment and Economic Fluctuations: An Analysis in the Tradition of Hyman P. Minsky

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Overview

Eric Nasica provides a contemporary analysis of the relationship between finance, investment and fluctuations. He focuses on the contributions of Hyman P. Minsky and, in particular, on his financial instability hypothesis. He also examines more recent models of financial instability, based on dynamic non-linear systems and asymmetric information, but finds that they are unable to account adequately for the behaviours of agents in situations of uncertainty and for the role of institutions in the unfolding of fluctuations. Minsky's theory of fluctuations accounts for these factors in the role of 'institutional dynamics'. Finally, the author compares Minsky's approach and new Keynesian theory of fluctuations and finds that they have a similar approach to uncertainty and macroeconomic instability.
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Product Details

  • ISBN-13: 9781858988962
  • Publisher: Elgar, Edward Publishing, Inc.
  • Publication date: 8/1/2000
  • Pages: 240

Table of Contents

List of figures and table
Foreword
Acknowledgements
Introduction
Pt. 1 Minsky's Endogenous and Financial Cycles
1 The Post-Keynesian Legacy 3
2 The Financial Theory of Investment 14
3 The 'Incoherence" of Market Economies 29
Pt. 2 Modelling the Financial Instability Hypothesis
4 Linear and Non-Linear Models 51
5 New-Keynesian Models 77
Pt. 3 Rationality, Institutions and Financial Instability
6 Modelling Minsky's Theory with New-Keynesian Concepts 129
7 Institutional Dynamics 170
Conclusion 197
References 203
Index 219
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