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The Minskyan System, Part III: System Dynamics Modeling of a Stock Flow-Consistent Minskyan Model

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  • Eric Tymoigne

Abstract

This is the last part of a three-part analysis of the Minskyan Framework. The paper presents a model that studies some of the features presented in Parts I and II. The model is Post-Keynesian in nature and puts a large emphasis on the role of conventions and the importance of the financial side. In doing so, it provides an innovative way to determine aggregate investment and to introduce nonlinearities in the modeling of Minsky's framework. This nonlinearity relies on the shifting property of conventions and the behavioral and psychological assumptions that they carry. Another specific characteristic of the model is that it is stock-flow consistent and explicitly takes into account the amortization of principal and refinancing loans. All of the modeling is done by using system dynamics, a flexible but rigorous modeling tool that gives the modeler a good understanding of the dynamics of complex models.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_455.

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Date of creation: Jun 2006
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Handle: RePEc:lev:wrkpap:wp_455

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  1. Steven Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1987. "Financing Constraints and Corporate Investment," NBER Working Papers 2387, National Bureau of Economic Research, Inc.
  2. Marc Lavoie, 2005. "Monetary base endogeneity and the new procedures of the asset-based Canadian and American monetary systems," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., M.E. Sharpe, Inc., vol. 27(4), pages 689-709, July.
  3. Kregel, J A, 1977. "On the Existence of Expectations in English Neoclassical Economics," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 15(2), pages 495-500, June.
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Cited by:
  1. Jakob Kapeller & Bernhard Sch├╝tz, 2012. "Debt, Boom, Bust: A Theory of Minsky-Veblen Cycles," Economics working papers, Department of Economics, Johannes Kepler University Linz, Austria 2012-14, Department of Economics, Johannes Kepler University Linz, Austria.

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