Modeling Financial Crises: A Schematic Approach
AbstractJohn Maynard Keynes’ argued that crises were systemic and that, unless serious reforms were implemented, they would tend to grow in frequency and severity. The paper sets out to build a Keynes-style model of crises that captures both the unique characteristics of each type and their common roots. A schematic method is employed that traces the processes in time and shows how events become interrelated and mutually causal. This permits us, as much as possible, to see everything at once, a necessity when the build up to a crisis may manifest itself in so many places
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Bibliographic InfoPaper provided by Texas Christian University, Department of Economics in its series Working Papers with number 201001.
Length: 32 pages
Date of creation: Jan 2010
Date of revision:
Publication status: Published in Journal of Post Keynesian Econoimics, Fall 2010, pp.61-81
financial crisis; Keynes; Minsky;
Other versions of this item:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- G01 - Financial Economics - - General - - - Financial Crises
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- Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Study Group (PKSG).
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