The MONIAC Updated for the Era of Permanent Financial Crisis
AbstractThis paper updates the Phillips Machine (or Â«MONIACÂ») by including a malfunctioning financial sector. An augmented Phillips model is outlined which can provide a solution to the problem of unfunded retirement income liabilities (via James Meade's Consumed Income Tax Structure) whilst providing an uninterruptible flow of savings into the capital goods sector (thus insulating the macroeconomy from crises originating in the financial sector).
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Bibliographic InfoPaper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1108.
Date of creation: 2011
Date of revision:
Other versions of this item:
- Leeson Robert, 2011. "The MONIAC Updated for the Era of Permanent Financial Crises," Economia politica, Società editrice il Mulino, issue 1, pages 103-130.
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
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- Markowitz, Harry M, 1991.
" Foundations of Portfolio Theory,"
Journal of Finance,
American Finance Association, vol. 46(2), pages 469-77, June.
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