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Economists and depression: did it happen again? On Minsky's financial macroeconomics

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  • Jan Kregel

    (Levy Economics Institute of Bard College, Annandale-on-Hudson (NY))

Abstract

Few economist expected the severity of the recent financial crisis because they were no longer familiar with the early literature of monetary cycles. Hyman Minsky preserved this tradition in his financial instability hypothesis. This paper shows how it would have provided a more cogent interpretation of the impact of the subprime mortgage crisis on the financial system and the real economy.

Suggested Citation

  • Jan Kregel, 2014. "Economists and depression: did it happen again? On Minsky's financial macroeconomics," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 22(3), pages 137-148.
    • Handle: RePEc:hid:journl:v:22:y:2014:3:6:p:137-148
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