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Fluttuazioni endogene, deflazione da debiti e instabilità finanziaria

Author

Listed:
  • Piero Ferri

    (Università degli Studi di Bergamo, Facoltà di Economia, Bergamo)

Abstract

This paper studies the relationships between endogenous fluctuations and financial crises with reference to some of the concepts, tools and methodologies that are based on the analysis of Minsky. In particular, the article uses a function of investment based on the concept of "cash flow" and connects it to a particular structure of the labor market can generate a changing distribution of income. These equations are enriched by the presence of expectations of various actors who seek to "learn" the dynamics of the system by referring to "rolling regressions". The simulations of the non-linear model are able to generate persistent fluctuations that are accompanied, depending on the assumptions made??, by phenomena inflation or deflation. In this context, financial instability and debt deflation are more the inability of the system to fluctuate given that the bursting of financial bubbles as in Minsky.

Suggested Citation

  • Piero Ferri, 2006. "Fluttuazioni endogene, deflazione da debiti e instabilità finanziaria," Moneta e Credito, Economia civile, vol. 59(234), pages 129-149.
  • Handle: RePEc:psl:moneta:2006:22
    as

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    File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9749/9635
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    References listed on IDEAS

    as
    1. Riccardo Bellofiore & Piero Ferri (ed.), 2001. "Financial Fragility and Investment in the Capitalist Economy," Books, Edward Elgar Publishing, number 2074.
    2. Ian Dew-Becker & Robert J. Gordon, 2005. "Where Did Productivity Growth Go? Inflation Dynamics and the Distribution of Income," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 36(2), pages 67-150.
    3. Velupillai, K. Vela, 2006. "A disequilibrium macrodynamic model of fluctuations," Journal of Macroeconomics, Elsevier, vol. 28(4), pages 752-767, December.
    4. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393, Elsevier.
    5. Steven M. Fazzari & Anna Maria Variato, 1994. "Asymmetric Information and Keynesian Theories of Investment," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 16(3), pages 351-369, April.
    6. Asada, Toichiro & Chen, Pu & Chiarella, Carl & Flaschel, Peter, 2006. "Keynesian dynamics and the wage-price spiral: A baseline disequilibrium model," Journal of Macroeconomics, Elsevier, vol. 28(1), pages 90-130, March.
    7. William R. White, 2006. "Is price stability enough?," BIS Working Papers 205, Bank for International Settlements.
    8. Hyman P. Minsky & Piero Ferri, 1984. "Prices, Employment, and Profits," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 6(4), pages 489-499, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    fluttuazioni endogene ; crisi finanziarie; Minsky; distribuzione del reddito;
    All these keywords.

    JEL classification:

    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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