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Stabilizing an unstable economy (Chapters 1-2)

Listed author(s):
  • Minsky, Hyman

    (Self-employed)

In the first chapter of his seminal book Hyman Minsky formulates methodological orientations in economic studies and general economic policies. The second chapter is devoted to the analysis of the period of financial instability in the United States since the late 1960's to early 1980's and the first recession 1973-1975. The author shows that due to the fiscal stimulus on the part of Big Government and the central bank as a lender of last-instance the US economy managed to avoid the depression and recession relatively quickly overcome. It happened not only because deficit financing budget expenditures supported the demand, but also because of increasing public debt act as a stabilizer of portfolios of creditors. During this period, it changed the character of the economic crisis and recession: instead of deep depression financial instability has taken a high and accelerating inflation form.

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File URL: ftp://w82.ranepa.ru/rnp/ecopol/ep1627.pdf
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Article provided by Russian Presidential Academy of National Economy and Public Administration in its journal Economic Policy.

Volume (Year): 2 (2016)
Issue (Month): (April)
Pages: 52-91

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Handle: RePEc:rnp:ecopol:ep1627
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  1. Richard H. Day, 1983. "The Emergence of Chaos from Classical Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 98(2), pages 201-213.
  2. Milton Friedman, 1971. "A Theoretical Framework for Monetary Analysis," NBER Books, National Bureau of Economic Research, Inc, number frie71-1, November.
  3. Sargent, Thomas J. & Wallace, Neil, 1976. "Rational expectations and the theory of economic policy," Journal of Monetary Economics, Elsevier, vol. 2(2), pages 169-183, April.
  4. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
  5. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
  6. Blatt, John M, 1978. "On the Econometric Approach to Business-Cycle Analysis," Oxford Economic Papers, Oxford University Press, vol. 30(2), pages 292-300, July.
  7. Day, Richard H, 1982. "Irregular Growth Cycles," American Economic Review, American Economic Association, vol. 72(3), pages 406-414, June.
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