A Hipótese da Instabilidade Financeira e o Novo Consenso Macroeconômico

Abstract

The New Consensus in Macroeconomics (NCM) arose in the 1990's in the context of the Great Moderation. It's hypotheses had great influence in the formulation of liberalizing policies and in the relaxation of financial regulations in the period prior to the 2008 financial crisis. This article critically analyzes the theoretical framework of the NCM and it's implications for the formulation of economic policies in the pre-crisis context from Minsky's theory and Financial Instability Hypothesis standpoint.