A Theory of Minsky Super-cycles and Financial Crises

Abstract

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Inequality of Income and Wealth in the Long Run: A Kaldorian Perspective

“…The analysis, first, has focused primarily on the link between aggregate demand and distribution, but left out a detailed analysis of the effects on the employment rate . Next, the focus of the analysis on steady growth paths may be unsatisfactory especially from a Minskian perspective of long waves (Minsky, ; Palley, ; Ryoo, ): the long‐run movement of aggregate demand and distribution may be better described as subsequent phases of endogenous long swings rather than the movement across steady growth paths. The Minskian perspective brings to the fore the issues regarding the sustainability of a prolonged upward stretch of aggregate demand and income inequality .…”

Household Debt Accumulation and the Great Recession of the United States: A Comparative Perspective

“…This long-wave view has become prominent for post-Keynesians more recently. Palley (2011), for example, formulates Minsky’s idea more explicitly from the long-wave perspective to understand the rise of household debt and the Great Recession. He distinguishes between short cycles and super cycles in interpreting the financial instability hypothesis.…”

Debt Cycles, Instability and Fiscal Rules: A Godley-Minsky Model

“…(17), the target net debt-to-income ratio depends on (a) cyclical changes in economic growth and (b) deep long-run economic, institutional and social factors. Following the distinction that Palley (2011) has made between Minsky basic cycle and Minsky super cycle, it could be argued that the cyclical changes effects are related to the Minsky basic cycle, while the deep long-run factors have to do with the Minsky super cycle which has a longer time horizon. In this paper, B P d is deemed constant 9 For a similar formulation that focuses on the endogeneity of the desired margins of safety of firms and banks see Nikolaidi (2014).…”