Authors
Maria Nikolaidi, Engelbert Stockhammer
Publication date
2017/12/1
Journal
Journal of Economic Surveys
Volume
31
Issue
5
Pages
1304-1331
Description
Minsky's ideas have recently gained prominence in the mainstream as well as in the heterodox literature. However, there exists no agreement upon the formal presentation of Minsky's insights. The aim of this paper is to survey the literature and identify differences and similarities in the ways through which Minskyan ideas have been formalized. We distinguish between the models that focus on the dynamics of debt or interest, with no or a secondary role for asset prices, and the models in which asset prices play a key role in the dynamic behavior of the economy. Within the first category of models, we make a classification between (i) the Kalecki–Minsky models, (ii) the Kaldor–Minsky models, (iii) the Goodwin–Minsky models, (iv) the credit rationing Minsky models, (v) the endogenous target debt ratio Minsky models and (vi) the Minsky–Veblen models. Within the second category of models, we distinguish between (i …
Total citations
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Scholar articles
M Nikolaidi, E Stockhammer - Analytical Political Economy, 2018