Research Catalog

Title

New perspectives in monetary macroeconomics : explorations in the tradition of Hyman P. Minsky / edited by Gary Dymski and Robert Pollin.

Publication

Ann Arbor : University of Michigan Press, [1994], ©1994.

Items in the Library & Off-site

Holdings

Details

Additional Authors

• Minsky, Hyman P.
• Dymski, Gary.
• Pollin, Robert.

Description

vii, 414 pages : illustrations; 24 cm

Summary

• The defining characteristic of the monetary and financial systems of the capitalist economies since the 1960s has been persistent and fundamental change. Some indicators of this change include the patterns toward financial deregulation, historically high interest rates, and increasingly frequent and severe bouts of financial instability. The essays in this book build from the contributions of Hyman P.
• Minsky, whose theories in the areas of monetary macroeconomics, unlike those of nearly all practitioners in this field, have sought to understand the processes of structural change and instabilities as inherent features of capitalist economies.
• New Perspectives in Monetary Macroeconomics includes essays that explore the nature of Keynesian uncertainty and the systematic sources of financial instability; empirical essays that consider, among other topics, instability in the contemporary international economy, the Latin American debt crisis, the Great Depression, and the political forces influencing central banks; and essays in analytic history that consider the connections between Minsky's work and that of Schumpeter, Marx, and the Sraffian school.
• The book's overall contribution advances thinking in four interrelated areas: how financial factors play a central role in establishing the pace and direction of real investment; how financial fragility emerges through endogenous market practices; how money and credit are generated endogenously through financial market activity rather than simply through prior saving and central bank interventions; and how financial markets are an important site of inter- and intra-class conflict, especially as manifested through the policies of central banks and other important governmental institutions.

Subjects

• Sraffa, Piero
• Macroeconomics
• International finance
• Uncertainty
• Marx, Karl, 1818-1883
• Schumpeter, Joseph A., 1883-1950
• Minsky, Hyman P
• Monetary policy

Bibliography (note)

• Includes bibliographical references and index.

Contents

• 1. Introduction / Robert Pollin and Gary Dymski -- 2. Financial Fragility: Is an Etiology at Hand? / Lance Taylor -- 3. Complex Dynamics in a Simple Macroeconomic Model with Financing Constraints / Domenico Delli Gatti, Mauro Gallegati and Laura Gardini -- 4. Asymmetric Information, Uncertainty, and Financial Structure: "New" versus "Post" Keynesian Microfoundations / Gary Dymski -- 5. Are Keynesian Uncertainty and Macrotheory Compatible? Conventional Decision Making, Institutional Structures, and Conditional Stability in Keynesian Macromodels / James Crotty -- 6. Minskian Fragility in the International Financial System / H. Peter Gray and Jean M. Gray -- 7. Debt Crisis Adjustment in Latin America: Have the Hardships Been Necessary? / David Felix -- 8. Financial Fragility and the Great Depression: New Evidence on Credit Growth in the 1920s / Dorene Isenberg -- 9. A Political Economy Model of Comparative Central Banking / Gerald Epstein.
• 10. Saving, Finance and Interest Rates: An Empirical Consideration of Some Basic Keynesian Propositions / Robert Pollin and Craig Justice -- 11. Minsky, Keynes and Sraffa: Investment and the Long Period / Edward Nell -- 12. Joseph Schumpeter: A Frustrated "Creditist" / James S. Earley -- 13. Marx, Minsky and Monetary Economics / Arnie Arnon -- 14. The Costs and Benefits of Financial Instability: Big Government Capitalism and the Minsky Paradox / Robert Pollin and Gary Dymski.

ISBN

0472104721 (alk. paper)

LCCN

93045596

OCLC

• 29520763
• ocm29520763

Owning Institutions

Columbia University Libraries