Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/178563 
Year of Publication: 
2015
Citation: 
[Journal:] Journal of Risk and Financial Management [ISSN:] 1911-8074 [Volume:] 8 [Issue:] 3 [Publisher:] MDPI [Place:] Basel [Year:] 2015 [Pages:] 285-310
Publisher: 
MDPI, Basel
Abstract: 
We study a monetary version of the Keen model by merging two alternative extensions, namely the addition of a dynamic price level and the introduction of speculation. We recall and study old and new equilibria, together with their local stability analysis. This includes a state of recession associated with a deflationary regime and characterized by falling employment but constant wage shares, with or without an accompanying debt crisis.
Subjects: 
Minsky’s financial instability hypothesis
debt-deflation
Keen model
stock-flow consistency
financial crisis
dynamical systems in macroeconomics
local stability
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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