This collection of papers on financial instability and its impact
on macroeconomic performance honours Hyman P. Minsky and his
lifelong work. It is based on a conference at Washington
University, St. Louis, in 1990 and includes among the authors
Benjamin M. Friedman, Charles P. Kindleberger, Jan Kregel and
Steven Fazzari. These papers consider Minsky's definitive analysis
that yields such a clear and disturbing sequence of financial
events: booms, government intervention to prevent debt contraction
and new booms that cause a progressive buildup of new debt,
eventually leaving the economy much more fragile financially.
General
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