Inflation and Speculation in a Dynamic Macroeconomic Model

Journal of Risk and Financial Management

Matheus R. Grasselli³  Adrien Nguyen Huu²  Chia-Lin Chang¹ 

[1] id="af1-jrfm-08-00285">1McMaster University, 1280 Main St. W, Hamilton, ON L8S 4L8, Cana;Université Paris-Est, CERMICS, Projet RISKERGY, 6-8 Av. Blaise Pascal, 77455 Champs-sur-Marne, France; E-Mail:;McMaster University, 1280 Main St. W, Hamilton, ON L8S 4L8, Canada

关键词: Minsky’s financial instability hypothesis;    debt-deflation;    Keen model;    stock-flow consistency;    financial crisis;    dynamical systems in macroeconomics;    local stability;   

DOI  :  10.3390/jrfm8030285

来源: mdpi

【 摘 要 】

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.

【 授权许可】

CC BY   
© 2015 by the authors; licensee MDPI, Basel, Switzerland.