Minsky's financial fragility hypothesis: a missing macroeconomic link?

Marc Lavoie · Mario Seccareccia

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Economic Theory and Policy Monetary Policy and Economic Impact Economic theories and models

Abstract

The paper examines an important contribution of Hyman P. Minsky to Post-Keynesian economic analysis: his financial fragility hypothesis. Because of its lack of Keynesian macroeconomic foundation, the authors show how his famous hypothesis is built on a rather faulty theoretical analysis. Moreover, by studying data from Canada and other OECD countries, the paper also seeks to demonstrate why Minsky hypothesis is based on a shaky empirical one.

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