It's Not a Minsky Moment, It's a Minsky Era, Or: Inevitable Instability

Abstract

The paper aims to expose economists at large to the work of Hyman Minsky. The popular term ‘Minsky Moment’ is somewhat misleading, for he perceived not a moment but an era of instability and governmental management at the brink of crisis. His model incorporates explicitly money and the behavior of banks and other financial institutions. He died while still working, and the papers in his archives contain drafts of further work, including sketches for a book; some of his draft papers are discussed here.

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