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Debt and Macro Stability

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  • Marc Jarsulic

    (University of Notre Dame)

Abstract

A dynamic Keynes/Kalecki macro model with debt and capital accumulation is used to explore the issue of financial instability. It is argued that market systems may reasonably be described as having stable and unstable regions that coexist. The proximity of these regions can be taken as a measure of financial fragility. The degree of fragility is shown to depend on expectational, distributional, and interest-rate factors. Thus, ideas of H. Minsky are integrated with work that emphasizes the importance of profitability.

Suggested Citation

  • Marc Jarsulic, 1990. "Debt and Macro Stability," Eastern Economic Journal, Eastern Economic Association, vol. 16(2), pages 91-100, Apr-Jun.
    • Handle: RePEc:eej:eeconj:v:16:y:1990:i:2:p:91-100
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume16/V16N2P91_100.pdf
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    Citations

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    Cited by:

    1. Engelbert Stockhammer, 2019. "Coupling cycle mechanisms: Minsky debt cycles and the multiplier-accelerator," Working Papers PKWP1904, Post Keynesian Economics Society (PKES).
    2. S Devrim Yilmaz & Engelbert Stockhammer, 2019. "Coupling Cycle Mechanisms: Minsky debt cycles and the Multiplier-Accelerator," CEPN Working Papers hal-02012724, HAL.
    3. Roberto Veneziani & Luca Zamparelli & Maria Nikolaidi & Engelbert Stockhammer, 2017. "Minsky Models: A Structured Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1304-1331, December.
    4. Sébastien Charles, 2008. "Teaching Minsky's financial instability hypothesis: a manageable suggestion," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(1), pages 125-138, September.
    5. Pintu Parui, 2021. "A simple macro‐model of COVID‐19 with special reference to India," Metroeconomica, Wiley Blackwell, vol. 72(4), pages 650-678, November.
    6. Kenshiro Ninomiya & Hiroyuki Takami, 2018. "Profit sharing, labour share and financial structure," Evolutionary and Institutional Economics Review, Springer, vol. 15(1), pages 89-111, June.
    7. Chowdhury, Mohammad Ashraful Ferdous & Prince, Ehsanur Rauf & Shoyeb, Mohammad & Abdullah, Mohammad, 2024. "The threshold effect of institutional quality on sovereign debt and economic stability," Journal of Policy Modeling, Elsevier, vol. 46(1), pages 39-59.
    8. Argitis, Georgios & Michopoulou, Stella, 2010. "Monetary Policy, Interest Payments, Income Distribution and the Macroeconomy," Review of Applied Economics, Lincoln University, Department of Financial and Business Systems, vol. 6(1-2), pages 1-11, April.
    9. Antonio Meirelles & Gilberto Lima, 2006. "Debt, financial fragility, and economic growth: a Post Keynesian macromodel," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 29(1), pages 93-115.
    10. Kenshiro Ninomiya, 2017. "Financial Structure and Instability in an Open Economy," Discussion Papers CRR Discussion Paper Series B: Financial 16, Shiga University, Faculty of Economics,Center for Risk Research.

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