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Technology Shocks and Predictable Minsky Cycles

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  • Gregory Phelan
  • Jean-Paul L’Huillier
  • Hunter Wieman

Abstract

This paper offers an economical and internally consistent model to rationalize macrofinancial boom-bust cycles. The authors present a simple model that can clarify the interaction of optimism with capital reallocation and demonstrate how this interaction can generate predictable boom-bust financial cycles. This clarification enhances our understanding of the channels through which credit markets could threaten financial stability (Working Paper no. 23-06).

Suggested Citation

  • Gregory Phelan & Jean-Paul L’Huillier & Hunter Wieman, 2023. "Technology Shocks and Predictable Minsky Cycles," Working Papers 23-06, Office of Financial Research, US Department of the Treasury.
    • Handle: RePEc:ofr:wpaper:23-06
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    File URL: https://www.financialresearch.gov/working-papers/files/OFRwp-23-06-technology-shocks-and-predictable-minsky-cycles.pdf
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