69
Views
0
CrossRef citations to date
0
Altmetric
Articles

Minsky Theory of Inflation: An Empirical Analysis of OECD Countries

References

  • Adema, Yvonne, and Lorenzo Pozzi. 2015. “Business Cycle Fluctuations and Household Saving in OECD Countries: A Panel Data Analysis.” European Economic Review 79: 214–233.
  • Alan, Sule, Thomas Crossley, and Hamish Low. “Saving on a Rainy Day, Borrowing for a Rainy Day.” Institute for Fiscal Studies, Working Paper 12/11.
  • Andersen, Asger Lou, Charlotte Duus, and Thais Lærkholm Jensen. 2014. “Household Debt and Consumption During the Financial Crisis: Evidence from Danish Micro Data.” Danmarks National Bank Working Papers, no. 89.
  • Anyadike-Danes, Michael, and Wynne Godley. 1989. “Real Wages and Employment: A Sceptical View of Some Recent Empirical Work.” The Manchester School of Economic & Social Studies 57 (2): 172–187.
  • Bahadir, Berrak, and Inci Gumus. 2016. Credit Decomposition and Business Cycles in Emerging Market Economies. Journal of International Economics 103 (2): 250–262
  • Ball, Laurence M., and Sandeep Mazumder. 2011. “Inflation Dynamics and the Great Recession.” Brookings Papers on Economic Activity 42 (1): 337–405.
  • Bataa, Erdenebat, Denise R. Osborn, Marianne Sensier, and Dick van Dijk. 2014. “Identifying Changes in Mean, Seasonality, Persistence and Volatility for G7 and Euro Area Inflation.” Oxford Bulletin of Economics and Statistics 76 (3): 360–388.
  • Benkovskis, Konstantins, Andrejs Bessonovs, Martin Feldkircher and Julia Wörz. 2011. “The Transmission of Euro Area Monetary Shocks to the Czech Republic, Poland, and Hungary: Evidence from a FAVAR Model.” Focus on European Economic Integration 3: 8–36.
  • Benkovskis, Konstantins, Michele Caivano, Antonello D’Agostino, Alistair Dieppe, Samuel Hurtado, Tohmas Karlsson, Eva Ortega and Tímea Várna. 2011. “Assessing the Sensitivity of Inflation to Economic Activity.” European Central Bank Working Paper Series, no. 1357.
  • Blanchard, Olivier. 2016. “The Phillips Curve: Back to the ‘60s?” American Economic Review 106 (5): 31–34.
  • Borio, Claudio and Andrew Filardo. 2007. “Globalisation and Inflation: New Cross-Country Evidence on the Global Determinants of Domestic Inflation.” Bank for International Settlements Working Papers, no. 227
  • Brennan, David. 2014. “‘Too Bright for Comfort’: A Kaleckian View of Profit Realisation in the USA, 1964–2009.” Cambridge Journal of Economics 38 (1): 239–255.
  • Bunn, Philip, and May Rostom. 2015. “Household Debt and Spending in the United Kingdom.” Bank of England Working Papers, no. 554.
  • Brown, Christopher. 2007. “Financial Engineering, Consumer Credit, and the Stability of Effective Demand.” Journal of Post Keynesian Economics 29 (3): 427–453.
  • Calderón, César, and Klaus Schmidt-Hebbel. 2008. “What Drives Inflation in the World?” Working Papers Central Bank of Chile, no. 491
  • Carroll, Christopher, Jiri Slacalek and Martin Sommer. 2012. “Dissecting Saving Dynamics: Measuring Credit, Wealth and Precautionary Effects.” IMF Working Paper, no.12/219.
  • Cassetti, Mario. 2003. “Bargaining Power, Effective Demand and Technical Progress: A Kaleckian Model of Growth.” Cambridge Journal of Economics 37 (3): 449–464.
  • Catao, Luis, and Marco Terrones. 2005. “Fiscal Deficits and Inflation.” Journal of Monetary Economics 52 (3): 529–554.
  • Cologni, Alessandro, and Matteo Manera. 2008. “Oil Prices, Inflation, and Interest Rates in a Structural Cointegrated VAR Model For the G-7 Countries.” Energy Economics 30 (3): 856–888.
  • Comunale, Mariarosaria, and Davor Kunovac. 2017. “Exchange Rate Pass-Through in the Euro Area.” European Central Bank Working Paper Series, no. 2003.
  • Cynamon, Barry Z., and Steven Fazzari. 2008. “Household Debt in the Consumer Age: Source of Growth - Risk of Collapse.” Capitalism and Soceity, 3 (2): 1–32.
  • Cynamon, Barry Z., and Steven Fazzari. 2013. “Inequality and Household Finance during the Consumer Age.” Levy Economics Institute Working paper, no. 752.
  • Cynamon, Barry Z., Steven Fazzari, and Mark Setterfield. 2012. After the Great Recession: The Struggle for Economic Recovery and Growth. New York: Cambridge University Press.
  • de Mendonça, Helder F., and Bruno P. Tiberto. 2017. “Effect of Credibility and Exchange Rate Pass-Through on Inflation: An Assessment for Developing Countries.” International Review of Economics & Finance, 50: 196–244.
  • Eggertsson, Gauty B., and Paul Krugman. 2012. “Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach.” The Quarterly Journal of Economics 127 (3): 1469–1513.
  • Epstein, Gerald and James Burke. 2001. “Threat effects and the internationalization of production.” Political Economy Research Institute Working paper, no. 15.
  • Fischer, Stanley, Ratna Sahay, and Carlos A. Végh. 2002. “Modern Hyper-and High Inflations.” Journal of Economic Literature, 40 (3): 837–880.
  • Forbes, Kristin, Ida Hjortsoe, and Tsvetelina Nenova. 2018. “The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through.” Journal of International Economics 115: 255–275.
  • Giannone, Domenico, Lucrezia Reichlin and David Small. 2008. “Nowcasting: The Real-Time Informational Content of Macroeconomic Data.” Journal of Monetary Economics 55 (4): 665–676.
  • Glick, Reuven, and Kevin J. Lansing. 2010. “Global Household Leverage, House Prices, and Consumption.” FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Jan11
  • Godley, Wynne. 1999. “Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World.” Special Report, Annandale-on-Hudson, The Levy Economics Institute of Bard College, rev. in 2000.
  • Godley, Wynne, and Mark Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. London, Palgrave MacMillan.
  • Gruben, William C., and Darryl McLeod. 2004. “The Openness–Inflation Puzzle Revisited.” Applied Economics Letters 11 (8): 465–468.
  • Ha, Jongrim, Mark M. Stocker, and Hakan Yilmazkuday. 2020. “Inflation and Exchange Rate Pass-Through.” Journal of International Money and Finance 105
  • IMF. 2007. “World Economic Outlook – Globalization and Inequality.” World Economic and Financial Surveys
  • Im, Kyung So, Hashem M. Pesaran, and Yongcheol Shin. 2003. “Testing for Unit Roots in Heterogeneous Panels.” Journal of Econometrics 115 (1): 53–74.
  • International Labour Office (ILO). 2008. “Global Wage Report 2008/09: Minimum Wages and Collective Bargaining – Towards Policy Coherence.” Geneva.
  • Judson, Ruth A. and Ann Owen. 1999. “Estimating Dynamic Panel Data Models: A Guide for Macroeconomists.” Economic Letters 65 (1): 9–15.
  • Kalantzis, Yannick. 2015. “Financial Fragility in Small Open Economies: Firm Balance Sheets and the Sectoral Structure.” The Review of Economic Studies, 82 (3): 1194–1222.
  • Kalecki, Michal. 1954. Theory of Economic Dynamics. London: Unwin Brothers.
  • Keen, Steve. 2009. “Bailing Out the Titanic with a Thimble.” Economic Analysis and Policy, 39 (1): 3–24.
  • Kiefer, David, and Codrina Rada. 2015. “Profit maximising goes global: the race to the bottom.” Cambridge Journal of Economics 39 (5): 1333–1350.
  • Kim, Hongkil. 2020. “A Missing Element in the Empirical Post Keynesian Theory of Inflation—Total Credits to Households: A First-Differenced VAR Approach to U.S. Inflation.” Journal of Post Keynesian Economics 43 (4): 640–656.
  • Kim, Hongkil. 2022. “Minsky’s Theory of Inflation and its Theoretical and Empirical Relevance to Credit-Driven Economies.” Journal of Economics Issues 56 (1): 79–96.
  • Levin, Andrew, Chien-Fu Lin and Chia-Shang J. Chu. 2002. “Unit Root Tests in Panel Data: Asymptotic and Finite- Sample Properties.” Journal of Econometrics 108 (1): 1–24.
  • Lin, Hsin-Yi and Hao-Pang Chu. 2013. “Are Fiscal Deficits Inflationary?” Journal of International Money and Finance 32 C: 214–233.
  • Maddala, G.S. and Shaowen Wu. 2002. “A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test.” Oxford Bulletin of Economics and Statistics, 631–652.
  • McLeay, Michael, Amar Radia and Ryland Thomas. 2014. “Money Creation in the Modern Economy” Bank of England Quarterly Bulletin, 54: 14–27.
  • Mian, Atif and Amir Sufi. 2010. “Household Leverage and the Recession of 2007-09.” IMF Economic Review, 58 (1): 74–117.
  • Mian, Atif and Amir Sufi. 2018. “Finance and Business Cycles: The Credit-Driven Household Demand Channel.” Journal of Economic Perspectives 32 (3): 31–58.
  • Minsky, Hyman P. 2008. Stabilizing an Unstable Economy, New York: McGraw-Hill.
  • Mody, Ashoka, Franziska Ohnsorge, and Damiano Sandri. 2012. “Precautionary Savings in the Great Recession.” IMF Economic Review 60 (1): 114–138.
  • Perry, Nathan, and Nathaniel Cline. 2016. “What Caused the Great Inflation Moderation in the US? A post-Keynesian View.” Review of Keynesian Economics, 4 (4): 475–502.
  • Powell, Jerome. 2018. “Opening Remarks: Monetary Policy in a Changing Economy (PDF).” In Federal Reserve Bank of Kansas City, ed., Changing Market Structure and Implications for Monetary Policy: A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo., August 23–25. Kansas City, Mo.: FRB Kansas City, pp. 1–18.
  • Powell, Jerome. 2019. Transcript of Chair Powell’s Press Conference October 30, 2019. www.federalreserve.gov/mediacenter/files/FOMCpresconf20191030.pdf
  • Rowthorn, R. 1977. Conflict Inflation and Money, Cambridge Journal of Economics, 1 (3): 213–239.
  • Rusticelli, Elena. 2014. “Rescuing the Phillips Curve: Making Use of Long-Term Unemployment in the Measurement of the NAIRU.” OECD Journal: Economic Studies (1): 109–127.
  • Rusticelli, Elena, David Turner and Maria C. Cavalleri. 2015. “Incorporating Anchored Inflation Expectations in the Phillips Curve and In the Derivation of OECD Measures of the Unemployment Gap.” OECD Journal: Economic Studies 2015 (1): 299–331.
  • Ryan-Collins, Josh, Tony Greenham, Richard Werner and Andrew Jackson. 2011. Where Does Money Come From? London: New Economics Foundation.
  • Ryoo, Soon. 2016. “Household Debt and Housing Bubbles: A Minskian Approach to Boom-Bust Cycle.” Journal of Evolutionary Economics 26 (5): 971–1006.
  • Sahay, Ratna, Martin Cihak, Papa M. N’Diaye, Adolfo Barajas, Diana B. Ayala Pena. Ran Bi, Yuan Gao, Annette J. Kyobe, Lam Nguyen, Christian Saborowski, Katsiaryna Svirydzenka, and Reza Yousefi. 2015. “Rethinking Financial Deepening: Stability and Growth in Emerging Markets.” IMF Staff Discussion Note, 2015/008.
  • Sawyer, Malcolm C. 1982. Macro-Economics in Question. New York: M.E. Sharpe
  • Scott, Robert, and Steven Pressman. 2019. “Financially Unstable Households.” Journal of Economics Issue 53 (2): 523–531.
  • Setterfield, Mark. 2007. “The Rise, Decline, and Rise of Income Policies in the US During the Post-War Era: An Institutional-Analytical Explanation of Inflation and the Functional Distribution of Income.” Journal of Institutional Economics 3 (2): 127–146.
  • Shaikh, Anwar. 2016. Capitalism: Competition, Conflict, Crises. New York: Oxford University Press.
  • Shambaugh, Jay. 2008. “A New Look at Pass-Through.” Journal of International Money and Finance 27 (6): 560–591.
  • Stockhammer, Engelbert. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741.
  • Summers, Peter M. 2005. “What Caused the Great Moderation? Some Cross-Country Evidence.” Federal Reserve Bank of Kansas City Economic Review 90 (3): 5–32.
  • Taylor, Lance. 1985. “A Stagnationist Model of Economic Growth.” Cambridge Journal of Economics 9 (4): 381–403.
  • Taylor, Lance and Nelson H. Barbosa-Filho. 2021. “Inflation? It’s Import Prices and the Labor Share!” Institute for New Economic Thinking Working Paper Series no. 145.
  • Taylor, Lance and Özlem Ömer. 2020. Macroeconomic Inequality from Reagan go Trump: Market Power, Wage Repression, Price Inflation, and Industrial Decline. New York: Cambridge University Press.
  • Temple, Jonathan. 2002. “Openness, Inflation, and the Phillips Curve: A Puzzle.” Journal of Money, Credit and Banking 34 (2): 450–468.
  • Turner, Adair. 2015. Between Debt and the Devil. Money, Credit and Fixing Global Finance. Princeton, NJ: Princeton University Press.
  • Turner, David, Thomas Chalaux, Yvan Guillemette and Elena Rusticelli. 2019. “Insights from OECD Phillips Curve Equations on Recent Inflation Outcomes.” OECD Economics Department Working Papers 1579.
  • Wen, Fenghua, Keli Zhang and Xu Gong. 2021. “The Effects of Oil Price Shocks on Inflation in the G7 Countries.” The North American Journal of Economics and Finance 57 (C).
  • Werner, Richard. 2015. “A Lost Century in Economics—Three Theories of Banking and the Conclusive Evidence.” International Review of Financial Analysis, 46: 361–379.
  • Wolff, Richard D. 2003. “The Critique of Economic Policy.” Post-Autistic Economics Review 22 (November). Available at www.paecon.net/PAEReview/issue22/contents22.htm.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.