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Workhop 06 Post Keynesian Dynamics using Minsky

Summary:
Following on from Workshop 5, this workshop: Includes a presentation of a Minsky model of the shadow banking sector by Nick Jackson, who built the model while doing his Masters degree with me at Kingston University London, and who is now working on shadow banking at the Bank of England; Introduces Pedro Pratas’s Minsky model ...

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Following on from Workshop 5, this workshop:


Includes a presentation of a Minsky model of the shadow banking sector by Nick Jackson, who built the model while doing his Masters degree with me at Kingston University London, and who is now working on shadow banking at the Bank of England;


Introduces Pedro Pratas’s Minsky model of the Portuguese economy, which he developed initially while doing a Masters degree in Portugal, and is now developing further for his PhD;


Shows how Neoclassicals have attempted to model debt in a macro model via a critical peek at the DSGE model developed by Eggertsson and Krugman;


Develops a model of Loanable Funds in Minsky, and shows that in this model, banks, debt and money are irrelevant to macroeconomics; and


Rapidly converts this to a model of BOMD, in which banks, debt and money are of critical importance to macroeconomics.


Rapidly converts


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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