Arbeitspapier
Household debt and housing bubble: A Minskian approach to boom-bust cycles
This paper examines macroeconomic dynamics of household debt and housing prices. Drawing on Minsky's insights into financial instability and cycles, our framework combines household debt dynamics with behavioral asset price dynamics in a Keynesian macro model. We show that endogenous boom-bust cycles can emerge through the interaction between household debt and housing price dynamics. The resulting long waves are combined with a Kaldorian model of short-run business cycles.
- Language
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Englisch
- Bibliographic citation
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Series: Working Paper ; No. 2015-08
- Classification
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Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Business Fluctuations; Cycles
Financial Markets and the Macroeconomy
- Subject
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household debt
asset bubble
limit cycle
financial instability hypothesis
- Event
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Geistige Schöpfung
- (who)
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Ryoo, Soon
- Event
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Veröffentlichung
- (who)
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University of Massachusetts, Department of Economics
- (where)
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Amherst, MA
- (when)
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2015
- Handle
- Last update
-
10.03.2025, 11:46 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Ryoo, Soon
- University of Massachusetts, Department of Economics
Time of origin
- 2015
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