See Steve Keen’s criticisms of an earlier version of Eggertsson and Krugman (2012) for the problems in the neoclassical approach to debt deflation.
Arestis, P. and E. Karakitsos. 2003. “How Far Can U.S. Equity Prices Fall Under Asset and Debt Deflation,” Levy Economics Institute, Economics Working Paper Archive
Capie, Forrest and Geoffrey E. Wood (eds.), Asset Prices and the Real Economy. Macmillan, Basingstoke.
Challe, Edouard. 2000. “La ‘debt-deflation’ selon Irving Fisher, Histoire et actualite d’une theorie de la crise financiere” [Irving Fisher’s Debt-Deflation Theory of Great Depressions: History and Current Relevance of a Theory of Financial Crises], Cahiers d’Economie Politique 36: 7–38.
Chiarella, Carl, Flaschel, Peter and Willi Semmler. 2001. “The Macrodynamics of Debt Deflation,” in Riccardo Bellofiore and Piero Ferri (eds.), Financial Fragility and Investment in the Capitalist Economy: The Economic Legacy of Hyman Minsky, Volume II. Edward Elgar, Cheltenham. 133–184.
De Antoni, Elisabetta. 2010. “Minsky, Keynes, and Financial Instability: The Recent Subprime Crisis,” International Journal of Political Economy 39.2: 10–25.
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Fackler, James S. and Randall E. Parker. 2005, “Was Debt Deflation Operative during the Great Depression?,” Economic Inquiry 43.1: 67–78.
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Very useful, thanks. Also, I would suggest Keynes GT ch. 19, and Kalecki's 1944 EJ reply to Pigou as relevant for the history of thought component (not just Fisher).
ReplyDeleteTom Palley's PK manual too, I sould add.
ReplyDeleteThanks for the bibliography. I am reading Raines and Leathers (2008) at the moment. As the title suggest, they attempt to cover a wide range of theories spanning Classical, Neo-Classical, Post-Keynesian, "Walrasian" Austrian, and Old Institutional thinkers. With every press release from a major central bank I suspect that this thinking is lost; if their DSGE model isn't telling them about deflationary tendencies then it isn't there.
ReplyDelete