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.
Di Martino, Paolo. 1999. “A Re-discovered Approach: Irving Fisher’s Debt-Deflation Theory,” History of Economic Ideas 7.3: 193–207.
Dimand, Robert W. 1994. “Irving Fisher’s Debt-Deflation Theory of Great Depressions,” Review of Social Economy 52.1: 92–107.
Eggertsson, G. B. and P. Krugman. 2012. “Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach,” Quarterly Journal of Economics 127.3: 1469–1513.
Eichengreen, Barry and Richard S. Grossman. 1997. “Debt-Deflation and Financial Instability: Two Historical Explorations,” in Forrest Capie and Geoffrey E. Wood (eds.), Asset Prices and the Real Economy. Macmillan, Basingstoke. 65–96.
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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Guttmann, Robert. 2009. “Asset Bubbles, Debt Deflation, and Global Imbalances,” International Journal of Political Economy 38.2: 46–69.
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Keen, Steve. 2000. “The Nonlinear Economics of Debt Deflation,” in Commerce, Complexity, and Evolution: Topics in Economics, Finance, Marketing, and Management. Cambridge University Press, New York. 83–110.
King, Mervyn. 1994. “Debt Deflation: Theory and Evidence,” European Economic Review 38: 419–445.
King, Mervyn. 2005. “Debt Deflation: Theory and Evidence,” in Pierre L. Siklos (ed.), The Economics of Deflation (vol. 1). Edward Elgar, Cheltenham. 220–246.
Lando, Henrik. 1992. “The Economic Consequences of Debt-Deflation,” in Bruno Amoroso and Jesper Jespersen (eds.), Macroeconomic Theories and Policies for the 1990s: A Scandinavian Perspective. St. Martin’s Press, New York. 53–71.
Lucarelli, Bill. 2008. “The United States Empire of Debt: The Roots of the Current Financial Crisis,” Journal of Australian Political Economy 62: 16–38.
Meltzer, Allan H. 1997. “Debt-Deflation: Theory and Evidence: Comment,” in Forrest Capie and Geoffrey E. Wood (eds.), Asset Prices and the Real Economy. Macmillan, Basingstoke. 228–235.
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Shiller, R. J. 2011. “Irving Fisher, Debt Deflation and Crises,” Cowles Foundation Discussion Papers 1817.
Wolfson, Martin H. 1996. “Irving Fisher’s Debt-Deflation Theory: Its Relevance to Current Conditions,” Cambridge Journal of Economics 20.3: 315–333.
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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).ReplyDelete
Tom Palley's PK manual too, I sould add.ReplyDelete
Thanks 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