In this paper we present a theory of the financing of investment in a modern capitalist economy, following the approach … hypothesis that relegates money and finance to the sidelines. Minsky vehemently denied the relevance of such a theory, at least … used to finance positions in assets is of critical importance, both for theory and for real-world outcomes. In the first …

We study how total factor productivity (TFP), energy prices, and the Great Moderation are linked. First we estimate a … negatively affected productivity. This spillover has since disappeared. Second, we show that within the framework of a dynamic … stochastic general equilibrium model, the disappearance of this energy-productivity spillover generates the significantly lower …

productivity (TFP) in the nexus of the financial and real sectors. …