and have private information about the productivity of assets under their control. We show that when managers get private … is less productive and should be reallocated. When aggregate productivity and hence the number of projects is low and …

macroeconomic and monetary theory. Driven by a mismatch between the marginal return to capital and the rate of return required by … capital owners, this model generates endogenous cycles. The theory leads to a distinct analysis of the scope and limitations …

We explore the implications of shocks to expected future productivity. In a setting with limited enforcement of … "collateral constraint", positive news about future productivity implies an increase in stock prices, as well as the other …

In this paper, by utilizing the Poincaré–Bendixson theory and the Hopf bifurcation theory, we analyze both rigid …

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 …