It had been recognized since long that macroeconomic stability and instability issues do not only depend upon monetary policy narrowly conceived but also, and even more fundamentally, upon the monetary-institutional framework or monetary constitution which is in place. More recently attempts at...

The subject matter of conventional macroeconomics is strictly dichotomized: separate macroeconomic theories are developed for the long run and for the short run. In long-run macroeconomics the economy is analyzed as if relative prices are fully adjusted to their long-run equilibrium values in...

Although Minsky's interpretation of Keynes's macroeconomics and essential message clashes with authoritative alternative interpretations, it has become increasingly influential during the years following the Global Financial Crisis, even in mainstream circles. This paper offers a critical...