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We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky … risk of a crash in any time interval. When they occur, these crashes entail discrete downward jumps in stock prices and … chartalist, respectively), the rate of wage inflation depends on either unemployment or the wage-setting policies of the …
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Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two...
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