Macrodynamics of debt regimes, financial instability and growth
构建了一个后凯恩斯动态模型，研究产能利用率和增长，其中信贷货币供给内生，企业债务位置（即明斯基式金融脆弱性）被明确建模。银行利率设定为在货币当局外生决定的基础利率上加成，加成随产能利用率变化，债务比率随利率、资本积累和增长率变化。动态分析表明，系统稳定性与利率和债务比率作为状态变量，与主导的明斯基制度（对冲、投机或庞氏）相关。
This paper develops a post-Keynesian dynamic model of capacity utilisation and growth, in which the supply of credit-money is endogenous and firms' debt position—and thus the financial fragility of the economy à la Hyman Minsky—is explicitly modelled. The interest rate is set by banks as a markup over a base rate exogenously determined by the monetary authority. The banking markup varies with changes in capacity utilisation, while the debt ratio varies with changes in the rates of interest, capital accumulation and growth. Regarding dynamics, it is shown the possibility of relating the stability properties of a system with the interest rate and the debt ratio as state variables to the prevailing Minskyan regime—hedge, speculative or Ponzi.