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1、LongerWavesinFinancialRelations:FinancialFactorsintheMoreSevereDepressionsIIAuthor(s):HymanP.MinskyReviewedwork(s):Source:JournalofEconomicIssues,Vol.29,No.1(Mar.,1995),pp.83-96Publishedby:AssociationforEvolutionaryEconomicsStableURL:http://www.jstor.org/
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3、over,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..AssociationforEvolutionaryEconomicsisc
4、ollaboratingwithJSTORtodigitize,preserveandextendaccesstoJournalofEconomicIssues.http://www.jstor.orgJJOURNALOFECONOMICISSUESVol.XXIXNo.1March199SLongerWavesinFinancialRelations:FinancialFactorsintheMoreSevereDepressionsIIHymanP.MinskyMosesAbramowitz,test
5、ifyingin1939beforethepath-breakinghear-ingschairedbySenatorPaulDouglason"Employment,GrowthandPriceLevels,"said"itisnotyetknownwhetherthey(thelongswings)aretheresultofsomestablemechanisminherentinthestructureoftheU.S.economy,orwhethertheyaresetinmotionbyth
6、eepisodicoccurrenceofwars,financialpanicsorunsystematicdisturbances"[U.S.Congress1959,12].Inreadingthesehearingsforareviewarticle[Minsky1961],Itookex-ceptiontoAbramowitz'scasualidentificationoffinancialpanicsasex-ogenous,episodicelementsinthegenerationoft
7、hecyclesofexperience.Ina1963presentationtotheAmericanEconomicsAssociation,Iarguedthatthereisamechanismincapitalisteconomiesthathasgeneratedthelongerswingsineconomicexperience.Thismechanismcentersaroundtheneedforfirmstofinanceinvestmentspendingandpositions
8、incapitalassetsexternallyandthecumulativechangesinfinancialvariablesthatresultoverthelongswingexpansionsandcontractions.1Themodelthatunderlaidmy1963paperisstillattractive,eventhoughitwasbasedonthesimpleHansen-Samuel
