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The papers in this volume were presented at a conference on "The EMS, Ten Years Later" at the University of Bergamo, Italy, May 1989. They look at the history of the EMS, the reasons underlying the successes attributed to it, the problems it created, and its future.

Based upon his life-long collaboration with Hyman Minsky, Piero Ferri explores and reconsiders Minsky's moments in the aftermath of the `Great Recession' of 2008. He sets out the analytical and methodological foundations of Minsky's financial instability hypothesis, offering insightful comments from a unique insider's perspective. This book stresses the necessity of including what has been recently discovered about Minsky's financial instability hypothesis into his lifelong research program, in order to obtain a more complete picture of both his vision and his analytical apparatus. It...

Piero Ferri expertly broadens the analysis of the canonical growth cycle approach by presenting a Minsky-Harrod model, examining how the relationship between income distribution, growth and unemployment becomes increasingly complex. Exploring this new technique to generate a process of growth, based not only on history but disequilibrium, he investigates the current income distribution debate further and the challenges it faces. Written in a succinct yet comprehensive style, Piero Ferri begins by addressing the basic principles, followed by an in-depth look at growth cycle models and how...

This book studies the relationships between aggregate demand, inequality and instability. It extends the traditional approach by introducing wealth and inequality into a dynamic macroeconomic model. Furthermore, it examines the role that debt and financial instability can play in turbulent times such as the Great Recession and its aftermath. Unlike Piketty, the author analyses the relationships between instability and inequality, and the feedbacks from the latter to the former, in a system approach where real and monetary factors interact to generate complex patterns.

The initial purposes of this book were to update and extend the discussion and the results presented ill our previous book, The Labor Market and Business Cycle Theories. Our 1990 article, which appeared in The Journal of Economic Behavior and Organization, represented a first step in this direction. The consequences of this effort have materialized in a number of new chapters that has led de facto to a new book, in which the surviving parts have been largely revised. The 1989 book was too mathematically oriented for many Keynesians and post Keynesians to be fully appreciated and...