Publications

Public Policy Brief No. 131 | April 2014

Minsky and Dynamic Macroprudential Regulation

In the context of current debates about the proper form of prudential regulation and proposals for the imposition of liquidity and capital ratios, Senior Scholar Jan Kregel examines Hyman Minsky’s work as a consultant to government agencies exploring financial regulatory reform in the 1960s. As Kregel explains, this often-overlooked early work, a precursor to Minsky’s “financial instability hypothesis”(FIH), serves as yet another useful guide to explaining why regulation and supervision in the lead-up to the 2008 financial crisis were flawed—and why the approach to reregulation after the crisis has been incomplete. 

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Summary Vol. 26, No. 2
Summary Spring 2017
Author(s): Michael Stephens, Elizabeth Dunn
April 2017

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