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Piero Ferri

This chapter introduces Harrod’s analysis in order to understand the origin of instability in a dynamic model. It deals with the relationships with the neoclassical growth models, where the role of demand is null and the instability process is a mathematical curiosum. It shows how instability arises in a demand-driven model and how it can be thwarted.
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Piero Ferri

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.
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Piero Ferri

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Piero Ferri

This chapter discusses the role that inequality can have on aggregate demand in a static environment. The literature distinguishes between wage-led and profit-led models where the concept of inequality can be included. In the present model, wealth is also considered. Furthermore, the necessity of referring to a dynamic analysis where income distribution and inequality are endogenous variables is put forward.
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Piero Ferri

This chapter applies Cynamon and Fazzari’s interpretation of the Great Recession, based upon Minsky’s financial instability hypothesis, to a dynamic context. It shows how the process of inequality has been fostered by the debt policy and how this process has worsened the instability process. The feedbacks on inequality are also taken into account.
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Piero Ferri

This chapter applies a regime-switching device in order to study the impact of inequality on instability. It reinforces the results obtained in the previous chapter and it can mimic important stylized facts.
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Piero Ferri

This chapter discusses the metrics in which capital and wealth must be measured. It underlines the different degrees of difficulties characterizing the two concepts, above all when wealth is referred to as personal wealth. The dual role of capital is also stressed, along with the different methodological implications.
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Piero Ferri

This chapter discusses housing bubbles in a two-sector model that contrasts the productive sector with the housing sector. It shows how the wealth effect can impact on the overall dynamics of the system.
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Piero Ferri

This chapter analyses Piketty’s contribution. It is not a review of his famous book, but it rather underlines the analytical foundations of his contribution, along with his weaknesses: a supply-oriented model where there is no distinction between wealth and capital and no feedback between inequality and the economic system. His inequality r > g is also discussed.
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Piero Ferri

This chapter presents the characteristics of alternative workhorse models introduced in the book in order to study the relationships between inequality and instability. It shows how the family of models driven by aggregate demand can be characterized by alternative ways of generating dynamics.