In this comprehensive overview of the work of the late economist Hyman Minsky, the author serves up a rich variety of concepts that will stimulate and inform anyone concerned about the fate of the economy. If you want to know where we are going, it helps to know where we have come from, and this book provides an essential road map for that journey — past, present, and future.
Next time you hear a pundit or an investor complain that the Fed is keeping rates too low, consider the evidence that suggests rates are low because nobody really has a grasp on which direction future growth may go.
Recent events have challenged traditional economic theory about low (and negative) interest rates. Is it a brief aberration or the beginning of an unfamiliar and potentially treacherous new normal?
As I write this, US Federal Reserve Chair Janet Yellen and the Fed Board of Governors are ensconced in another two-day meeting. They will make a statement at the end. That statement will either move markets or bore them, but as a professional investor I will be waiting for exactly one thing: certainty about the path interest rates will take.
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