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firms. In addition to selling the equities that led to the change in control, the manager of money were buyers of the liabilities (bonds) that came out of such a refinancing. The independence of operating corporations from the money and financial markets that characterized the managerial capitalism was thus a transitory stage. The emergence of return and capital-gains-oriented blocks of managed money resulted in financial markets once again being a major influence in determining the performance of the economy. However, unlike the earlier epoch of finance capitalism, the emphasis was not upon the capital development of the economy but rather the upon the quick turn of the speculator, upon trading profits.
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horizons in business decisions, which Minsky believed was potentially beneficial. He offsets this, however, by pointing out that firms became bureaucratized, lacking the dynamic efficiency of earlier capitalism, such that they became "prisoners of tradition." Government spending decisions shifting to underwriting consumption rather than the development of capital assets also contributed to stagnation, although stable aggregate demand meant there was an absence of depressions or recessions.
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banks to investment banks, especially with the proliferation of stocks and bonds in security markets. As competition between firms could lead to a decline in prices, threatening their ability to fulfill existing financial commitments, investment banks started promoting a consolidation of capital by facilitating trusts, mergers and acquisition. The
1748:
by the traditional capitalist-entrepreneur, the full proprietor of their firm whose was particularly focused on the expansion of production through developing capital assets. Whalen contrasts this expansion with the consolidation of capital under
Financial Capitalism. Toporowski links money manager capitalism to current trends in
1565:. This helped drive the housing bubble, as the availability of credit encouraged higher home prices. Since the bubble burst, we are seeing the progression in reverse, as businesses de-leverage, lending standards are raised and the share of borrowers in the three stages shifts back towards the hedge borrower.
1747:
Further economists such as
Charles Whalen and Jan Toporowski have discussed Minsky's periods of capitalism. Both suggest an intermediary stage between commercial and financial capitalism, what Whalen calls "industrial capitalism" and what Toporowski calls "classic capitalism." This was characterized
1519:
If the use of Ponzi finance is general enough in the financial system, then the inevitable disillusionment of the Ponzi borrower can cause the system to seize up: when the bubble pops, i.e., when asset prices stop increasing, the speculative borrower can no longer refinance (roll over) the principal
1428:
Minsky stated his theories verbally, and did not build mathematical models based on them. Minsky preferred to use interlocking balance sheets rather than mathematical equations to model economies: "The alternative to beginning one's theorizing about capitalist economies by positing utility functions
1625:
The industrial revolution put more importance on employing machinery in production, and the non-labor costs that came with it. This required 'durable assets' and so brought about the corporation as an entity, with limited liability for investors. The main source of financing shifted from commercial
1612:
for the merchants and a corresponding liability to themselves, so in the case of unexpected losses they guaranteed to pay. When a credit contract was fulfilled, the credit was destroyed. Banks financed the inventories of merchant, but not capital stock ––this means that the primary source of profit
1514:
Ponzi Phase: As confidence continues to grow in the banking system and banks continue to believe that asset prices will continue to rise, the third stage in the cycle, the Ponzi stage, begins. In this stage the borrower can neither afford to pay the principal nor the interest on the loans which are
1664:
A market in the control of firms developed: the fund managers whose compensation was based on the total returns earned by the portfolio they managed were quick to accept the higher price for the assets in their portfolio that resulted from the refinancing that accompanied changes in the control of
1588:
Though Minsky's research in the 1980s depended on
Keynesian analysis, he thought that changes in the structure of the US economy by then required new analysis, and for this he turned to Schumpeter. Both Schumpeter (and Keynes), Minsky argued, believed that finance was the engine of investment in
1568:
McCulley also points out that human nature is inherently pro-cyclical, meaning, in Minsky's words, that "from time to time, capitalist economies exhibit inflations and debt deflations which seem to have the potential to spin out of control. In such processes, the economic system's reactions to a
1506:
Hedge Phase: This phase occurs right after a financial crisis and after recovery, during a point at which banks and borrowers are overly cautious. This causes loans to be minimal ensuring that the borrower can afford to repay both the initial principal and the interest. Thus, the economy is most
1490:
The "hedge borrower" can make debt payments (covering interest and principal) from current cash flows from investments. For the "speculative borrower", the cash flow from investments can service the debt, i.e., cover the interest due, but the borrower must regularly roll over, or re-borrow, the
1669:
Minsky noted that the rise of money management, trading huge multi-million dollar blocks every day, led to an increase in securities and people taking financial positions to gain a profit. This positioning itself was financed by banks. Minsky noted that financial institutions had become so far
1650:
guaranteed the flow of profits, and allowed for the return of firms financing themselves out of profits (something that hadn't been widespread since the first period of capitalism.) Management in firms became more independent on the investment banker and the shareholder, leading to longer time
1510:
Speculative Phase: The
Speculative period emerges as confidence in the banking system is slowly renewed. This confidence brings about complacency that good market conditions will continue. Rather than issue loans to borrowers that can pay both principal and interest, loans are issued where the
1580:. People naturally take actions that expand the high and low points of cycles. One implication for policymakers and regulators is the implementation of counter-cyclical policies, such as contingent capital requirements for banks that increase during boom periods and are reduced during busts.
1499:) borrows based on the belief that the appreciation of the value of the asset will be sufficient to refinance the debt but could not make sufficient payments on interest or principal with the cash flow from investments; only the appreciating asset value can keep the Ponzi borrower afloat.
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capitalist economies, so the evolution of financial systems, motivated by profit-seeking, could explain the shifting nature of capitalism across time. From this, Minsky split capitalism into four stages: Commercial, Financial, Managerial and Money
Manager. Each is characterized by
1429:
over the reals and production functions with something labeled K (called capital) is to begin with the interlocking balance sheets of the economy." Consequently, his theories have not been incorporated into mainstream economic models, which do not include private debt as a factor.
1556:
McCulley writes that the progression through Minsky's three borrowing stages was evident as the credit and housing bubbles built through approximately August 2007. Demand for housing was both a cause and effect of the rapidly expanding
1552:
loan, meaning the payments do not cover the interest amount and the principal is actually increasing. Lenders only provided funds to ponzi borrowers due to a belief that housing values would continue to increase.
1470:
Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector. He identified three types of borrowers that contribute to the accumulation of
1359:. "A fundamental characteristic of our economy," Minsky wrote in 1974, "is that the financial system swings between robustness and fragility and these swings are an integral part of the process that generates
1659:
Minsky argues that due to tax laws and the way markets capitalized on income, the value of equity in indebted firms was higher than conservatively financed ones. This led to a shift, as explained by Minsky,
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was through trade, and not expanding production as in later periods. As Minsky explained, "commercial capitalism might well be taken to correspond to the structure of finance when production is by
3016:
1240:. In 1965 he became Professor of Economics of Washington University in St. Louis and retired from there in 1990. At the time of his death he was a Distinguished Scholar at the
1524:, collapse of the speculative borrowers can then bring down even hedge borrowers, who are unable to find loans despite the apparent soundness of the underlying investments.
1366:
Disagreeing with many mainstream economists of the day, he argued that these swings, and the booms and busts that can accompany them, are inevitable in a so-called free
1320:"He offered very good insights in the '60s and '70s when linkages between the financial markets and the economy were not as well understood as they are now," said
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there has been increased interest in policy implications of his theories, with some central bankers advocating that central bank policy include a Minsky factor.
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1608:. In this period, banks use their privileged knowledge of distant banks and local merchants to gain a profit. They issued bills for commodities, essentially
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1774:
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This slow movement of the financial system from stability to fragility, followed by crisis, is something for which Minsky is best known, and the phrase "
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movement of the economy amplify the movement – inflation feeds upon inflation and debt-deflation feeds upon debt-deflation." In other words, people are
985:
1540:. McCulley illustrated the three types of borrowing categories using an analogy from the mortgage market: a hedge borrower would have a traditional
1070:
2451:
Hyman Philip Minsky, Distinguished
Scholar, The Levy Economics Institute of Bard College, Blithewood, Bard College, Annandale-on-Hudson, New York
1185:
1561:, which helped fund the shift to more lending of the speculative and ponzi types, through ever-riskier mortgage loans at higher levels of
1548:, meaning they are paying back only the interest and must refinance later to pay back the principal; and the ponzi borrower would have a
1507:
likely seeking equilibrium and virtually self-containing. This is the "not too hot not too cold" Goldilocks phase of debt accumulation.
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borrower can only afford to pay the interest; the principal will be repaid by refinancing. This begins the decline to instability.
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removed from the financing of capital development at this point, but rather committed large cash flows to 'debt validation.'
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and economist. "He showed us that financial markets could move frequently to excess. And he underscored the importance of the
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Transforming the U.S. Financial System: An
Equitable and Efficient Structure for the 21st Century (Economic Policy Institute)
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develops, and soon thereafter debts exceed what borrowers can pay off from their incoming revenues, which in turn produces a
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system, which he dubbed the "financial instability hypothesis" (FIH), incorporated many ideas already circulated by
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executives helped him to develop his theories about lending and economic activity, views he laid out in two books,
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136:
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John
Cassidy, The Minsky Moment. Subprime mortgage crisis and possible recession, New Yorker, February 4, 2008.
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1117:, which he attributed to swings in a potentially fragile financial system. Minsky is sometimes described as a
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action and other tools. Such mechanisms did in fact come into existence in response to crises such as the
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tradition, he supported some government intervention in financial markets, opposed some of the financial
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in asset prices, have also not been incorporated into central bank policy. However, in the wake of the
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Hyman Minsky's theories about debt accumulation received revived attention in the media during the
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The Credit Crisis: Denial, delusion and the "defunct" American economist who foresaw the dénouement
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1873:, whose writings on 'Finance Capitalism' anticipated Minsky's elaboration on Financial Capitalism
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The Origin of
Financial Crises: Central Banks, Credit Bubbles, and the Efficient Market Fallacy
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1113:. His research attempted to provide an understanding and explanation of the characteristics of
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579:
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2131:, by Janet L. Yellen, President and CEO, Federal Reserve Bank of San Francisco, April 16, 2009
1949:
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New
Perspectives in Monetary Macroeconomics: Explorations in the Tradition of Hyman P. Minsky
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and is paying back both the principal and interest; the speculative borrower would have an
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2510:"The Limits of Minsky's Financial Instability Hypothesis as an Explanation of the Crisis,"
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from 1949 to 1958, and from 1957 to 1965 was an associate professor of economics at the
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Financial Conditions and Macroeconomic Performance: Essays in Honor of Hyman P.Minsky
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2200:"Integrating Schumpeter and Keynes: Hyman Minsky's Theory of Capitalist Development"
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2274:"Financialisation and the periodisation of capitalism: appearances and processes"
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Minsky's theories have enjoyed some popularity, but have had little influence in
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2165:"McCulley-PIMCO-The Shadow Banking System and Hyman Minsky's Economic Journey"
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by Hyman Minsky in Journal of Financial Services Research 9:197-208 (1995)
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1916:"A monetary Minsky model of the Great Moderation and the Great Recession"
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2431:
Why Minsky Matters: An Introduction to the Work of a Maverick Economist
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Minsky's economic theories were largely ignored for decades, until the
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187:
1405:(1975), a classic study of the economist and his contributions, and
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1855:. New York: Telos Press. Archived at Hyman P. Minsky Archive. 166.
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of the 1980s, stressed the importance of the Federal Reserve as a
1307:
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30:
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issued by banks leading to foreclosures and vast debt failures.
1302:
tighten credit availability, even to companies that can afford
1299:
1173:
1039:
1527:
2525:
1484:
631:
407:
1502:
These 3 types of borrowers manifest into a 3-phased system:
1452:
2458:
Die Hypothese finanzieller Instabilität von Hyman P. Minsky
1520:
even if able to cover interest payments. As with a line of
1303:
1295:
1157:
1134:
2027:"H. P. Minsky, 77, Economist Who Decoded Lending Trends"
1895:"H. P. Minsky, 77, Economist Who Decoded Lending Trends"
2517:"A Theory of Minsky Super-Cycles and Financial Crises,"
1648:
Keynesian deficit spending of post-depression economies
1409:(1986), and more than a hundred professional articles.
1370:– unless government steps in to control them, through
2461:
Thesis, University of Fribourg, Switzerland, (German)
1294:. As a result of such speculative borrowing bubbles,
2389:
Hyman P. Minsky Hypothesis to Evaluate Credit Crunch
1775:
The General Theory of Employment, Interest and Money
1536:
described how Minsky's hypothesis translates to the
1172:
movement. His father, Sam Minsky, was active in the
1168:. His mother, Dora Zakon, was active in the nascent
1133:
and argued against the over-accumulation of private
2465:
In Time of Tumult, Obscure Economist Gains Currency
1317:" refers to this aspect of Minsky's academic work.
1951:A biographical dictionary of dissenting economists
1778:. He also put forth his own interpretation of the
1448:Minsky's theories and the subprime mortgage crisis
2512:Monthly Review, Volume 61, Issue 11 (April 2010).
1724:International Corporation; Securities; Positions
1583:
3038:
2110:Financial Factors in the Economics of Capitalism
2018:
2049:
2047:
1923:Journal of Economic Behavior & Organization
1759:
1286:rises beyond what is needed to pay off debt, a
1086:(September 23, 1919 – October 24, 1996) was an
2485:(Available only to subscribers). Stephen Mihm
2122:A Minsky Meltdown: Lessons for Central Bankers
1186:George Washington High School in New York City
2541:
1981:Hyman Minsky, professor emeritus of economics
1947:
1853:"The breakdown of the 1960s policy synthesis"
1064:
3092:American people of Belarusian-Jewish descent
2044:
1948:Arestis, Philip; Sawyer, Malcolm C. (2000).
1278:to financial markets. Minsky stated that in
3057:George Washington Educational Campus alumni
1654:
1528:Application to the subprime mortgage crisis
1491:principal. The "Ponzi borrower" (named for
1144:of 2008 caused a renewed interest in them.
3087:Washington University in St. Louis faculty
2548:
2534:
2271:
1071:
1057:
29:
2415:Jan Toporowski, Daniela Tavasci (2010).
2289:
2024:
1889:
1453:Minsky's financial instability-hypothesis
2278:Review of Evolutionary Political Economy
2075:
1789:
1633:
1599:
1242:Levy Economics Institute of Bard College
2091:Minsky, Hyman P. (September 15, 1974).
1827:. McGraw-Hill Professional, New York.
1732:Commercial Bank (+ internal financing)
1620:
1617:, rather than by machinery and labor."
1432:Minsky's theories, which emphasize the
1412:
3039:
2252:
2197:
2090:
2056:"The Financial Instability Hypothesis"
2053:
1813:. McGraw-Hill Professional, New York.
1630:ended their dominance of the economy.
381:Measures of national income and output
2529:
2391:. LAP LAMBERT Academic Publishing.
2193:
2191:
2025:Uchitelle, Louis (October 26, 1996).
1983:. Washington University in St. Louis.
1799:. Levy Economic Institute, New York.
1674:Minsky's periodization of capitalism
1467:has labelled it "the Minsky Moment".
1461:of the first decade of this century.
1105:, and a distinguished scholar at the
2493:Optimistic for a more humane economy
2401:Robert Pollin, Gary Dymski (1994).
1913:
1738:Central Bank (+ internal financing)
1604:Minsky's first period correlated to
1251:
13:
2520:Contributions to Political Economy
2405:. University of Michigan Press.
2317:
2188:
1395:University of California, Berkeley
1238:University of California, Berkeley
1103:Washington University in St. Louis
14:
3113:
2444:
2093:"Our Financial System is Fragile"
1797:Ending Poverty: Jobs, Not Welfare
1256:Minsky proposed theories linking
1184:. In 1937, Minsky graduated from
3097:20th-century American economists
2489:boston.com (September 13, 2009).
1914:Keen, Steve (29 December 2010).
1638:Relying on the profit theory of
1038:
1026:
267:
222:Financial instability hypothesis
2499:The Fed discovers Hyman Minsky'
2433:. Princeton University Press.
2272:Toporowski, Jan (August 2020).
2265:
2246:
2157:
2145:
2134:
2115:
2103:
1825:Stabilizing an Unstable Economy
1407:Stabilizing an Unstable Economy
1248:(1957–1961) while at Berkeley.
1188:. In 1941, Minsky received his
2555:
2417:Minsky, Crisis and Development
2216:10.1080/00213624.2001.11506415
2084:
2069:
1986:
1974:
1941:
1907:
1883:
1866:2008–2009 Keynesian resurgence
1768:(1975), Minsky criticized the
1584:Minsky's periods of capitalism
1390:that characterized the 1980s.
1246:Commission on Money and Credit
986:Publications in macroeconomics
1:
2351:Gary Dymski, Gerald Epstein,
2054:Minsky, Hyman P. (May 1992).
1877:
1442:financial crisis of 2007–2010
1244:. He was a consultant to the
3082:University of Chicago alumni
2327:. McGraw-Hill Professional.
2253:Minsky, Hyman (1992-01-01).
1760:Views on John Maynard Keynes
1397:, that seminars attended by
1147:
7:
2198:Whalen, Charles J. (2001).
2080:(4th ed.). p. 14.
2078:Manias, Panics, and Crashes
1859:
1646:) According to Minsky, the
1644:investment finances itself.
1595:who is doing the financing.
10:
3118:
2291:10.1007/s43253-020-00005-4
2204:Journal of Economic Issues
1935:10.1016/j.jebo.2011.01.010
1628:Stock Market Crash of 1929
1137:in the financial markets.
737:New neoclassical synthesis
720:Real business-cycle theory
3077:Harvard University alumni
3072:Post-Keynesian economists
3010:
2847:
2699:
2581:
2565:
2429:L. Randall Wray (2015).
2341:. Vintage; 1st Edition.
2076:Kindleberger, Charles P.
1260:fragility, in the normal
1227:
1216:, where he studied under
1156:, Minsky was born into a
242:
231:
217:
179:
163:
147:
119:
107:
97:
92:
88:
80:
62:
37:
28:
21:
3102:Brown University faculty
3067:Economists from Illinois
2419:. Palgrave Macmillan.
2387:Jannatul Islam (2014).
2371:Dimitri B. Papadimitriou
2255:"Schumpeter and Finance"
1655:Money Manager Capitalism
1538:subprime mortgage crisis
1459:subprime mortgage crisis
1310:subsequently contracts.
1142:subprime mortgage crisis
1119:post-Keynesian economist
1107:Levy Economics Institute
742:Saltwater and freshwater
114:Post-Keynesian economics
2917:Stephany Griffith-Jones
2487:"Why Capitalism fails,"
2337:George Cooper (2008).
2323:Robert Barbera (2009).
2259:Hyman P. Minsky Archive
1841:. M.E. Sharpe, Armonk.
1721:Managerial Corporation
1200:and went on to earn an
670:International economics
595:Overlapping generations
237:IDEAS / RePEc
2729:John Kenneth Galbraith
2325:The Cost of Capitalism
1839:Can "It" Happen Again?
1770:neoclassical synthesis
1667:
1591:what is being financed
1339:Minsky's model of the
1282:times, when corporate
1013:Mathematical economics
764:Modern monetary theory
527:Universal basic income
1937:– via Elsevier.
1790:Selected publications
1784:Knightian uncertainty
1772:' interpretation of
1662:
1634:Managerial Capitalism
1600:Commercial Capitalism
1559:shadow banking system
1550:negative amortization
1386:. Minsky opposed the
1334:lender of last resort
1198:University of Chicago
1131:lender of last resort
853:Wesley Clair Mitchell
828:Thomas Robert Malthus
665:Development economics
124:University of Chicago
2819:Pavlina R. Tcherneva
2063:Working Paper No. 74
1893:(October 26, 1996).
1729:Source of Financing
1621:Financial Capitalism
1419:mainstream economics
1413:Further developments
1288:speculative euphoria
590:Ramsey–Cass–Koopmans
430:Liquidity preference
3062:People from Chicago
3024:Keynesian economics
2573:John Maynard Keynes
2369:Steven M. Fazzari,
1811:John Maynard Keynes
1766:John Maynard Keynes
1675:
1606:Merchant Capitalism
1438:speculative bubbles
1403:John Maynard Keynes
1084:Hyman Philip Minsky
1045:Business portal
981:Macroeconomic model
858:John Maynard Keynes
655:Economic statistics
600:General equilibrium
204:John Maynard Keynes
74:Rhinebeck, New York
42:Hyman Philip Minsky
2724:James K. Galbraith
2661:Arthur Melvin Okun
2522:, 30 (1), 31 – 46.
2515:Thomas I. Palley,
2508:Thomas I. Palley,
2477:, 4 February 2008.
2471:The Minsky Moment'
2127:2013-01-05 at the
2031:The New York Times
1695:Economic Activity
1673:
1546:interest-only loan
1273:investment bubbles
1214:Harvard University
933:Edward C. Prescott
660:Monetary economics
133:Harvard University
52:September 23, 1919
16:American economist
3034:
3033:
2922:Nobuhiro Kiyotaki
2867:Olivier Blanchard
2824:Anthony Thirlwall
2651:Franco Modigliani
2601:James Duesenberry
2333:978-0-07-162844-0
2097:Ocala Star Banner
1994:"Minsky's moment"
1871:Rudolf Hilferding
1851:(Winter 1981–82)
1847:978-0-87332-213-3
1833:978-0-07-159299-4
1819:978-0-07-159301-4
1745:
1744:
1704:Aggregate Demand
1232:Minsky taught at
1218:Joseph Schumpeter
1154:Chicago, Illinois
1081:
1080:
1008:Political economy
963:N. Gregory Mankiw
953:Thomas J. Sargent
798:Market monetarism
612:Endogenous growth
442:National accounts
246:
245:
192:Joseph Schumpeter
154:Joseph Schumpeter
56:Chicago, Illinois
3109:
3022:
2997:Michael Woodford
2987:Lawrence Summers
2942:Maurice Obstfeld
2912:Robert J. Gordon
2834:Sidney Weintraub
2814:G. L. S. Shackle
2550:
2543:
2536:
2527:
2526:
2312:
2311:
2293:
2269:
2263:
2262:
2250:
2244:
2243:
2195:
2186:
2185:
2183:
2182:
2176:
2170:. Archived from
2169:
2161:
2155:
2149:
2143:
2138:
2132:
2119:
2113:
2107:
2101:
2100:
2088:
2082:
2081:
2073:
2067:
2066:
2060:
2051:
2042:
2041:
2039:
2037:
2022:
2016:
2015:
2013:
2012:
1990:
1984:
1978:
1972:
1971:
1969:
1968:
1954:. Edward Elgar.
1945:
1939:
1938:
1920:
1911:
1905:
1904:
1891:Uchitelle, Louis
1887:
1754:financialization
1735:Investment Bank
1712:Object Financed
1676:
1672:
1384:Great Depression
1345:John Stuart Mill
1324:, a Wall Street
1292:financial crisis
1258:financial market
1252:Financial theory
1234:Brown University
1222:Wassily Leontief
1121:because, in the
1115:financial crises
1073:
1066:
1059:
1043:
1042:
1033:Money portal
1031:
1030:
1029:
943:William Nordhaus
928:Robert Lucas Jr.
818:François Quesnay
454:Nominal rigidity
425:Demand for money
403:Microfoundations
339:Financial crisis
319:Effective demand
289:Aggregate supply
284:Aggregate demand
271:
248:
247:
196:Wassily Leontief
158:Wassily Leontief
69:
66:October 24, 1996
51:
49:
33:
19:
18:
3117:
3116:
3112:
3111:
3110:
3108:
3107:
3106:
3037:
3036:
3035:
3030:
3029:
3028:
3027:
3026:
3019:
3006:
2982:Joseph Stiglitz
2977:Andrei Shleifer
2967:Julio Rotemberg
2897:Stanley Fischer
2882:Richard Clarida
2877:Guillermo Calvo
2843:
2839:L. Randall Wray
2829:William Vickrey
2804:Steven Pressman
2759:Nicholas Kaldor
2739:Myron J. Gordon
2701:Post-Keynesians
2695:
2611:Trygve Haavelmo
2577:
2561:
2554:
2469:John Cassidy, '
2456:Marc Schnyder:
2447:
2359:. Routledge.
2320:
2318:Further reading
2315:
2270:
2266:
2251:
2247:
2196:
2189:
2180:
2178:
2174:
2167:
2163:
2162:
2158:
2150:
2146:
2139:
2135:
2129:Wayback Machine
2120:
2116:
2108:
2104:
2089:
2085:
2074:
2070:
2058:
2052:
2045:
2035:
2033:
2023:
2019:
2010:
2008:
1992:
1991:
1987:
1979:
1975:
1966:
1964:
1962:
1946:
1942:
1918:
1912:
1908:
1888:
1884:
1880:
1862:
1792:
1762:
1657:
1636:
1623:
1615:labor and tools
1610:creating credit
1602:
1586:
1578:value investors
1576:by nature, not
1530:
1483:borrowers, and
1455:
1450:
1415:
1399:Bank of America
1361:business cycles
1349:Alfred Marshall
1330:Federal Reserve
1254:
1230:
1178:Socialist party
1176:section of the
1164:emigrants from
1150:
1077:
1037:
1027:
1025:
1018:
1017:
976:
968:
967:
948:Joseph Stiglitz
908:Milton Friedman
888:Friedrich Hayek
813:
803:
802:
685:
675:
674:
645:
637:
636:
622:Mundell–Fleming
617:Matching theory
555:Keynesian cross
540:
532:
531:
502:
494:
493:
279:
224:
210:
206:
202:
198:
194:
190:
186:
174:L. Randall Wray
172:
170:Mauro Gallegati
165:
156:
149:
131:
120:Alma mater
109:
93:Academic career
76:
71:
67:
58:
53:
47:
45:
44:
43:
24:
17:
12:
11:
5:
3115:
3105:
3104:
3099:
3094:
3089:
3084:
3079:
3074:
3069:
3064:
3059:
3054:
3049:
3032:
3031:
3018:
3017:
3015:
3014:
3012:
3008:
3007:
3005:
3004:
2999:
2994:
2992:John B. Taylor
2989:
2984:
2979:
2974:
2972:Robert Shiller
2969:
2964:
2959:
2957:Kenneth Rogoff
2954:
2949:
2944:
2939:
2934:
2929:
2924:
2919:
2914:
2909:
2904:
2899:
2894:
2889:
2884:
2879:
2874:
2869:
2864:
2859:
2857:George Akerlof
2853:
2851:
2849:New Keynesians
2845:
2844:
2842:
2841:
2836:
2831:
2826:
2821:
2816:
2811:
2806:
2801:
2796:
2791:
2786:
2784:Abba P. Lerner
2781:
2776:
2771:
2766:
2764:Michał Kalecki
2761:
2756:
2751:
2749:Michael Hudson
2746:
2744:Geoff Harcourt
2741:
2736:
2731:
2726:
2721:
2716:
2711:
2709:Victoria Chick
2705:
2703:
2697:
2696:
2694:
2693:
2688:
2683:
2681:Paul Samuelson
2678:
2673:
2668:
2663:
2658:
2656:Robert Mundell
2653:
2648:
2643:
2638:
2636:Lawrence Klein
2633:
2628:
2623:
2618:
2613:
2608:
2603:
2598:
2596:William Baumol
2593:
2591:Gardner Ackley
2587:
2585:
2583:Neo-Keynesians
2579:
2578:
2576:
2575:
2569:
2567:
2563:
2562:
2559:
2553:
2552:
2545:
2538:
2530:
2524:
2523:
2513:
2506:
2495:
2490:
2483:
2481:Minsky Archive
2478:
2475:The New Yorker
2467:
2462:
2453:
2446:
2445:External links
2443:
2442:
2441:
2439:978-0691159126
2427:
2425:978-0230235076
2413:
2411:978-0472104727
2399:
2397:978-3659607707
2385:
2383:978-1563240164
2377:. Routledge.
2367:
2365:978-1563242694
2349:
2347:978-0307473455
2335:
2319:
2316:
2314:
2313:
2284:(2): 149–160.
2264:
2245:
2210:(4): 805–823.
2187:
2156:
2144:
2133:
2114:
2102:
2083:
2068:
2043:
2017:
2000:. 2016-07-30.
1985:
1973:
1960:
1940:
1906:
1900:New York Times
1881:
1879:
1876:
1875:
1874:
1868:
1861:
1858:
1857:
1856:
1849:
1835:
1821:
1807:
1805:978-1936192311
1791:
1788:
1780:General Theory
1761:
1758:
1743:
1742:
1739:
1736:
1733:
1730:
1726:
1725:
1722:
1719:
1716:
1713:
1709:
1708:
1705:
1702:
1699:
1696:
1692:
1691:
1690:Money-Manager
1688:
1685:
1682:
1679:
1656:
1653:
1640:Michal Kalecki
1635:
1632:
1622:
1619:
1601:
1598:
1585:
1582:
1529:
1526:
1517:
1516:
1512:
1508:
1473:insolvent debt
1464:The New Yorker
1454:
1451:
1449:
1446:
1414:
1411:
1393:It was at the
1368:market economy
1253:
1250:
1229:
1226:
1149:
1146:
1079:
1078:
1076:
1075:
1068:
1061:
1053:
1050:
1049:
1048:
1047:
1035:
1020:
1019:
1016:
1015:
1010:
1005:
1003:Microeconomics
1000:
999:
998:
988:
983:
977:
974:
973:
970:
969:
966:
965:
960:
955:
950:
945:
940:
935:
930:
925:
920:
918:Lawrence Klein
915:
913:Paul Samuelson
910:
905:
900:
895:
890:
885:
880:
875:
870:
868:Michał Kalecki
865:
860:
855:
850:
845:
840:
835:
830:
825:
820:
814:
809:
808:
805:
804:
801:
800:
795:
790:
788:Disequilibrium
785:
784:
783:
776:Post-Keynesian
773:
768:
767:
766:
756:
745:
744:
739:
734:
729:
724:
723:
722:
712:
707:
706:
705:
700:
686:
681:
680:
677:
676:
673:
672:
667:
662:
657:
652:
646:
644:Related fields
643:
642:
639:
638:
635:
634:
629:
624:
619:
614:
609:
608:
607:
597:
592:
587:
582:
577:
572:
570:Phillips curve
567:
562:
557:
552:
547:
541:
538:
537:
534:
533:
530:
529:
524:
519:
514:
509:
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500:
499:
496:
495:
492:
491:
486:
481:
476:
471:
466:
461:
456:
451:
450:
449:
439:
434:
433:
432:
422:
420:Money creation
417:
416:
415:
405:
400:
399:
398:
393:
388:
378:
376:Liquidity trap
373:
368:
363:
362:
361:
356:
346:
341:
336:
335:
334:
329:
321:
316:
311:
306:
301:
296:
294:Business cycle
291:
286:
280:
278:Basic concepts
277:
276:
273:
272:
264:
263:
261:Macroeconomics
257:
256:
244:
243:
240:
239:
229:
228:
219:
215:
214:
200:Michał Kalecki
181:
177:
176:
167:
161:
160:
151:
145:
144:
121:
117:
116:
111:
108:School or
105:
104:
102:Macroeconomics
99:
95:
94:
90:
89:
86:
85:
82:
78:
77:
72:
70:(aged 77)
64:
60:
59:
54:
41:
39:
35:
34:
26:
25:
22:
15:
9:
6:
4:
3:
2:
3114:
3103:
3100:
3098:
3095:
3093:
3090:
3088:
3085:
3083:
3080:
3078:
3075:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3053:
3050:
3048:
3045:
3044:
3042:
3025:
3021:
3013:
3009:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2973:
2970:
2968:
2965:
2963:
2960:
2958:
2955:
2953:
2950:
2948:
2947:Edmund Phelps
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2923:
2920:
2918:
2915:
2913:
2910:
2908:
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2888:
2885:
2883:
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2860:
2858:
2855:
2854:
2852:
2850:
2846:
2840:
2837:
2835:
2832:
2830:
2827:
2825:
2822:
2820:
2817:
2815:
2812:
2810:
2809:Joan Robinson
2807:
2805:
2802:
2800:
2797:
2795:
2794:Bill Mitchell
2792:
2790:
2787:
2785:
2782:
2780:
2777:
2775:
2772:
2770:
2767:
2765:
2762:
2760:
2757:
2755:
2752:
2750:
2747:
2745:
2742:
2740:
2737:
2735:
2732:
2730:
2727:
2725:
2722:
2720:
2717:
2715:
2714:Paul Davidson
2712:
2710:
2707:
2706:
2704:
2702:
2698:
2692:
2689:
2687:
2684:
2682:
2679:
2677:
2676:William Poole
2674:
2672:
2671:Bill Phillips
2669:
2667:
2664:
2662:
2659:
2657:
2654:
2652:
2649:
2647:
2646:Lloyd Metzler
2644:
2642:
2639:
2637:
2634:
2632:
2629:
2627:
2626:Walter Heller
2624:
2622:
2619:
2617:
2614:
2612:
2609:
2607:
2606:Robert Eisner
2604:
2602:
2599:
2597:
2594:
2592:
2589:
2588:
2586:
2584:
2580:
2574:
2571:
2570:
2568:
2564:
2560:
2557:
2551:
2546:
2544:
2539:
2537:
2532:
2531:
2528:
2521:
2518:
2514:
2511:
2507:
2505:, 7 Jan 2010.
2504:
2503:The Economist
2500:
2496:
2494:
2491:
2488:
2484:
2482:
2479:
2476:
2472:
2468:
2466:
2463:
2460:
2459:
2454:
2452:
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2448:
2440:
2436:
2432:
2428:
2426:
2422:
2418:
2414:
2412:
2408:
2404:
2400:
2398:
2394:
2390:
2386:
2384:
2380:
2376:
2372:
2368:
2366:
2362:
2358:
2354:
2353:Robert Pollin
2350:
2348:
2344:
2340:
2336:
2334:
2330:
2326:
2322:
2321:
2309:
2305:
2301:
2297:
2292:
2287:
2283:
2279:
2275:
2268:
2260:
2256:
2249:
2241:
2237:
2233:
2229:
2225:
2221:
2217:
2213:
2209:
2205:
2201:
2194:
2192:
2177:on 2016-03-03
2173:
2166:
2160:
2153:
2148:
2142:
2137:
2130:
2126:
2123:
2118:
2111:
2106:
2099:. p. 5A.
2098:
2094:
2087:
2079:
2072:
2064:
2057:
2050:
2048:
2032:
2028:
2021:
2007:
2003:
1999:
1998:The Economist
1995:
1989:
1982:
1977:
1963:
1961:9781858985602
1957:
1953:
1952:
1944:
1936:
1932:
1928:
1924:
1917:
1910:
1902:
1901:
1896:
1892:
1886:
1882:
1872:
1869:
1867:
1864:
1863:
1854:
1850:
1848:
1844:
1840:
1836:
1834:
1830:
1826:
1822:
1820:
1816:
1812:
1808:
1806:
1802:
1798:
1794:
1793:
1787:
1785:
1781:
1777:
1776:
1771:
1767:
1757:
1755:
1751:
1750:globalization
1740:
1737:
1734:
1731:
1728:
1727:
1723:
1720:
1717:
1714:
1711:
1710:
1706:
1703:
1700:
1697:
1694:
1693:
1689:
1686:
1683:
1680:
1678:
1677:
1671:
1666:
1661:
1652:
1649:
1645:
1641:
1631:
1629:
1618:
1616:
1611:
1607:
1597:
1596:
1592:
1581:
1579:
1575:
1572:
1566:
1564:
1560:
1554:
1551:
1547:
1543:
1542:mortgage loan
1539:
1535:
1534:Paul McCulley
1525:
1523:
1513:
1509:
1505:
1504:
1503:
1500:
1498:
1494:
1493:Charles Ponzi
1488:
1486:
1482:
1478:
1474:
1468:
1466:
1465:
1460:
1445:
1443:
1439:
1435:
1434:macroeconomic
1430:
1426:
1424:
1420:
1410:
1408:
1404:
1400:
1396:
1391:
1389:
1385:
1381:
1380:Panic of 1907
1377:
1373:
1369:
1364:
1362:
1358:
1357:Irving Fisher
1354:
1353:Knut Wicksell
1350:
1346:
1342:
1337:
1335:
1331:
1327:
1326:money manager
1323:
1322:Henry Kaufman
1318:
1316:
1315:Minsky moment
1311:
1309:
1305:
1301:
1297:
1293:
1289:
1285:
1281:
1277:
1274:
1271:
1267:
1263:
1259:
1249:
1247:
1243:
1239:
1235:
1225:
1223:
1219:
1215:
1211:
1207:
1203:
1199:
1195:
1191:
1187:
1183:
1179:
1175:
1171:
1167:
1163:
1159:
1155:
1145:
1143:
1138:
1136:
1132:
1128:
1124:
1120:
1116:
1112:
1108:
1104:
1100:
1096:
1092:
1089:
1085:
1074:
1069:
1067:
1062:
1060:
1055:
1054:
1052:
1051:
1046:
1041:
1036:
1034:
1024:
1023:
1022:
1021:
1014:
1011:
1009:
1006:
1004:
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848:Irving Fisher
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208:Irving Fisher
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3002:Janet Yellen
2952:Ricardo Reis
2927:Paul Krugman
2907:Mark Gertler
2872:Alan Blinder
2862:Ben Bernanke
2789:Hyman Minsky
2788:
2754:Richard Kahn
2734:Wynne Godley
2686:Robert Solow
2666:Don Patinkin
2616:Alvin Hansen
2519:
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2179:. Retrieved
2172:the original
2159:
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2096:
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2077:
2071:
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2034:. Retrieved
2030:
2020:
2009:. Retrieved
1997:
1988:
1976:
1965:. Retrieved
1950:
1943:
1926:
1922:
1909:
1898:
1885:
1838:
1824:
1810:
1796:
1779:
1773:
1765:
1764:In his book
1763:
1746:
1718:Corporation
1707:Asset-Value
1668:
1663:
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1643:
1637:
1624:
1603:
1594:
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1555:
1531:
1518:
1501:
1497:Ponzi scheme
1489:
1469:
1462:
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1431:
1427:
1423:central bank
1416:
1406:
1402:
1392:
1388:deregulation
1376:central bank
1365:
1338:
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1312:
1255:
1231:
1152:A native of
1151:
1139:
1127:deregulation
1111:Bard College
1083:
1082:
958:Paul Krugman
903:Hyman Minsky
902:
863:Alvin Hansen
747:
746:
687:
650:Econometrics
627:Overshooting
580:Harrod–Domar
575:Arrow–Debreu
522:Central bank
489:Unemployment
479:Supply shock
437:Money supply
314:Disinflation
309:Demand shock
184:Henry Simons
68:(1996-10-24)
23:Hyman Minsky
3052:1996 deaths
3047:1919 births
2962:David Romer
2937:Marc Melitz
2932:Greg Mankiw
2887:Brad DeLong
2799:Basil Moore
2779:Marc Lavoie
2719:Evsey Domar
2691:James Tobin
2641:James Meade
1929:: 221–235.
1741:Money-Fund
1701:Production
1687:Managerial
1681:Commercial
1495:, see also
1487:borrowers.
1481:speculative
1479:borrowers,
1436:dangers of
1270:speculative
1194:mathematics
1170:trade union
838:LĂ©on Walras
732:Supply-side
565:Accelerator
474:Stagflation
459:Price level
354:Demand-pull
233:Information
212:Abba Lerner
81:Nationality
3041:Categories
2902:Jordi GalĂ
2774:Jan Kregel
2769:Steve Keen
2631:John Hicks
2621:Roy Harrod
2558:Keynesians
2181:2009-06-08
2011:2019-06-09
1967:2009-11-08
1878:References
1715:Merchants
1684:Financial
1532:Economist
1372:regulation
1306:, and the
1280:prosperous
1276:endogenous
1262:life cycle
1160:family of
893:John Hicks
823:Adam Smith
781:Circuitism
771:Ecological
759:Chartalism
710:Monetarism
688:Mainstream
585:Solow–Swan
560:Multiplier
517:Commercial
413:Endogenous
371:Investment
180:Influences
48:1919-09-23
2892:Huw Dixon
2355:(1993).
2308:216209034
2300:2662-6136
2240:151056799
2224:0021-3624
2006:0013-0613
1823:(2008) .
1809:(2008) .
1574:investors
1284:cash flow
1210:economics
1196:from the
1162:Menshevik
1148:Education
1123:Keynesian
1099:economics
1095:professor
1091:economist
991:Economics
833:Karl Marx
748:Heterodox
727:Stockholm
693:Keynesian
464:Recession
359:Cost-push
349:Inflation
304:Deflation
188:Karl Marx
110:tradition
2373:(1992).
2125:Archived
1860:See also
1571:momentum
1563:leverage
1522:dominoes
1425:policy.
1382:and the
1088:American
975:See also
754:Austrian
512:Monetary
501:Policies
332:Rational
327:Adaptive
253:a series
251:Part of
166:students
164:Doctoral
148:Doctoral
84:American
3011:Related
2566:Founder
2232:4227718
1837:(1982)
1795:(2013)
1308:economy
1300:lenders
1268:, with
1266:economy
1182:Chicago
1166:Belarus
996:Applied
793:Marxian
683:Schools
150:advisor
2437:
2423:
2409:
2395:
2381:
2363:
2345:
2331:
2306:
2298:
2238:
2230:
2222:
2065:: 6–8.
2036:May 4,
2004:
1958:
1845:
1831:
1817:
1803:
1698:Trade
1421:or in
1341:credit
1264:of an
1228:Career
1204:and a
1202:M.P.A.
1174:Jewish
1158:Jewish
811:People
539:Models
507:Fiscal
484:Saving
344:Growth
137:M.P.A.
2304:S2CID
2236:S2CID
2228:JSTOR
2175:(PDF)
2168:(PDF)
2059:(PDF)
1919:(PDF)
1485:Ponzi
1477:hedge
1332:as a
1304:loans
1296:banks
1212:from
1206:Ph.D.
632:NAIRU
550:AD–AS
545:IS–LM
408:Money
141:Ph.D.
98:Field
2435:ISBN
2421:ISBN
2407:ISBN
2393:ISBN
2379:ISBN
2361:ISBN
2343:ISBN
2329:ISBN
2296:ISSN
2220:ISSN
2038:2010
2002:ISSN
1956:ISBN
1843:ISBN
1829:ISBN
1815:ISBN
1801:ISBN
1752:and
1593:and
1355:and
1298:and
1220:and
1190:B.S.
1135:debt
1093:, a
698:Neo-
605:DSGE
299:CAGR
128:B.S.
63:Died
38:Born
2286:doi
2212:doi
1931:doi
1363:."
1336:."
1208:in
1192:in
1180:of
1109:of
1101:at
1097:of
703:New
447:SNA
396:NNI
391:GNI
386:GDP
235:at
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2257:.
2234:.
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2202:.
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2029:.
1996:.
1927:86
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1921:.
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2014:.
1970:.
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