Peter Howitt is Professor of Economics and the Lyn Crost Professor of Social Sciences at Brown University. He was on the faculty of the University of Western Ontarion from 1972 to 1996 and the Ohio State University from 1996 to 2000. Most of his research has been in the area of macroeconomics and monetary economics. He is one of the creators of the modern “Schumpeterian” approach to the theory of economic growth. He has been active in the search for new foundations to macroeconomics and monetary theory, and has written extensively on the subject of Canadian monetary policy.
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This paper analyzes what assumptions on formation of expectations are consistent with Minsky’s Financial Instability Hypothesis (FIH) and its corollaries.