Tweet Tweet­This paper will be pub­lished in a forth­com­ing book on the cri­sis edit­ed by Malliaris, Shaw and She­frin. In what fol­lows, I derive a cor­rect­ed for­mu­la for the role of the change in debt in aggre­gate demand, which is that ex-post aggre­gate demand equals ex-ante income plus the cir­cu­la­tion … Con­tin­ue read­ing Mod­el­ing Finan­cial Insta­bil­i­ty