Debt Deflation & Asset Price Hyperinflation Theory

These papers develop the theory of endogenous credit-fueled asset price bubbles (hyperinflations) and their ensuing busts, rooting them in what Hockett dubs Recursive Collective Action Problems. This account affords a uniform explanation of all inflations and deflations, and indicates why exercises of collective agency specifically targeting the individually rational, collectively irrational decisions in question are the only means of averting or ending these devastating, equilibrium-less crises.

Image: Irving Fisher, probably the greatest 20th century American economist nobody seems to have heard of, whose account of booms and depressions remains unequaled.
  1. Recursive Collective Action Problems
  2. Income Inequality and Market Fragility: A Model and Some Empirics in the Political Economy ofFinance
  3. Bubbles,Busts, & Blame
  4. Interpreting– and Learning From? – Yet Another Meltdown
  5. A Fixer-Upper for Finance
  6. The Macroprudential Turn: From Institutional ‘Safety & Soundness’ to Systemic‘Financial Stability’ in Bank Supervision
  7. SystemicallySignificant Prices
  8. Debt,Deflation, and Debacle
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Columns, OpEds, Occasional Journalism

I'm no Marx or Keynes, but like them I do try to accompany most of my scholarly, policy advocacy, and legislative work with more accessible journalistic companion pieces. Here are some of my regular columns for Forbes, The Hill, FT, and Huffington Post, along with other occasional journalism.

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The Green New Deal

The Green New Deal initiative begun in 2018 marked the beginning of a return to ambitious public-private coordination in the cause of rebuilding the American economy along more just, productive, and sustainable lines. Hockett worked with Rep. Ocasio-Cortez and her team from the start on the GND Resolution introduced to Congress in early 2019, then on the initiative's finance plan as well as much follow-up legislation found in the 'Legislation' Module of this site.

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