Mathematical models of debt deflation have recently been developed by Australian post-Keynesian economist Steve Keen.
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Given the level of government debt growth required, some proponents of debt deflation such as Steve Keen are pessimistic about these Keynesian suggestions.
The post-Keynesian economist Steve Keen has recently developed models of endogenous economic crises based on Minsky's theories, but they are currently at the research stage and do not enjoy widespread use.
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Within this field of research he has published scientific works with Steve Keen, Paul Ormerod, Bruce Greenwald, Joseph Stiglitz, Domenico Delli Gatti among others.