PERSON
Paul McCulley
American economist and former PIMCO managing director (b. 1957) who coined the phrase <em>Minsky moment</em> in 1998 — the terminological bridge between Minsky's academic framework and mainstream financial vocabulary.
Paul McCulley is an American economist whose career at PIMCO and the Global Interdependence Center made him one of the most influential voices translating academic macroeconomics into financial practice. His 1998 coinage of the phrase "Minsky moment" — in a client note describing the Russian debt default — entered the global financial lexicon and became the single most consequential popularization of Minsky's framework during his own career. McCulley's subsequent work has developed Minskyan analysis for contemporary conditions, including detailed applications to the shadow banking system, quantitative easing, and most recently the AI infrastructure boom. His 2009 essay "The Shadow Banking System and Hyman P. Minsky's Economic Journey" remains a standard reference for understanding how Minsky's framework applies to post-2008 financial architecture.
In The You On AI Field Guide
McCulley's role in Minsky's posthumous recognition cannot be overstated. Minsky died in 1996, two years before McCulley coined the phrase that would bear his name. The phrase's adoption by the financial press during the 2007-2008 crisis brought Minsky's framework to