The stock-flow-consistent modeling approach, pioneered by Wynne Godley in Cambridge and James Tobin in Yale in the 1970s, is being adopted by a growing number of young (and not-so-young) researchers in the post-Keynesian and other heterodox traditions, especially after the publication of Godley and Lavoie (2007a), which provided a general framework for the analysis of whole economic systems, and after the recognition that macroeconomic models integrating ‘real’ markets with flow-of-fund analysis had been particularly successful in predicting the Great Recession of 2007 (Bezemer 2010). In this chapter I first introduce the general features of the stock-flow-consistent (SFC) approach, discussing its standard post-Keynesian closures, and discuss next the most promising new lines of research adopting this approach from a heterodox perspective.
Modeling the Economy as a Whole – Stock-Flow Models
ZEZZA, Gennaro
2016-01-01
Abstract
The stock-flow-consistent modeling approach, pioneered by Wynne Godley in Cambridge and James Tobin in Yale in the 1970s, is being adopted by a growing number of young (and not-so-young) researchers in the post-Keynesian and other heterodox traditions, especially after the publication of Godley and Lavoie (2007a), which provided a general framework for the analysis of whole economic systems, and after the recognition that macroeconomic models integrating ‘real’ markets with flow-of-fund analysis had been particularly successful in predicting the Great Recession of 2007 (Bezemer 2010). In this chapter I first introduce the general features of the stock-flow-consistent (SFC) approach, discussing its standard post-Keynesian closures, and discuss next the most promising new lines of research adopting this approach from a heterodox perspective.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.