On the Design of Empirical Stock-flow-consistent Models PDF Download

Author: Gennaro Zezza
Publisher:
ISBN:
Category : Macroeconomics
Languages : en
Pages : 37

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Author: Michael Mies
Publisher:
ISBN: 9783706306515
Category :
Languages : en
Pages :

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Author: D. Papadimitriou
Publisher: Springer
ISBN: 0230367356
Category : Business & Economics
Languages : en
Pages : 421

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Book Description
A collection of papers from leading thinkers to celebrate the work of the late Wynne Godley, and his enormous contribution to the field of monetary economics. Chapters include in-depth discussions of the revolutionary economic modelling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

Author: Eugenio Caverzasi
Publisher:
ISBN:
Category :
Languages : en
Pages : 38

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The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature, requiring a new summary after the work of Dos Santos (2006) and, above all, after the publication of the main reference work on the methodology, Godley and Lavoie's Stock-flow Consistent Approach (2007). The paper is developed along the following lines. First, a brief historical analysis investigates the roots of this class of models that can be traced as far back as 1949 and the work of Copeland. Second, the competing points of view regarding some of its main controversial aspects are underlined and used to classify the different methodological approaches followed in using these models. Namely, we discuss (1) how the models are solved, (2) the treatment of time and its implication, and (3) the need -- or not -- of microfoundations. These results are then used in the third section of the paper to develop a bifocal perspective, which allows us to divide the literature reviewed according to both its subject and the methodology. We explore various topics such as financialization, exchange rate modeling, policy implication, the need for a common framework within the post-Keynesian literature, and the empirical use of SFC models. Finally, the conclusions present some hypotheses (and wishes) over the possible lines of development of the stock-flow consistent models.

Author: D. Papadimitriou
Publisher: Springer
ISBN: 0230367356
Category : Business & Economics
Languages : en
Pages : 296

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Book Description
A collection of papers from leading thinkers to celebrate the work of the late Wynne Godley, and his enormous contribution to the field of monetary economics. Chapters include in-depth discussions of the revolutionary economic modelling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

Author: Jacques Mazier
Publisher: Routledge
ISBN: 0429795076
Category : Business & Economics
Languages : en
Pages : 267

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Book Description
The past few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key text, Global Imbalances and Financial Capitalism: Stock-Flow-Consistent Modelling demonstrates that Stock-Flow-Consistent models are well adapted to study this growth regime due to their ability to analyse the real and financial sides of the economy in an integrated way. This approach is combined with an analysis of exchange rate misalignments using the Fundamental Equilibrium Exchange Rate (FEER) methodology, which serves to give a synthetic view of international imbalances. Together, these models describe how global and regional imbalances are created, as well as suggest appropriate tools through which they may be reduced. The book also considers alternative economic policies in the euro zone (international risk sharing, fiscal federalism, eurobonds, European investments, a multispeed euro zone) alongside alternative monetary policies. In particular, it examines the possibilities of using SDR (Special Drawing Rights) as a reserve asset to be issued to fight a global recession, to support the development of low-income countries, or as an anchor to improve global monetary stability. This text will be of interest to students, scholars, and researchers of economic theory and international monetary economics. It will also appeal to professional organisations who supervise international relations.

Author: Quinn Patrick McInerney
Publisher:
ISBN:
Category : Fiscal policy
Languages : en
Pages : 0

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Book Description
This project explores the stock-flow consistent (SFC) approach to modeling with the goal of examining the effectiveness of different fiscal policy tools, specifically tax policies and government expenditure. By exploring the historical and theoretical elements of stock-flow consistent models, we aim to gather insight on past successful models proven to predict crises. This paper begins with a history and continues into a simple SFC model thought experiment, which emphasizes the flexibility of the models as well as a precursor to the shock approach we employ at the end of the paper. We create Model ECONOMY with several strong assumptions, such as modeling a closed economy with an absence of the financial sector. By thoroughly comparing the results from the equations that comprise Model ECONOMY to that of historical data, we aim to provide legitimacy to the model. Once established, we will use the results from the baseline of Model ECONOMY and introduce shocks to the system. These shocks are forms of fiscal policy, from a decrease in taxes to an increase in government expenditures. We compare the results of the shocks to that of historical data from the same time period (2008-2015) in order to see what the effect would have been for each policy proposal. The goal of the paper is to use the SFC model to find an effective fiscal policy proposal.

Author: Huub Meijers
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description

Author: Marc Lavoie
Publisher: Springer
ISBN: 0230353843
Category : Business & Economics
Languages : en
Pages : 314

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Book Description
Selected essays from the eminent economist, Wynne Godley, tracing the development of his work and illuminating the key theories and models that made his name. Essays focus not only on the stock-flow coherent approach, but also lay out Godley's views about the European Union and the stability of its monetary policy.

Author: W. Godley
Publisher: Springer
ISBN: 1137085991
Category : History
Languages : en
Pages : 577

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Book Description
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.