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Claudio H. Dos Santos, Antonio Carlos Macedo e Silva (2011) Peering over the edge of the short period? The Keynesian roots of stock-flow consistent macroeconomic models”, Cambridge Journal of Economics


DOI: 10.1093/cje/bep083

Abstract: This work argues that institutionally rich stock-flow consistent models—i.e. models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short-period behaviour of these agents is thoroughly described, and the ‘period by period’ balance sheet dynamics implied by the latter is consistently modelled—are (i) perfectly compatible with Keynes’ theoretical views, (ii) the ideal tool for rigorous post-Keynesian analyses of the medium run and, therefore, (iii) crucial to the consolidation of the broad post-Keynesian research programme.

Keywords: Medium-run analyses, Post-Keynesian macroeconomics, Stock-flow Consistency

November 13, 2010 | Comments Closed