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Claudio H. Dos Santos (2004) Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored “Frontier” of Keynesian Macroeconomics”, The Levy Economics Institute of Bard College Working Paper, vol. 408

Url: Not available

assets={Money; Equities; Bonds; CB Advances},
date-added={2012-08-20 16:35:24 +0200},
date-modified={2012-08-20 16:35:24 +0200},
methodology={Comparison; Litterature review; Theoretical},
sectors={Households; Firms; Banks; Central Bank; Government},
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Abstract: Although the 1970s marked the end of its hegemony in macroeconomics, Keynesian thought showed vitality in that period. The 1981 Nobel Prize lecture by James Tobin is perhaps the most well-known and clear version of the (“Old” Neoclassical) Keynesian “frontier” at the time1. According to Tobin (1982, p. 172): Hicksís ‘IS-LM’ version of Keynesian [theory](…) has a number of defects that have limited its usefulness and subjected it to attack. In this lecture, I wish to describe an alternative framework, which tries to repair some of those defects. (…). The principal features that differentiate the proposed framework from the standard macromodel are these: (i) precison regarding time (…); (ii) tracking of stocks (…); (iii) several assets and rates of return (…); (iv) modeling of financial and monetary policy operations (…); (v) Walrasís Law and adding-up constraints.” Tobinís “alternative framework” is, essentially, what we mean by the stock-flow consistent approach to macroeconomic modeling (SFCA, from now on)2. As it is well known, this approach failed to conquer the hearts and minds of the profession and virtually isappeared from the literature in the late 1980s. Indeed, despite the significant revival of the SFCA in the last few years, SFC practitioners are still a minority even among Post-Keynesians.

Keywords: Post-Keynesian macroeconomics, Stock-flow Consistency

November 13, 2010 | Comments Closed