SFC modeling in Paris

At the Conference on Political Economy and the outlook for capitalism there will be several sessions on stock-flow models.
Papers listed in the program include:
Michael Clévenot, Jacques Mazier and Yann Guy, Estimation et simulation d’un régime de croissance financiarisée avec un modèle SFC
Edwin Le Heron and Toussaint Bakala, Generalized liquidity preference theory in a SFC model and financial crisis
Amine Marouane, La révolution tunisienne: enjeux et perspectives à partir d’un modèle SFC
James Juniper, Modern Money Theory (MM) and Minsky: Towards a Stock-flow-Consistent (SFC) Synthesis
Stefano Lucarelli, A Stock-Flow Analysis of a Schumpeterian Innovation Economy: The Role of Knowledge(s) in the Economic Development
Vincent Duwicquet and Jacques Mazier, Ajustement et redistribution en union monétaire
Marc Lavoie, Le modèle SFC à trois pays et deux banques centrales à la lumière de la crise de la zone euro
Jamel Saadaoui, Modèle SFC à deux pays avec financiarisation et changes flexibles
Pascal Seppecher, em>Agents hétérogènes et monnaie endogène dans un modèle SFC
Alessandro Caiani, Stefano Lucarelli and Antoine Godin, Schumpeter in a matrix: a Stock Flow Consistent analysis of technological change
Tarik Mouakil, A Minsky Crisis in a Stock-Flow Consistent Model
Ahmed Hammadache and Vincent Duwicquet, Prix pétroliers et déséquilibres internationaux avec l’apport d’un modèle SFC
Stephen Kinsella and G. Tiou-Tagba Aliti, Simulating the impact of austerity on the irish economy using a stock-flow consistent model
Gennaro Zezza, Using SFC models for the analysis of European economies
Antoine Godin, Green Jobs for full employment, a Stock Flow Consistent analysis

It looks like the largest gathering of SFC modeler so far!

Files from SF lab, day #2

On the second day we introduce an investment function and explore model properties by shocking parameters.
Lab Files #2
Rename the .txt file to .prg to run it into Eviews
Finally we prepare a more complex accounting structure for the last lab exercise (excel file)

Stock-flow models lab at Levy

In the first day at the stock-flow lab at the Minsky Summer Seminar we show how to build a very simple model.
Files from Class #1
We note that although the accounting is consistent, the model structure is inconsistent since the stock of capital is growing while gdp converges to a steady state.

Warning for those who already downloaded the zip file! The program file I published yesterday was incomplete. I have now updated it, please download it again.

Stock-flow lab at the Minsky Summer Seminar

The stock-flow lab at the Minsky Summer School was a success, according to my personal view…
Some students asked me to make materials availble on the web, since we did not use the readily available programs I had previously published, and I have therefore created a Walk-trough for what we did during the three days.
Students attending were great, keeping their attention to the last minute of the lab, even after a long working day.

Files available:

    • Course on sfc models in Pavia

    I have been invited to give a course on sfc models in Pavia (Dec.14-16), along with a seminar on the current financial crisis (my slides, in Italian, are here).
    Here are the slides I used to introduce the course. The course developed a simple sfc-model from the very beginning:

    Eviews models are available here. They include

    • model1: a simple sfc model with banks. Income distribution is fixed, investment growth is given. The hidden equation is deposits = loans
    • model2: same as model 1, but with more reasonable values for capital depreciation, so that all stocks have reasonable values
    • model3: first attempt to introduce a price for equities and portfolio choice between equities and deposits, but the accounting is wrong…
    • model4: as model 3, but the accounting (for the demand for loans) has been fixed
    • model5: as model 4, with a better specification for expected wealth
    • model6: investment growth now depends on capacitiy utilization and the cost of borrowing
    • model7: endogenous price level, accounting at constant and current prices

    The next logical step would be to introduce a Phillips curve…

    An introduction to empirical SFC modeling

    For who is interested in empirical stock-flow-consistent models, I prepared some Eviews programs with comments, which can be downloaded from my teaching platform here.
    Register, and request enrollment to the course “Intoduction to macroeconometric models”