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Method to Simultaneously Determine Stock, Flow, and Parameter Values in Large Stock Flow Consistent Models

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  • Stephen Kinsella
  • Antoine Godin
  • G. Tiou-Tagba Aliti

Abstract

Stock flow consistent macroeconomic models suffer from the lack of a coherent estimation method due to the complicated nature of the modeling process. This paper provides a candidate estimation method that determines the values of each stock and flow simultaneously by analytically solving any stock flow model, and converting the estimation into a global minimisation problem in p-k dimensions. We describe the method and apply it to a canonical model using real-world data. The method estimates the parameters and flows reliably.

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Paper provided by Institute for New Economic Thinking (INET) in its series INET Research Notes with number 20.

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Date of creation: 01 Jul 2012
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Handle: RePEc:thk:rnotes:20

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  1. Claudio H. Dos Santos & Gennaro Zezza, 2008. "A Simplified, 'Benchmark', Stock-Flow Consistent Post-Keynesian Growth Model," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 441-478, 07.
  2. Soon Ryoo, 2009. "Long waves and short cycles in a model of endogenous financial fragility," UMASS Amherst Economics Working Papers 2009-03, University of Massachusetts Amherst, Department of Economics.
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