A consistency framework for macroeconomic analysis
AbstractMacroeconomic consistency is the requirement that budget constraints be observed for all participants in the economy. This paper presents the elements of a macroeconomic accounting framework in current prices. The framework is based on five accounts, corresponding to the following macro identities: (1) national accounts identity; (2) government identity; (3) balance of payments identity; (4) monetary identity; and (5) nonfinancial private sector identity. A basic consistency framework requires that all of these identities be simultaneously satisfied. These would be the miniumum elements of a consistency framework. The paper also indicates where further disaggregation might be useful. It presents the individual accounts first, and then integrates them through a matrix of income expenditure, saving, and asset and liability accumulation. Examples of this framework are presented for Colombia and Zimbabwe.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 234.
Date of creation: 30 Jun 1989
Date of revision:
Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Economic Stabilization; International Terrorism&Counterterrorism;
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Wodon, Quentin T., 1999. "Growth, poverty, and inequality : a regional panel for Bangladesh," Policy Research Working Paper Series, The World Bank 2072, The World Bank.
- Marshall, Jorge & Schmidt-Hebbel, Klaus, 1989. "Economic and policy determinants of public sector deficits," Policy Research Working Paper Series, The World Bank 321, The World Bank.
- Vavouras, Ioannis S., 1999. "Public Sector Deficits: Their Economic and Policy Determinants in the Case of Greece," Journal of Policy Modeling, Elsevier, Elsevier, vol. 21(1), pages 89-100, January.
- Christian A. Emini & Hippolyte Fofack, 2004. "A financial social accounting matrix for the integrated macroeconomic model for poverty analysis : application to Cameroon with a fixed-price multiplier analysis," Policy Research Working Paper Series, The World Bank 3219, The World Bank.
- Khadr, Ali & Schmidt-Hebbel, Klaus, 1989. "A framework for macroeconomic consistency for Zimbabwe," Policy Research Working Paper Series, The World Bank 310, The World Bank.
- Islam, Roumeen & Wetzel, Deborah L., 1991. "The macroeconomics of public sector deficits : the case of Ghana," Policy Research Working Paper Series, The World Bank 672, The World Bank.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi).
If references are entirely missing, you can add them using this form.