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A consistency framework for macroeconomic analysis


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  • Easterly, William


Macroeconomic 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.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 234.

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Date of creation: 30 Jun 1989
Date of revision:
Handle: RePEc:wbk:wbrwps:234

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Keywords: Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Economic Stabilization; International Terrorism&Counterterrorism;


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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.


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