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A Stock-Flow Consistent General Framework for Minskyan Analysis of Closed Economics

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  • Claudio H. Dos Santos

    (Levy Economics Institute)

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    Abstract

    This paper reviews the general tenets of 'stock-flow consistent' and the 'formal Minskyan' literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the tools of the former. It also analyzes a small but representative and influential sample of seminal 'formal Minskyan' models, particularly the Taylor- O'Connel model, in light of a fully consistent 'Minskyan artificial economy.' The paper also shows these models often assume oversimplified hypotheses (that don't do justice tothe richness of Minskyan analyses) and, more seriously, often ignore the logical implications of these hypotheses. Finally, the authors arugue that most of these problems can be tackled when 'formal Minskyan' models are phrased as 'closures' of the 'general Minskyan' accounting framework described in the paper.

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    File URL: http://128.118.178.162/eps/mac/papers/0402/0402028.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 0402028.

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    Length: 30 pages
    Date of creation: 25 Feb 2004
    Date of revision:
    Handle: RePEc:wpa:wuwpma:0402028

    Note: Type of Document - pdf; pages: 30
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    Web page: http://128.118.178.162

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    1. Hyman P. Minsky & Piero Ferri, 1984. "Prices, Employment, and Profits," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 6(4), pages 489-499, July.
    2. Domenico Delli Gatti & Mauro Gallegati & Hyman P. Minsky, 1994. "Financial Institutions, Economic Policy, and the Dynamic Behavior of the Economy," Economics Working Paper Archive wp_126, Levy Economics Institute.
    3. Davis, E P, 1987. "A Stock-Flow Consistent Macro-econometric Model of the UK Economy--Part I," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 2(2), pages 111-32, April.
    4. Backus, David, et al, 1980. "A Model of U.S. Financial and Nonfinancial Economic Behavior," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(2), pages 259-93, Special I.
    5. Greg Hannsgen, 2005. "Minsky's acceleration channel and the role of money," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(3), pages 471-489, April.
    6. Benjamin M. Friedman & David I. Laibson, 1989. "Economic Implications of Extraordinary Movements in Stock Prices," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(2), pages 137-190.
    7. Dimitri B. Papadimitriou & Anwar Shaikh & Claudio H. dos Santos & Gennaro Zezza, 2002. "Is Personal Debt Sustainable?," Economics Strategic Analysis Archive 02-11, Levy Economics Institute.
    8. Patterson, K D & Stephenson, M J, 1988. "Stock-Flow Consistent Accounting: A Macroeconomic Perspective," Economic Journal, Royal Economic Society, vol. 98(392), pages 787-800, September.
    9. James Tobin, 1982. "Money and Finance in the Macro-Economic Process," Cowles Foundation Discussion Papers 613R, Cowles Foundation for Research in Economics, Yale University.
    10. Taylor, Lance & O'Connell, Stephen A, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 871-85, Supp..
    11. Philip Arestis & Malcolm Sawyer, 2002. "'New Consensus,' New Keynesianism, and the Economics of the 'Third Way'," Economics Working Paper Archive wp_364, Levy Economics Institute.
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