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Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics

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  • Claudio H. Dos Santos

    (Levy Economics Institute)

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    Abstract

    This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony. The representative views of Davidson, Godley, Minsky, and Tobin as different closures of the same SFC accounting framework are presented, and similarities and problems discussed.

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    File URL: http://128.118.178.162/eps/mhet/papers/0406/0406001.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0406001.

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    Length: 30 pages
    Date of creation: 02 Jun 2004
    Date of revision:
    Handle: RePEc:wpa:wuwpmh:0406001

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

    Related research

    Keywords: Post-Keynesian Models; Stock-Flow Consistency; Pitfalls Approach;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Claudio dos Santos, 2004. "A Stock-Flow Consistent General Framework for Formal Minskyan Analyses of Closed Economies," Economics Working Paper Archive wp_403, Levy Economics Institute.
    2. Davis, E P, 1987. "A Stock-flow Consistent Macro-econometric Model of the UK Economy--Part II," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 2(4), pages 259-307, October.
    3. Domenico Delli Gatti & Mauro Gallegati & Hyman P. Minsky, 1999. "Financial Institutions, Economic Policy, and the Dynamic Behavior of the Economy," Macroeconomics 9903009, EconWPA.
    4. Skott,Peter, 2008. "Conflict and Effective Demand in Economic Growth," Cambridge Books, Cambridge University Press, number 9780521066310.
    5. Turnovsky,Stephen J., 1977. "Macroeconomic Analysis and Stabilization Policy," Cambridge Books, Cambridge University Press, number 9780521291873.
    6. David Backus & William C. Brainard & Gary Smith & James Tobin, 1980. "A Model of U.S. Financial and Nonfinancial Economic Behavior," Cowles Foundation Discussion Papers 548, Cowles Foundation for Research in Economics, Yale University.
    7. James Tobin & Willem H. Buiter, 1974. "Long Run Effects of Fiscal and Monetary Policy on Aggregate Demand," Cowles Foundation Discussion Papers 384, Cowles Foundation for Research in Economics, Yale University.
    8. Taylor, Lance & O'Connell, Stephen A, 1985. "A Minsky Crisis," The Quarterly Journal of Economics, MIT Press, vol. 100(5), pages 871-85, Supp..
    9. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    10. Krugman, Paul, 2000. "How Complicated Does the Model Have to Be?," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 33-42, Winter.
    11. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
    12. Anwar Shaikh, 1989. "A Dynamic Approach to the Theory of Effective Demand," Economics Working Paper Archive wp_19, Levy Economics Institute.
    13. Blinder, Alan S. & Solow, Robert M., 1973. "Does fiscal policy matter?," Journal of Public Economics, Elsevier, vol. 2(4), pages 319-337.
    14. 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.
    15. Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 393-411, July.
    16. James Tobin & William C. Brainard, 1976. "Asset Markets and the Cost of Capital," Cowles Foundation Discussion Papers 427, Cowles Foundation for Research in Economics, Yale University.
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