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Keynesian theorising during hard times: stock-flow consistent models as an unexplored 'frontier' of Keynesian macroeconomics

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  • Claudio H. Dos Santos

Abstract

This paper argues that the stock-flow consistent approach to macroeconomic modelling (SFCA) is 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. It does so in two steps. First, it phrases the representative views of Davidson, Godley, Minsky and Tobin as different 'closures' of the same (SFC) accounting framework, calling attention to their similarities and logical implications. Second, it discusses unresolved issues within this approach and how it differs from 'modern' theorising. Copyright 2006, Oxford University Press.

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  • Claudio H. Dos Santos, 2006. "Keynesian theorising during hard times: stock-flow consistent models as an unexplored 'frontier' of Keynesian macroeconomics," Cambridge Journal of Economics, Oxford University Press, vol. 30(4), pages 541-565, July.
  • Handle: RePEc:oup:cambje:v:30:y:2006:i:4:p:541-565
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    File URL: http://hdl.handle.net/10.1093/cje/bei069
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    Cited by:

    1. Bruun, Charlotte & Heyn-Johnsen, Carsten, 2009. "The paradox of monetary profits: an obstacle to understanding financial and economic Crisis?," Economics Discussion Papers 2009-52, Kiel Institute for the World Economy (IfW).
    2. Antonio Carlos Macedo e Silva, 2006. "Detalhes Extraviados E Ausências Conspícuas: Do Treatise À General Theory," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 114, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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