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Stock-Flow Consistent Monetary Economics

In: Economics for Sustainable Prosperity

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  • Steven Hail

    (University of Adelaide)

Abstract

The focus in this chapter is on Wynne Godley and Marc Lavoie’s contribution to stock-flow consistent macroeconomics. The Godley and Lavoie models describe economies as systems of shifting and interlocking balance sheets, evolving through time. A simplified open economy stock-flow consistent model of a growing economy is outlined, used to carry out a policy experiment concerning the relative effectiveness of monetary and fiscal policy, in order to show that fiscal policy is the appropriate demand management tool for the maintenance of full employment and sustainable prosperity. This is linked to the use of a job guarantee to identify the appropriate fiscal stance for this purpose.

Suggested Citation

  • Steven Hail, 2018. "Stock-Flow Consistent Monetary Economics," Binzagr Institute for Sustainable Prosperity, in: Economics for Sustainable Prosperity, chapter 0, pages 183-218, Palgrave Macmillan.
    • Handle: RePEc:pal:bifchp:978-3-319-90981-3_6
    DOI: 10.1007/978-3-319-90981-3_6
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