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A Simple Stock Flow Model of the Danish Economy

In: Themes in Modern Macroeconomics

Author

Listed:
  • Wynne Godley
  • Gennaro Zezza

Abstract

This study describes the simple model of the Danish economy which we used for a course on macroeconomics in Aalborg during the winter of 1987–8. Our model differed from the conventional textbook IS-LM model in that it included, right from the start, a representation of stock (or balance sheet) variables which were consistently interrelated with flow variables. The statistical embodiment of the theoretical model constituted a useful introduction to economic statistics and the functional relationships were studied as part of an introduction to econometrics. The model as a whole was then simulated to discover something about how a real life economy works.

Suggested Citation

  • Wynne Godley & Gennaro Zezza, 1992. "A Simple Stock Flow Model of the Danish Economy," Palgrave Macmillan Books, in: Helge Brink (ed.), Themes in Modern Macroeconomics, chapter 8, pages 140-179, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-12511-1_8
    DOI: 10.1007/978-1-349-12511-1_8
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    Cited by:

    1. Özgür Bayram SOYLU, 2020. "A simple model of developing countries: financing the current account deficit Abstract: A stock flow consistent model provides a monetary and financial framework to macroeconomics. It clearly shows th," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 11, pages 123-145, June.

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