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A history of contemporary post Keynesian SFC model

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  • LE HERON Edwin
  • MAROUANE Amine

Abstract

The purpose of this paper will be to show the main features of the post Keynesian stock-flow consistent modeling (SFC) with a presentation of the basic model of Lavoie Godley 2001. Then, we shall give a brief overview of the most important contributions in this search field. Special emphasis will be focused on the latest works, addressing several topics such as financialization, bank behavior, exchange rate, sectors analysis, heterogeneous agents or the impact of economic crisis. We shall present the matrices of stocks and flows and the remarkable equations.

Suggested Citation

  • LE HERON Edwin & MAROUANE Amine, 2015. "A history of contemporary post Keynesian SFC model," Cahiers du GREThA 2015-15, Groupe de Recherche en Economie Théorique et Appliquée.
  • Handle: RePEc:grt:wpegrt:2015-15
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    File URL: http://cahiersdugretha.u-bordeaux4.fr/2015/2015-15.pdf
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    References listed on IDEAS

    as
    1. Edwin Le Héron, 2013. "Confidence, Increasing Risk and Crisis in a Post-Kaleckian Stock-Flow Consistent Model," Post-Print halshs-00931516, HAL.
    2. Russell Rimmer, 1993. "Income Distribution In A Corporate Economy," Books, Edward Elgar Publishing, number 374.
    3. John B. Taylor, 1999. "Introduction to "Monetary Policy Rules"," NBER Chapters,in: Monetary Policy Rules, pages 1-14 National Bureau of Economic Research, Inc.
    4. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    5. Edwin Le Heron & Tarik Mouakil, 2008. "A Post-Keynesian Stock-Flow Consistent Model For Dynamic Analysis Of Monetary Policy Shock On Banking Behaviour," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 405-440, July.
    6. Edwin Le Heron, 2008. "Monetary and Fiscal Policies in a Post Keynesian Stock-flow Consistent Model," Chapters,in: Keynes and Macroeconomics After 70 Years, chapter 18 Edward Elgar Publishing.
    7. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters,in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
    8. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    9. Parguez, A. & Seccareccia, M., 1999. "A Credit Theory of Money: The Monetary Circuit Approach," Working Papers 9902e, University of Ottawa, Department of Economics.
    10. Edwin Le Héron, 2008. "Fiscal and Monetary Policies in a Keynesian Stock-flow Consistent Model," Post-Print halshs-00388042, HAL.
    11. Marc Lavoie & Jun Zhao, 2010. "A Study Of The Diversification Of China'S Foreign Reserves Within A Three-Country Stock-Flow Consistent Model," Metroeconomica, Wiley Blackwell, vol. 61(3), pages 558-592, July.
    12. Gennaro Zezza, 2008. "U.S. growth, the housing market, and the distribution of income," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 375-401, April.
    13. Edwin Le Heron, 2012. "Financial Crisis, State of Confidence, and Economic Policies in a Post Keynesian Stock-flow Consistent Model," Chapters,in: Monetary Policy and Central Banking, chapter 6 Edward Elgar Publishing.
    14. Hoover,Kevin D., 2001. "The Methodology of Empirical Macroeconomics," Cambridge Books, Cambridge University Press, number 9780521003216.
    15. Edwin Le Heron, 2011. "Confidence and financial crisis in a post-Keynesian stock flow consistent model," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 8(2), pages 361-387.
    16. Eugenio Caverzasi & Antoine Godin, 2013. "Stock-flow Consistent Modeling through the Ages," Economics Working Paper Archive wp_745, Levy Economics Institute.
    17. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    18. Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
    19. John B. Taylor, 1999. "Monetary Policy Rules," NBER Books, National Bureau of Economic Research, Inc, number tayl99-1.
    20. Basil J. Moore, 1973. "Some Macroeconomic Consequences of Corporate Equities," Canadian Journal of Economics, Canadian Economics Association, vol. 6(4), pages 529-544, November.
    21. Dumenil, Gerard & Levy, Dominique, 1999. "Being Keynesian in the Short Term and Classical in the Long Term: The Traverse to Classical Long-Term Equilibrium," Manchester School, University of Manchester, vol. 67(6), pages 684-716, December.
    22. Leonce Ndikumana, 1999. "Debt Service, Financing Constraints, and Fixed Investment: Evidence from Panel Data," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 21(3), pages 455-478, March.
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    More about this item

    Keywords

    SFC model; post Keynesian theory;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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