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The origins, development, and fate of Clower's “stock-flow” general-equilibrium programme

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  • Romain Plassard

    (LEM - Lille économie management - UMR 9221 - UA - Université d'Artois - UCL - Université catholique de Lille - Université de Lille - CNRS - Centre National de la Recherche Scientifique)

Abstract

Before becoming the hallmark of macroeconomics à la Wynne Godley, the “stock-flow” analysis was already developed in microeconomics and general-equilibrium theory. The goal was to study the formation of economic plans and the determination of market prices when individuals were supposed to consume, produce, and hold commodities. I show that since the early 1950s, Robert W. Clower used the “stock-flow” price theory to offer microfoundations to a Keynesian business cycle model. I analyse the origins of this microfoundation programme, trace its development, and discuss its fate.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Romain Plassard, 2018. "The origins, development, and fate of Clower's “stock-flow” general-equilibrium programme," Post-Print halshs-01931285, HAL.
    • Handle: RePEc:hal:journl:halshs-01931285
    DOI: 10.1080/09672567.2018.1425468
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