IDEAS home Printed from https://ideas.repec.org/p/lev/wrkpap/wp_1126.html

The Evolution and Diversification of Stock-Flow Consistent Modelling: A Bibliometric Review

Author

Listed:
  • Francisco Orlando Rosales; Grace Yolanda Llerena; Giuliano Toshiro Yajima; Fernando Martin-Mayoral

Abstract

This paper presents a bibliometric analysis of the Stock-Flow Consistent (SFC) literature from 1975 to 2026. The corpus includes 479 publications from Scopus, Web of Science, and expert-guided screening. Building on the classification proposed by Nikiforos and Zezza (2017), using keyword-based classification and manual validation, the paper maps the evolution of five major research areas: extensions of the core SFC framework, open-economy models, empirical SFC models, ecological SFC models, and SFC-agent–based models. The results show a clear expansion of the literature after the Global Financial Crisis, followed by further acceleration after 2017. Recent growth is especially visible in empirical and ecological SFC applications, as well as in works combining multiple research areas. The journal mapping also shows that, while SFC research remains strongly rooted in heterodox economics outlets, it has increasingly expanded into interdisciplinary and non-traditional journals. The paper contributes by updating the 2017 survey and documenting the diversification and broader diffusion of SFC research.

Suggested Citation

  • Francisco Orlando Rosales; Grace Yolanda Llerena; Giuliano Toshiro Yajima; Fernando Martin-Mayoral, 2026. "The Evolution and Diversification of Stock-Flow Consistent Modelling: A Bibliometric Review," Economics Working Paper Archive wp_1126, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_1126
    as

    Download full text from publisher

    File URL: https://www.levyinstitute.org/wp-content/uploads/2026/07/wp_1126-compressed.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Roberto Veneziani & Luca Zamparelli & Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
    2. Kremer, Elise & Reissl, Severin & Fierro, Luca E. & Emmerling, Johannes & Lamperti, Francesco & Roventini, Andrea, 2025. "Energy price shocks in the European Union: Macroeconomic impacts, distributional effects and policy responses," Energy Economics, Elsevier, vol. 152(C).
    3. Aria, Massimo & Cuccurullo, Corrado, 2017. "bibliometrix: An R-tool for comprehensive science mapping analysis," Journal of Informetrics, Elsevier, vol. 11(4), pages 959-975.
    4. Villarreal, Francisco & Lage, Carlos & Romero, Indira, 2023. "Modelo macroeconómico para Cuba," Sede Subregional de la CEPAL en México (Estudios e Investigaciones) 67997, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    5. Mikael Randrup Byrialsen, 2026. "Military spending, financing, and fiscal sustainability: the universal welfare state under pressure?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 49(1), pages 85-127, January.
    6. Michalis Nikiforos, 2018. "Some comments on the Sraffian Supermultiplier approach to growth and distribution," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 41(4), pages 659-675, October.
    7. Jackson, Andrew & Jackson, Tim, 2025. "Macroeconomic, sectoral and financial dynamics in energy transitions: A stock-flow consistent, input-output approach," Ecological Economics, Elsevier, vol. 230(C).
    8. Barbieri Hermitte, Riccardo & Cagnazzo, Alberto & Favero, Carlo A. & Felici, Francesco & Macauda, Valeria & Nucci, Francesco & Tegami, Cristian, 2023. "ITFIN: A stock-flow consistent model for the Italian economy," Economic Modelling, Elsevier, vol. 119(C).
    9. Emilio Carnevali & Matteo Deleidi & Riccardo Pariboni & Marco Veronese Passarella, 2024. "Economy-Finance-Environment-Society Interconnections In a Stock-Flow Consistent Dynamic Model," Review of Political Economy, Taylor & Francis Journals, vol. 36(2), pages 844-878, April.
    10. Lorenzo Di Domenico & Giovanna Ciaffi & Davide Romaniello, 2024. "The Monetary Theory of Production and the Supermultiplier: What Determines Savings?," Review of Political Economy, Taylor & Francis Journals, vol. 36(5), pages 1746-1774, November.
    11. Gennaro Zezza & Francesco Zezza, 2019. "On the Design of Empirical Stock-Flow-Consistent Models," Economics Working Paper Archive wp_919, Levy Economics Institute.
    12. Michalis Nikiforos, 2018. "Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution," Economics Working Paper Archive wp_907, Levy Economics Institute.
    13. Dafermos, Yannis & Nikolaidi, Maria, 2021. "How can green differentiated capital requirements affect climate risks? A dynamic macrofinancial analysis," Journal of Financial Stability, Elsevier, vol. 54(C).
    14. Huub Meijers & Joan Muysken & Olaf Sleijpen, 2016. "Firms’ excess savings and the Dutch current-account surplus: a stock-flow consistent approach," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 13(3), pages 339-353, December.
    15. Yilmaz, Sakir Devrim & Ben-Nasr, Sawsen & Mantes, Achilleas & Ben-Khalifa, Nihed & Daghari, Issam, 2025. "Climate change, loss of agricultural output and the macroeconomy: The case of Tunisia," Ecological Economics, Elsevier, vol. 231(C).
    16. Irene Monasterolo & Nepomuk Dunz & Andrea Mazzocchetti & Régis Gourdel, 2022. "Derisking the low-carbon transition: investors’ reaction to climate policies, decarbonization and distributive effects," Review of Evolutionary Political Economy, Springer, vol. 3(1), pages 31-71, April.
    17. Alvaro Moreno & Diego Guevara & Jhan Andrade & Christos Pierros & Antoine Godin & Sakir Devrim Yilmaz & Sebastian Valdecantos, 2024. "Low-Carbon Transition and Macroeconomic Vulnerabilities: A Multidimensional Approach in Tracing Vulnerabilities and Its Application in the Case of Colombia," International Journal of Political Economy, Taylor & Francis Journals, vol. 53(1), pages 43-66, January.
    18. Yannis Dafermos & Maria Nikolaidi, 2021. "How can green differentiated capital requirements affect climate risks?," FMM Working Paper 63-2021, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    19. Dimitri B. Papadimitriou & Giuliano Toshiro Yajima & Gennaro Zezza, 2025. "The US Economy amid Rising Global Uncertainty," Economics Strategic Analysis Archive sa_10_25, Levy Economics Institute.
    20. Gennaro Zezza & Francesco Zezza, 2019. "On the design of empirical stock–flow consistent models," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 16(1), pages 134-158, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Mazzocchetti, Andrea & Monasterolo, Irene & Dunz, Nepomuk & Essenfelder, Arthur Hrast, 2025. "Breaking the economy: How climate tail risk and financial conditions can shape loss persistence and economic recovery," Ecological Economics, Elsevier, vol. 237(C).
    2. Leoni, Mattia, 2026. "Macro-financial risks, income distribution and socio-ecological transition in climate-energy models," Ecological Economics, Elsevier, vol. 246(C).
    3. Yannis Dafermos & Andrew McConnel & Maria Nikolaidi & Servaas Storm & Boyan Yanovski, 2024. "Macroeconomic modeling in the Anthropocene: why the E-DSGE framework is not fit for purpose and what to do about it," Working Papers Series inetwp229, Institute for New Economic Thinking.
    4. Wang, Jingyuan & Yan, Shuli & Wu, Liangpeng, 2026. "Impacts of energy transition on economic dynamics and environmental benefits under distributive justice: A stock–flow consistent approach," Economic Modelling, Elsevier, vol. 161(C).
    5. Francesco Zezza & Gennaro Zezza, 2023. "A prototype regional stock‐flow consistent model," Metroeconomica, Wiley Blackwell, vol. 74(2), pages 266-287, May.
    6. Malcolm Sawyer, 2020. "The past, present and future of evolutionary macroeconomics," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 37-54, May.
    7. Dunz, Nepomuk & Naqvi, Asjad & Monasterolo, Irene, 2021. "Climate sentiments, transition risk, and financial stability in a stock-flow consistent model," Journal of Financial Stability, Elsevier, vol. 54(C).
    8. Yan, Shuli & Wang, Jingyuan & Wu, Liangpeng, 2024. "Dynamics of green transition based on stock-flow consistent model considering compound risks," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 530-553.
    9. Meijers, Huub & Muysken, Joan, 2022. "The macroeconomic implications of financialisation on the wealth distribution," MERIT Working Papers 2022-035, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    10. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    11. Dario Guarascio & Philipp Heimberger & Francesco Zezza, 2026. "The Eurozone’s Achilles Heel: Reassessing Italy’s Long Decline in the Context of European Integration and Globalization," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 12(1), pages 81-110, March.
    12. Michalis Nikiforos & Marcio Santetti & Rudiger von Arnim, 2021. "The Sraffian Supermultiplier and Cycles: Theory and Empirics," Economics Working Paper Archive wp_993, Levy Economics Institute.
    13. George, Ammu & Huang, Jingong & Nie, He & Xie, Taojun, 2025. "Can sustainability-linked lending reconcile environmental and financial motives?," International Review of Financial Analysis, Elsevier, vol. 104(PB).
    14. Petach, Luke & Tavani, Daniele, 2022. "Aggregate demand externalities, income distribution, and wealth inequality," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 433-446.
    15. Fu, Fangning & Wang, Yong & Zhou, Zhixi, 2026. "Policy-driven transition risks: Evidence from ESG investment policies," International Review of Economics & Finance, Elsevier, vol. 107(C).
    16. Wesam M. A. Hamed & Nesrin Özataç, 2024. "Spillover effects of financial development on renewable energy deployment and carbon neutrality: Does GCC institutional quality play a moderating role?," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(11), pages 27351-27374, November.
    17. Lorenzo Di Domenico, 2021. "Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization," Working Papers PKWP2116, Post Keynesian Economics Society (PKES).
    18. Chen, Xiaohong & Mao, Yue & Cheng, Jixin & Wei, Ping & Li, Xiaoming, 2024. "Green financial policy, technological advancement reversal, assessment of emission reduction effects," Energy Economics, Elsevier, vol. 136(C).
    19. Allain, Olivier, 2022. "A supermultiplier model with two non-capacity-generating semi-autonomous demand components," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 91-103.
    20. Hein, Eckhard, 2022. "Varieties of demand and growth regimes: Post-Keynesian foundations," IPE Working Papers 196/2022, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:lev:wrkpap:wp_1126. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Karley Sullivan (email available below). General contact details of provider: https://www.levyinstitute.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.