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Revisiting "New Cambridge": The Three Financial Balances in a General Stock–flow Consistent Applied Modeling Strategy

Author

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  • Claudio H Dos Santos
  • Antonio C. Macedo e Silva

Abstract

This paper argues that modified versions of the so–called "New Cambridge" approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the "vision" underlying modern Post–Keynesian stock–flow consistent macroeconomic models. As such, New Cambridge–type models appear to us as an important contribution to the tool kit available to applied macroeconomists in general, and to heterodox applied macroeconomists in particular.

Suggested Citation

  • Claudio H Dos Santos & Antonio C. Macedo e Silva, 2010. "Revisiting "New Cambridge": The Three Financial Balances in a General Stock–flow Consistent Applied Modeling Strategy," Economics Working Paper Archive wp_594, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_594
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    Keywords

    Stock-flow Consistent Models; New Cambridge; Aggregate Financial Balances; Heterodox Applied Macroeconomics;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian

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