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From National Accounting to Macroeconomic Flows

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  • Lee, Woongki

    (Yonsei University)

Abstract

This study develops a macroeconomic framework that integrates the household, business, government, and foreign sectors. At the center of the analysis is the circulation of value and funds across the economy through cash flows associated with issuer-holder financing. The framework clarifies the relations among major macroeconomic aggregates. In particular, by treating money creation as part of value supply, it provides a systematic basis for analyzing how monetary operations affect transactions across sectors.

Suggested Citation

  • Lee, Woongki, 2026. "From National Accounting to Macroeconomic Flows," SocArXiv cq5t3_v1, Center for Open Science.
    • Handle: RePEc:osf:socarx:cq5t3_v1
    DOI: 10.31235/osf.io/cq5t3_v1
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    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.
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    3. repec:bla:ecpoli:v:13:y:1998:i:26:p:261-303 is not listed on IDEAS
    4. Bossone Biagio & Costa Massimo, 2021. "Money for the Issuer: Liability or Equity?," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 15(1), pages 43-59, January.
    5. Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(2), pages 149-163, March.
    6. Kenneth Rogoff, 1998. "Blessing or curse? Foreign and underground demand for euro notes," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(26), pages 262-303.
    Full references (including those not matched with items on IDEAS)

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