Artikel
From abstract to concrete: some tips for developing an empirical stock–flow consistent model
The main purpose of this paper is to show how a simple (medium-scale) empirical stock–flow consistent dynamic model can be developed from scratch. Eurostat data and conventional statistical packages (notably EViews, Excel and R) are used. On the theoretical side, the work builds upon the pioneering work of Godley/Lavoie (2007). Sectoral transactions–flow matrices and balance sheets are explicitly modelled and their evolution over time under different scenarios is analysed. On the empirical side, the model draws upon the applied work of Burgess et al. (2016). The case of Italy is considered, but the model can be replicated for other countries. Eurostat annual data (from 1995 to 2016) are used to estimate or calibrate most model parameter values (for example, consumption function and housing investment parameters). Remaining parameters are borrowed from the available literature or taken from a range of realistic values (for example, weight on past errors in agents' expectations). The model is then used to impose and compare alternative scenarios for Italian sectoral financial balances, based on different shocks to government spending.
- Sprache
-
Englisch
- Erschienen in
-
Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 16 ; Year: 2019 ; Issue: 1 ; Pages: 55-93
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Investment; Capital; Intangible Capital; Capacity
Aggregate Factor Income Distribution
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
- Thema
-
sectoral balances
flow of funds
macro modelling
Italian economy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Passarella, Marco Veronese
- Ereignis
-
Veröffentlichung
- (wer)
-
Edward Elgar Publishing
- (wo)
-
Cheltenham
- (wann)
-
2019
- DOI
-
doi:10.4337/ejeep.2019.0044
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Passarella, Marco Veronese
- Edward Elgar Publishing
Entstanden
- 2019
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