Arbeitspapier
On the design of empirical stock-flow-consistent models
While the literature on theoretical macroeconomic models adopting the stock-flow-consistent (SFC) approach is flourishing, few contributions cover the methodology for building a SFC empirical model for a whole country. Most contributions simply try to feed national accounting data into a theoretical model inspired by Wynne Godley and Marc Lavoie (2007), albeit with different degrees of complexity. In this paper we argue instead that the structure of an empirical SFC model should start from a careful analysis of the specificities of a country's sectoral balance sheets and flow of funds data, given the relevant research question to be addressed. We illustrate our arguments with examples for Greece, Italy, and Ecuador. We also provide some suggestions on how to consistently use the financial and nonfinancial accounts of institutional sectors, showing the link between SFC accounting structures and national accounting rules.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 919
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Macroeconomic Issues of Monetary Unions
- Thema
-
Empirical Stock-Flow-Consistent Models
Ecuador
Greece
Italy
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Zezza, Gennaro
Zezza, Francesco
- Ereignis
-
Veröffentlichung
- (wer)
-
Levy Economics Institute of Bard College
- (wo)
-
Annandale-on-Hudson, NY
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Zezza, Gennaro
- Zezza, Francesco
- Levy Economics Institute of Bard College
Entstanden
- 2019
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