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Volume of the steady-state space of financial flows in a monetary stock-flow-consistent model

Aurélien Hazan (aurelien.hazan@u-pec.fr)
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Aurélien Hazan: LISSI - Laboratoire Images, Signaux et Systèmes Intelligents - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12

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Abstract: We show that a steady-state stock-flow consistent macro-economic model can be represented as a Constraint Satisfaction Problem (CSP). The set of solutions is a polytope, which volume depends on the constraints applied and reveals the potential fragility of the economic circuit, with no need to study the dynamics. Several methods to compute the volume are compared, inspired by operations research methods and the analysis of metabolic networks, both exact and approximate. We also introduce a random transaction matrix, and study the particular case of linear flows with respect to money stocks.

Keywords: constraint satisfaction; finance; monte-carlo; convex polytope; physics and society; random network; economics (search for similar items in EconPapers)
Date: 2017-05-01
New Economics Papers: this item is included in nep-mac
Note: View the original document on HAL open archive server: https://hal.science/hal-01250697v3
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Published in Physica A: Statistical Mechanics and its Applications, 2017, 473, pp.589 - 602. ⟨10.1016/j.physa.2017.01.050⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01250697

DOI: 10.1016/j.physa.2017.01.050

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