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

Claudio H Dos Santos and Antonio C. Macedo e Silva

Economics Working Paper Archive from Levy Economics Institute

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.

Keywords: Stock-flow Consistent Models; New Cambridge; Aggregate Financial Balances; Heterodox Applied Macroeconomics (search for similar items in EconPapers)
JEL-codes: B50 C82 E12 (search for similar items in EconPapers)
Date: 2010-05
New Economics Papers: this item is included in nep-his
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Citations: View citations in EconPapers (7)

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