Monetary Circuit Theory, Stock-Flow Consistent Modeling and Parguez’s Analysis

Éric Berr and Virginie Monvoisin

International Journal of Political Economy, 2023, vol. 52, issue 3-4, 317-327

Abstract: Stock-flow consistent (SFC) modeling goes far beyond simple formal tools. It rests on strong post-Keynesian hypotheses and proposes a new conceptual framework for formalization. This being said, if its affiliation with post-Keynesianism is obvious, SFC models are in line with many elements of the monetary circuit theory (MCT), as developed notably by Alain Parguez. Indeed, MCT has deeply studied macroeconomics and the link between money and production. More precisely, both SFC models and MCT offer an analysis in terms of national accounting, in which money is endogenized through the financing of the economy, and more precisely through the financing of production. Even if MCT has lost its vigor, its fundamental principles are still present through the SFC modeling.

Date: 2023
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DOI: 10.1080/08911916.2023.2280371

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