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

Aur\'elien Hazan

Papers from arXiv.org

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 constraintsapplied 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 theanalysis of metabolic networks, both exact and approximate.We also introduce a random transaction matrix, and study the particularcase of linear flows with respect to money stocks.

Date: 2016-01, Revised 2017-01
New Economics Papers: this item is included in nep-mac
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