Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory

Eric Berr and Virginie Monvoisin
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Eric Berr: BSE - Bordeaux Sciences Economiques - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique

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Abstract: Stock-flow-consistent models (SFC) and modern monetary theory (MMT) are growing in popularity. Both are part of post-Keynesian theory and provide it with a modeling tool for the former and political proposals for the latter. However, these new modern post-Keynesian approaches share features with monetary circuit theory: their accounting framework, the hierarchy of agents and economic flows, and the importance of the Keynes's finance motive. This article examined the fundamental elements of these new approaches to establish their links with monetary circuit theory.

Keywords: Macroeconomics; Accounting; Economic policies; Financing (search for similar items in EconPapers)
Date: 2023-01-23
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Published in Journal of Post Keynesian Economics, 2023, pp.1-19. ⟨10.1080/01603477.2023.2167092⟩

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Journal Article: Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory (2023)
Working Paper: Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04043491

DOI: 10.1080/01603477.2023.2167092

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