A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth

Claudio Dos Santos and Gennaro Zezza
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Claudio Dos Santos: The Levy Economics Institute

Macroeconomics from University Library of Munich, Germany

Abstract: A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results Claudio H. Dos Santos (The Levy Economics Institute) Gennaro Zezza (University of Cassino, Italy, and The Levy Economics Institute) Abstract Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way, therefore providing macroeconomic constraints to individual behavior. The present model expands on the Godley-Lavoie model of growth, which was based on a two- asset world, with only bank deposits and the shares issued by private corporations. The present model incorporates the financial relations among the central bank, private banks, and the fiscal policy of government, showing the endogeneity of money under different assumptions on banks' behavior. The model is used to analyze the relationship between the distribution of income and growth, and to study the impact of monetary policy.

JEL-codes: E1 E12 E17 E63 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2004-02-25
New Economics Papers: this item is included in nep-mac
Note: Type of Document - pdf; pages: 41
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0402027

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