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Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics

Claudio H. Dos Santos
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Claudio H. Dos Santos: Levy Economics Institute

Method and Hist of Econ Thought from University Library of Munich, Germany

Abstract: This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony. The representative views of Davidson, Godley, Minsky, and Tobin as different closures of the same SFC accounting framework are presented, and similarities and problems discussed.

Keywords: Post-Keynesian Models; Stock-Flow Consistency; Pitfalls Approach (search for similar items in EconPapers)
JEL-codes: E12 B22 B31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe
Date: 2004-06-02
Note: Type of Document - pdf; pages: 30
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