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Some Potential Linkages for Input-Output Analysis with Flow-of-Funds

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  • Lawrence Klein

Abstract

Three major, interrelated accounting statements, at the frontiers of quantitative economic analysis, are three interrelated systems, namely: (1) National income and product accounts (NIPA), (2) The input-output tableaux, (IO), and (3) flow-of- funds accounts (FF). The third-mentioned system is somewhat less available and used in only limited areas of macroeconomic analysis. This paper is mainly concerned with use of FF accounting systems. This system shows where financial resources originate, and where they go in support of real capital formation. In this respect, interest rates and other market-based financial rates are of key importance. While much macroeconomic analysis is based on the rates that fit the yield curve, showing the interest rate structure over various maturities of debt associated with a given degree of risk. In contrast, the FF accounts throw light on the whole spectrum of interest rates, across maturities and debt qualities. For example, in analysis of the real estate market and funding of capital formation there, it is important to have a full understanding of the course of mortgage rates of different maturities and qualities. In short, it is necessary to develop a full appreciation of supply and demand forces in the mortgage market, which often is not obviously related to movements of the operative rate for monetary policy, such as very short-term inter bank rates or call money rates. This paper attempts to provide material from the flow-of-funds accounts that would make it possible to analyze the movement of relevant mortgage rates or whatever other rates are needed to understand the financing of capital formation in real estate.

Suggested Citation

  • Lawrence Klein, 2003. "Some Potential Linkages for Input-Output Analysis with Flow-of-Funds," Economic Systems Research, Taylor & Francis Journals, vol. 15(3), pages 269-277.
    • Handle: RePEc:taf:ecsysr:v:15:y:2003:i:3:p:269-277
    DOI: 10.1080/0953531032000111772
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    References listed on IDEAS

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    1. Stone, Richard, 1997. "The Accounts of Society," American Economic Review, American Economic Association, vol. 87(6), pages 17-29, December.
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    Cited by:

    1. Mitsuo Yamada & Kiyoshi Fujikawa & Yoshito Umeda, 2019. "Scenario input–output analysis on the diffusion of fuel cell vehicles and alternative hydrogen supply systems," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-22, December.
    2. Jiyoung Kim, 2017. "Inter-industry analysis in the Korean flow-of-funds accounts," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 6(1), pages 1-27, December.
    3. Jung Hoon Kim & Marc Lavoie, 2016. "A two-sector model with target-return pricing in a stock-flow consistent framework," Economic Systems Research, Taylor & Francis Journals, vol. 28(3), pages 403-427, September.
    4. Balwant Singh Mehta, 2020. "Inter-industry Linkages of ICT Sector in India," Indian Journal of Human Development, , vol. 14(1), pages 42-61, April.
    5. Hall, Stephen George & Roudoi, Andrei & Albu, Lucian Liviu & Lupu, Radu & Calin, Adrian Cantemir, 2014. "Lawrence R. Klein and the Economic Forecasting – A Survey," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 5-14, March.
    6. Richters, Oliver, 2015. "Integrating Energy Use into Macroeconomic Stock-Flow Consistent Models," EconStor Theses, ZBW - Leibniz Information Centre for Economics, number 154764, March.

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