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

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  • Aurélien Hazan

    (LISSI - Laboratoire Images, Signaux et Systèmes Intelligents - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

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 constraints applied 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 the analysis of metabolic networks, both exact and approximate. We also introduce a random transaction matrix, and study the particular case of linear flows with respect to money stocks.

Suggested Citation

  • Aurélien Hazan, 2017. "Volume of the steady-state space of financial flows in a monetary stock-flow-consistent model," Post-Print hal-01250697, HAL.
    • Handle: RePEc:hal:journl:hal-01250697
    DOI: 10.1016/j.physa.2017.01.050
    Note: View the original document on HAL open archive server: https://hal.science/hal-01250697v3
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    Cited by:

    1. Hazan, Aurélien, 2019. "A maximum entropy network reconstruction of macroeconomic models," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 519(C), pages 1-17.
    2. Aur'elien Hazan, 2017. "Stock-flow consistent macroeconomic model with nonuniform distributional constraint," Papers 1708.00645, arXiv.org.

    More about this item

    Keywords

    constraint satisfaction; finance; monte-carlo; convex polytope; physics and society; random network; economics;
    All these keywords.

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