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The Keynesian Roots of Stock-flow Consistent Macroeconomic Models: Peering Over the Edge of the Short Period

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  • Antonio Carlos Macedo e Silva
  • Claudio H. Dos Santos

Abstract

This paper argues that institutionally rich stock-flow consistent models—that is, models in which economic agents are identified with the main social categories/institutional sectors of actual capitalist economies, the short period behavior of these agents is thoroughly described, and the "period by period" balance sheet dynamics implied by the latter is consistently modeled—are (1) perfectly compatible with John Maynard Keynes's theoretical views, (2) the ideal tool for rigorous post-Keynesian analyses of the medium run, and (3) therefore crucial to the consolidation of the broad post-Keynesian research program.

Suggested Citation

  • Antonio Carlos Macedo e Silva & Claudio H. Dos Santos, 2008. "The Keynesian Roots of Stock-flow Consistent Macroeconomic Models: Peering Over the Edge of the Short Period," Economics Working Paper Archive wp_537, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_537
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    Cited by:

    1. Matti Estola & Kristian Vepsalainen, 2020. "National Accounts as a Stock-Flow Consistent System, Part 1: The Real Accounts," Papers 2012.11282, arXiv.org.

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