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Revisiting "New Cambridge": The Three Financial Balances in a General Stock–flow Consistent Applied Modeling Strategy

Author

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

Abstract

This paper argues that modified versions of the so–called "New Cambridge" approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the "vision" underlying modern Post–Keynesian stock–flow consistent macroeconomic models. As such, New Cambridge–type models appear to us as an important contribution to the tool kit available to applied macroeconomists in general, and to heterodox applied macroeconomists in particular.

Suggested Citation

  • Claudio H Dos Santos & Antonio C. Macedo e Silva, 2010. "Revisiting "New Cambridge": The Three Financial Balances in a General Stock–flow Consistent Applied Modeling Strategy," Economics Working Paper Archive wp_594, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_594
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    Citations

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    Cited by:

    1. Roberto Veneziani & Luca Zamparelli & Michalis Nikiforos & Gennaro Zezza, 2017. "Stock-Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
    2. repec:ehl:lserod:56407 is not listed on IDEAS
    3. Yannis Dafermos, 2018. "Debt cycles, instability and fiscal rules: a Godley–Minsky synthesis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(5), pages 1277-1313.
    4. Steve Keen, 2013. "Predicting the ‘Global Financial Crisis’: Post-Keynesian Macroeconomics," The Economic Record, The Economic Society of Australia, vol. 89(285), pages 228-254, June.
    5. Özgür Bayram SOYLU, 2020. "A simple model of developing countries: financing the current account deficit Abstract: A stock flow consistent model provides a monetary and financial framework to macroeconomics. It clearly shows th," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 11, pages 123-145, June.
    6. Yannis Dafermos, 2015. "Debt cycles, instability and fiscal rules: a Godley-Minsky model," Working Papers 20151509, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    7. Gerba, Eddie, 2015. "Have the US macro-financial linkages changed? The balance sheet dimension," LSE Research Online Documents on Economics 59886, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    Stock-flow Consistent Models; New Cambridge; Aggregate Financial Balances; Heterodox Applied Macroeconomics;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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