Publications

5 publications found, searching for 'Marc Lavoie '

• Working Paper No. 606 August 02, 2010

  Changes in Central Bank Procedures during the Subprime Crisis and Their Repercussions on Monetary Theory

  Marc Lavoie
  Abstract

  The subprime financial crisis has forced several North American and European central banks to take extraordinary measures and to modify some of their operational procedures. These changes have made even clearer the deficiencies and lack of realism in mainstream monetary theory, as can be found in both undergraduate textbooks and most macroeconomic models. They have […]

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• Working Paper No. 494 April 29, 2007

  Fiscal Policy in a Stock-flow Consistent (SFC) Model

  Wynne Godley, and Marc Lavoie
  Abstract

  This paper deploys a simple stock-flow consistent (SFC) model in order to examine various contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal stance is not set in the appropriate fashion—that is, at a well-defined level and growth rate—then full employment and low inflation will not be achieved in […]

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• Working Paper No. 441 February 18, 2006

  Prolegomena to Realistic Monetary Macroeconomics

  Wynne Godley, and Marc Lavoie
  Abstract

  This paper sets out a rigorous basis for the integration of Keynes-Kaleckian macroeconomics (with constant or increasing returns to labor, multipliers, markup pricing, et cetera) with a model of the financial system (comprising banks, loans, credit money, equities, and so on), together with a model of inflation. Central contentions of the paper are that there […]

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• Working Paper No. 325 March 01, 2001

  Endogenous Money in a Coherent Stock-flow Framework

  Marc Lavoie
  Abstract

  A method advocated by Wynne Godley to model monetary macroeconomics, is presented. The method, based on a transactions matrix, essentially makes sure that every flow goes somewhere and comes from somewhere, so that there are no black holes. The method is put to use for several purposes: to illustrate the monetary circuit of credit money; […]

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• Working Paper No. 302 June 01, 2000

  Kaleckian Models of Growth in a Stock-flow Monetary Framework

  Wynne Godley, and Marc Lavoie
  Abstract

  This paper presents a simple growth model grounded in a stock-flow monetary accounting framework. The framework ensures that all stocks and all flows are accounted for and that the real and financial sides of the economy are coherent with one another. Credit, money, equities and stocks of real capital link periods of time with one […]

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