Publications

74 publications found, searching for 'Stock-Flow Macro '

• Working Paper No. 949
  February 12, 2020

  A Labor Market–Augmented Empirical Stock-Flow Consistent Model Applied to the Greek Economy

  Christos Pierros
  Abstract

  This paper extends the empirical stock-flow consistent (SFC) literature through the introduction of distributional features and labor market institutions in a Godley-type empirical SFC model. In particular, labor market institutions,…more

  Download Working Paper No. 949 PDF (1.32 MB)
• Strategic Analysis
  January 23, 2020

  Prospects and Challenges for the US Economy

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  This Strategic Analysis examines the US economy’s prospects for 2020–23 and the risks that lie ahead. The baseline projection generated by the Levy Institute’s stock-flow consistent macroeconomic model shows that,…more

  Download Strategic Analysis, January 2020 PDF (1.00 MB)
• Working Paper No. 942
  January 07, 2020

  An Empirical Stock-Flow Consistent Macroeconomic Model for Denmark

  Mikael Randrup Byrialsen and Hamid Raza
  Abstract

  This paper emphasizes the need for understanding the interdependencies between the real and financial sides of the economy in macroeconomic models. While the real side of the economy is generally…more

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• Working Paper No. 919
  January 16, 2019

  On the Design of Empirical Stock-Flow-Consistent Models

  Gennaro Zezza and Francesco Zezza
  Abstract

  While the literature on theoretical macroeconomic models adopting the stock-flow-consistent (SFC) approach is flourishing, few contributions cover the methodology for building a SFC empirical model for a whole country. Most…more

  Download Working Paper No. 919 PDF (1.23 MB)
• Working Paper No. 897
  September 20, 2017

  Quantitative Easing and Asset Bubbles in a Stock-flow Consistent Framework

  Tai Young-Taft and Cameron Haas
  Abstract

  Ever since the Great Recession, central banks have supplemented their traditional policy tool of setting the short-term interest rate with massive buyouts of assets to extend lines of credit and…more

  Download Working Paper No. 897 PDF (385.26 KB)
• Working Paper No. 891
  May 24, 2017

  Stock-flow Consistent Macroeconomic Models

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  The stock-flow consistent (SFC) modeling approach, grounded in the pioneering work of Wynne Godley and James Tobin in the 1970s, has been adopted by a growing number of researchers in…more

  Download Working Paper No. 891 PDF (460.48 KB)
• Strategic Analysis
  April 14, 2017

  The Trump Effect: Is This Time Different?

  Gennaro Zezza and Michalis Nikiforos
  Abstract

  From a macroeconomic point of view, 2016 was an ordinary year in the post–Great Recession period. As in prior years, the conventional forecasts predicted that this would be the year…more

  Download Strategic Analysis, April 2017 PDF (403.41 KB)
• Strategic Analysis
  March 07, 2016

  Destabilizing an Unstable Economy

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Our latest strategic analysis reveals that the US economy remains fragile because of three persistent structural issues: weak demand for US exports, fiscal conservatism, and a four-decade trend in rising…more

  Download Strategic Analysis, March 2016 PDF (1.11 MB)
• Working Paper No. 854
  November 16, 2015

  The Roads Not Taken

  Dirk Ehnts
  Abstract

  Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic…more

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• Working Paper No. 851
  October 28, 2015

  Money Creation under Full-reserve Banking

  Patrizio Lainà
  Abstract

  This paper presents a stock-flow consistent model+ of full-reserve banking. It is found that in a steady state, full-reserve banking can accommodate a zero-growth economy and provide both full employment…more

  Download Working Paper No. 851 PDF (337.24 KB)
• Working Paper No. 844
  July 29, 2015

  A Nonbehavioral Theory of Saving

  Michalis Nikiforos
  Abstract

  We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for…more

  Download Working Paper No. 844 PDF (965.56 KB)
• Working Paper No. 839
  June 01, 2015

  Inside Money in a Kaldor-Kalecki-Steindl Fiscal Policy Model

  Tai Young-Taft
  Abstract

  We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky’s financial fragility hypothesis. This approach to modeling Minsky may…more

  Download Working Paper No. 839 PDF (909.30 KB)
• Strategic Analysis
  May 14, 2015

  Η δημοσιονομική λιτότητα, η ανατίμηση του δολαρίου και τα προβλήματα κατανομής θα οδηγήσουν στον εκτροχιασμό της οικονομίας των ΗΠΑ

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Στην τελευταία στρατηγική ανάλυση, η ομάδα του μακροοικονομετρικού υποδείγματος του Ινστιτούτου εξετάζει την πρόσφατη, αναιμική ανάκαμψη της αμερικανικής οικονομίας. Οι συγγραφείς εντοπίζουν τρία διαρθρωτικά εμπόδια—την αδύναμη απόδοση των καθαρών εξαγωγών,…more

  Download Στρατηγικη Αναλυση, Μάιος 2015 PDF (1.01 MB)
• Strategic Analysis
  May 14, 2015

  Fiscal Austerity, Dollar Appreciation, and Maldistribution Will Derail the US Economy

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  In this latest Strategic Analysis, the Institute’s Macro Modeling Team examines the current, anemic recovery of the US economy. The authors identify three structural obstacles—the weak performance of net exports,…more

  Download Strategic Analysis, May 2015 PDF (1.02 MB)
• Working Paper No. 801
  May 21, 2014

  The Political Economy of Shadow Banking

  Eloy Fisher and Javier López Bernardo
  Abstract

  This paper describes the political economy of shadow banking and how it relates to the dramatic institutional changes experienced by global capitalism over past 100 years. We suggest that the…more

  Download Working Paper No. 801 PDF (1.13 MB)
• Strategic Analysis
  April 25, 2014

  Is Rising Inequality a Hindrance to the US Economic Recovery?

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  The US economy has been expanding moderately since the official end of the Great Recession in 2009. The budget deficit has been steadily decreasing, inflation has remained in check, and…more

  Download Strategic Analysis, April 2014 PDF (733.90 KB)
• Strategic Analysis
  April 25, 2014

  Αποτελεί η αυξανόμενη ανισότητα εμπόδιο στην οικονομική ανάκαμψη των ΗΠΑ;

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Η οικονομία των Ηνωμένων Πολιτειών αναπτύσσεται με μέτριο ρυθμό μετά από την επίσημη λήξη της Ύφεσης το 2009. Το έλλειμμα του προϋπολογισμού μειώνεται σταθερά, ο πληθωρισμός βρίσκεται υπό έλεγχο και…more

  Download Στρατηγικη Αναλυση, Απρίλιος 2014 PDF (921.28 KB)
• Working Paper No. 783
  January 10, 2014

  Options for China in a Dollar Standard World

  L. Randall Wray and Xinhua Liu
  Abstract

  This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues…more

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• Strategic Analysis
  October 16, 2013

  Rescuing the Recovery: Prospects and Policies for the United States

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  If the Congressional Budget Office’s recent projections of government revenues and outlays come to pass, the United States will not grow fast enough to bring down the unemployment rate between…more

  Download Strategic Analysis, October 2013 PDF (908.04 KB)
• Strategic Analysis
  October 16, 2013

  Η εδραίωση της ανάκαμψης: Προοπτικές και πολιτικές για τις Ηνωμένες Πολιτείες

  Dimitri B. Papadimitriou, Gennaro Zezza, and Michalis Nikiforos
  Abstract

  Στην περίπτωση που επαληθευτούν οι προβλέψεις του Γραφείο Προϋπολογισμού του Κογκρέσου για τα κρατικά έσοδα και τις δαπάνες, η οικονομία των Ηνωμένων Πολιτειών δεν θα μπορέσει να αναπτυχθεί αρκετά γρήγορα…more

  Download Στρατηγική Ανάλυση, Οκτώβριος 2013 PDF (1.94 MB)
• Strategic Analysis
  March 19, 2013

  Ισχύει ακόμη η σύνδεση παραγωγής και δημιουργίας θέσεων εργασίας;

  Dimitri B. Papadimitriou and Michalis Nikiforos
  Abstract

  Καθώς ετοιμάζεται να δημοσιευθεί η παρούσα έκθεση, η ανεργία παραμένει σε εξαιρετικά υψηλά επίπεδα ακόμη και σε σχέση με ανάλογα χρονικά σημεία από προηγούμενες περιόδους οικονομικής ανάκαμψης. Η οικονομία των…more

  Download Στρατηγικη Αναλυση, Μάρτιος 2013 PDF (3.79 MB)
• Strategic Analysis
  March 19, 2013

  Is the Link between Output and Jobs Broken?

  Dimitri B. Papadimitriou and Michalis Nikiforos
  Abstract

  As this report goes to press, the official unemployment rate remains tragically elevated, compared even to rates at similar points in previous recoveries. The US economy seems once again to…more

  Download Strategic Analysis, March 2013 PDF (725.09 KB)
• Working Paper No. 753
  February 07, 2013

  The Missing Macro Link

  Eugenio Caverzasi
  Abstract

  This paper addresses the critique of the aggregational problem attached to the financial instability hypothesis of Hyman Minsky. The core of this critique is based on the Kaleckian analytical framework…more

  Download Working Paper No. 753 PDF (528.56 KB)
• Working Paper No. 745
  January 03, 2013

  Stock-flow Consistent Modeling through the Ages

  Antoine Godin and Eugenio Caverzasi
  Abstract

  The aim of the paper is to provide an overview of the current stock-flow consistent (SFC) literature. Indeed, we feel the SFC approach has recently led to a blossoming literature,…more

  Download Working Paper No. 745 PDF (1.36 MB)