Publications

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

• Working Paper No. 733
  October 15, 2012

  Innovation and Finance

  Antoine Godin, Alessandro Caiani, and Stefano Lucarelli
  Abstract

  Schumpeter, a century ago, argued that boom-and-bust cycles are intrinsically related to the functioning of a capitalistic economy. These cycles, inherent to the rise of innovation, are an unavoidable consequence…more

  Download Working Paper No. 733 PDF (2.43 MB)
• Book Series
  June 15, 2012

  Contributions in Stock-flow Modeling: Essays in Honor of Wynne Godley

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  In the 1970s, at a time of shock, controversy and uncertainty over the direction of monetary and fiscal policy, Wynne Godley and the Cambridge Department of Applied Economics rose to…more

• Working Paper No. 722
  May 11, 2012

  Guaranteed Green Jobs

  Antoine Godin
  Abstract

  In most economies, the potential of saving energy via insulation and more efficient uses of electricity is important. In order to reach the Kyoto Protocol objectives, it is urgent to…more

  Download Working Paper No. 722 PDF (2.48 MB)
• Strategic Analysis
  April 15, 2012

  Back to Business as Usual? Or a Fiscal Boost?

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  Though the economy appears to be gradually gaining momentum, broad measures indicate that 14.5 percent of the US labor force is unemployed or underemployed, not much below the 16.2 percent…more

  Download Strategic Analysis, April 2012 PDF (522.53 KB)
• Strategic Analysis
  April 15, 2012

  Πίσω στις συνήθεις τακτικές ή δημοσιονομική τόνωση;

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  Αν και η οικονομία φαίνεται να βελτιώνεται σταδιακά, οι ευρείς δείκτες καταγράφουν ότι το 14.5% του αμερικανικού εργατικού δυναμικού είναι άνεργο ή υποαπασχολήσιμο, ποσοστό όχι πολύ χαμηλότερο από το 16.2%…more

  Download Στρατηγική Ανάλυση, Απρίλιος 2012 PDF (1.09 MB)
• Working Paper No. 704
  January 27, 2012

  Ανισορροπίες; Ποιές ανισορροπίες;

  L. Randall Wray
  Abstract

  Είναι κοινός τόπος να συνδέει κανείς τα νεοκλασικά οικονομικά με τη φυσική του 18ου ή του 19ου και την έννοια της ισορροπίας, με την ιδέα της συμπεριφοράς του εκκρεμούς, που…more

  Download Επιστημονική εργασία υπό εξέλιξη (Working Paper) No. 704 PDF (492.99 KB)
• Working Paper No. 704
  January 27, 2012

  Imbalances? What Imbalances?

  L. Randall Wray
  Abstract

  It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected…more

  Download Working Paper No. 704 PDF (288.07 KB)
• Strategic Analysis
  December 06, 2011

  Είναι βιώσιμη η ανάκαμψη;

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  Η δημοσιονομική λιτότητα είναι πλέον ένα παγκόσμιο φαινόμενο και η επιβράδυνση της παγκόσμιας ανάπτυξης δεν ευνοεί τις προοπτικές της δημοσιονομικής πολιτικής σε εθνικό επίπεδο. Σύμφωνα με τις baseline προβλέψεις της…more

  Download Στρατηγική Ανάλυση, Δεκέμβριος 2011 PDF (1.39 MB)
• Strategic Analysis
  December 06, 2011

  Is the Recovery Sustainable?

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  Fiscal austerity is now a worldwide phenomenon, and the global growth slowdown is highly unfavorable for policymakers at the national level. According to our Macro Modeling Team’s baseline forecast, fears…more

  Download Strategic Analysis, December 2011 PDF (1.87 MB)
• Working Paper No. 665
  April 04, 2011

  Causes of Financial Instability

  Dirk Bezemer
  Abstract

  Given the economy’s complex behavior and sudden transitions as evidenced in the 2007–08 crisis, agent-based models are widely considered a promising alternative to current macroeconomic practice dominated by DSGE models….more

  Download Working Paper No. 665 PDF (393.16 KB)
• Strategic Analysis
  March 10, 2011

  Jobless Recovery Is No Recovery: Prospects for the US Economy

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  The US economy grew reasonably fast during the last quarter of 2010, and the general expectation is that satisfactory growth will continue in 2011–12. The expansion may, indeed, continue into…more

  Download Strategic Analysis, March 2011 PDF (2.96 MB)
• Policy Note No. 1
  February 11, 2011

  What Happens if Germany Exits the Euro?

  Marshall Auerback
  Abstract

  Like marriage, membership in the eurozone is supposed to be a lifetime commitment, “for better or for worse.” But as we know, divorce does occur, even if the marriage was…more

  Download Policy Note 2011/1 PDF (414.41 KB)
• Working Paper No. 647
  December 24, 2010

  Money

  L. Randall Wray
  Abstract

  This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money buys goods and goods buy money, but goods do not buy goods….more

  Download Working Paper No. 647 PDF (209.33 KB)
• Policy Note No. 4
  November 11, 2010

  A New “Teachable” Moment?

  Marshall Auerback
  Abstract

  A common refrain heard from those trying to justify the results of the recent midterm elections is that the government’s fiscal stimulus to save the US economy from depression undermined…more

  Download Policy Note 2010/4 PDF (412.96 KB)
• Working Paper No. 594
  May 08, 2010

  Revisiting “New Cambridge”: The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy

  Claudio H. Dos Santos and 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…more

  Download Working Paper No. 594 PDF (320.48 KB)
• Strategic Analysis
  March 10, 2010

  Getting Out of the Recession?

  Gennaro Zezza
  Abstract

  Research Scholar Gennaro Zezza updates the Levy Institute’s previous Strategic Analysis (December 2009) and finds that the 2009 increase in public sector aggregate demand was a result of the fiscal…more

  Download Strategic Analysis, March 2010 PDF (577.07 KB)
• Strategic Analysis
  December 03, 2009

  Sustaining Recovery: Medium-term Prospects and Policies for the US Economy

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  Though recent market activity and housing reports give some warrant for optimism, United States economic growth was only 2.8 percent in the third quarter, and the unemployment rate is still…more

  Download Strategic Analysis, December 2009 PDF (2.30 MB)
• Working Paper No. 576
  September 09, 2009

  A Financial Sector Balance Approach and the Cyclical Dynamics of the US Economy

  Paolo Casadio and Antonio Paradiso
  Abstract

  This paper investigates the relationship between asset markets and business cycles with regard to the US economy. We consider the Goldman Sachs approach (2003) developed to study the dynamics of…more

  Download Working Paper No. 576 PDF (644.03 KB)
• Working Paper No. 569
  June 15, 2009

  Fiscal Policy and the Economics of Financial Balances

  Gennaro Zezza
  Abstract

  This paper presents the main features of the macroeconomic model being used at The Levy Economics Institute of Bard College, which has proven to be a useful tool in tracking…more

  Download Working Paper No. 569 PDF (224.03 KB)
• Working Paper No. 567
  June 01, 2009

  Revisiting (and Connecting) Marglin-Bhaduri and Minsky

  Claudio H. Dos Santos and Antonio C. Macedo e Silva
  Abstract

  Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models…more

  Download Working Paper No. 567 PDF (571.01 KB)
• Strategic Analysis
  April 09, 2009

  Recent Rise in Federal Government and Federal Reserve Liabilities: Antidote to a Speculative Hangover

  Dimitri B. Papadimitriou
  Abstract

  Federal government and Federal Reserve (Fed) liabilities rose sharply in 2008. Who holds these new liabilities, and what effects will they have on the economy? Some economists and politicians warn…more

  Download Strategic Analysis, April 2009 PDF (369.83 KB)
• Strategic Analysis
  January 06, 2009

  Flow of Funds Figures Show the Largest Drop in Household Borrowing in the Last 40 Years

  Gennaro Zezza
  Abstract

  The Federal Reserve’s latest flow-of-funds data reveal that household borrowing has fallen sharply lower, bringing about a reversal of the upward trend in household debt. According to the Levy Institute’s…more

  Download Strategic Analysis, January 2009 PDF (97.63 KB)
• Strategic Analysis
  December 24, 2008

  Prospects for the United States and the World: A Crisis That Conventional Remedies Cannot Resolve

  Wynne Godley, Dimitri B. Papadimitriou, and Gennaro Zezza
  Abstract

  The economic recovery plans currently under consideration by the United States and many other countries seem to be concentrated on the possibility of using expansionary fiscal and monetary policies alone….more

  Download Strategic Analysis, December 2008 PDF (656.93 KB)
• Strategic Analysis
  April 09, 2008

  Fiscal Stimulus—Is More Needed?

  Dimitri B. Papadimitriou and Gennaro Zezza
  Abstract

  As the government prepares to dispense the tax rebates that largely make up its recently approved $168 billion stimulus package, President Dimitri B. Papadimitriou and Research Scholars Greg Hannsgen and…more

  Download Strategic Analysis, April 2008 PDF (272.57 KB)