The Stock-flow Consistent Approach with Active Financial Markets

Abstract

Wynne Godley is best known for his insightful forecasting using stockflow consistent models. His insistence that economic stocks and flows should be consistently laid out was also, if less obviously, an insistence that all economic variables are interrelated. Accordingly, production could not be carried out without distributional implications. More importantly, for the theory of a modern credit economy, the financial flows that arise in the process of production and exchange have to be integrated into the model of the economy at large. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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