Stock Flow Consistent Models An Introduction to Theory and Technique

Taught by Neil Lancastle (University of Leicester), Antoine Godin (University of Pavia), Eugenio Caverzasi (University of Pavia)

Stock flow consistent (SFC) models unify stocks and flows in a framework such that ’everything comes from somewhere and everything goes somewhere’ (Godley and Lavoie, 2007:6). The approach is grounded in Barrere, Graziani, Parguez and Poulon, and rediscovers Marx's 'monetary economy of production'.It has strong ties to the Cambridge (UK) School of Keynesian Economics, and to the current post-Keynesian economists (Lavoie, Zezza, Keen, Pilkington and others).

Program

Wednesday, May 29:

13:00-14:30

(I) The crisis in mainstream

(II) From Aristotle to Godley

15:30-17:00

(I) SFC models in a nutshell Salient features

(II) A Schumpeterian model

Thursday, May 30:

10:00-11:30

(I) Simulating models: PK-SFC package

(II) From model SIM to model PC

13:30-15:00

(I) From model PC to model INSOUT

(II) Wrap-up: Structuralism and SFC