The Stock-Flow Consistent Approach

MARC LAVOIE is Full Professor in the Department of Economics at the University of Ottawa, Canada.He has published over 175 articles in refereed journals and books. He is also on the editorial board or advisory board of several journals. He is a specialist in monetary economics, growth theory, and macroeconomic policy. GENNARO ZEZZA is Associate Professor in Economics at the Department of Economics of the University of Cassino, Italy, and a Research Scholar at the Levy Institute of Economics, USA. He has published several articles in refereed journals and books. He is a specialist in macroeconomic models, both theoretical and empirical, and in econometrics.

Introduction; M. Lavoie & G. Zezza PART I: EARLY VIEWS ON THE STOCK-FLOW COHERENT APPROACH Inflation Accounting of Whole Economic Systems Time, Increasing Returns and Institutions in Macroeconomics PART II: STOCK-FLOW COHERENCE AND ECONOMIC THEORY An Important Inconsistency at the Heart of the Standard Macroeconomic Model Weaving Cloth from Graziani's Thread: Endogenous Money in a Simple (But Complete) Keynesian Model Macroeconomics without Equilibrium or Disequilibrium Kaleckian Models of Growth in a Coherent Stock-Flow Monetary Framework PART III: STOCK-FLOW COHERENCE AND ECONOMIC POLICY A Simple Model of Three Economies with Two Currencies: The Eurozone and the USA Maastricht and All That Fiscal Policy in a Stock-Flow Consistent Model Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World Bibliography