Reconstructing Kaleckian Model : Stock-Flow Consistent Model(<SPECIAL ISSUE>Modern Perspectives on Kaleckian Economics)

DOI Web Site

Bibliographic Information

Other Title
  • カレツキアン・モデルの新しい展開 : ストック・フロー・コンシステント・モデル(<特集>カレツキ経済学の現代的評価)
  • カレツキアン・モデルの新しい展開--ストック・フロー・コンシステント・モデル
  • カレツキアン モデル ノ アタラシイ テンカイ ストック フロー コンシステント モデル

Search this article

Description

Recently, there are many papers using the framework of the Stock-Flow Consistent model (hereafter SFC) in the refereed journals. However, no studied has ever been attempted in Japan. While there is one textbook, a Japanese translation of Introduction to Post-Keynesian Economics, it explains the balance- sheet matrix and the transactions flow matrix only. Therefore, we endeavor to explain the intuitive framework of SFC, and give a way to construct this model in Japanese. One of the characteristics of the SFC model is the stock and flows are integrated into an analysis; all sectors and financial assets are included in the model so that there is no black box in the economic transactions in the accounting sense. In this paper, first, we survey the developments of the Kaleckian model and the Minskian model to consider the significance of the SFC model. SFC model plays an important role to integrate implications derived from these models. Second, we construct a simple SFC model based on Doss Santos and Zezza (2008), and find the following results from simulations. The SFC model can explain not only the wage-led growth regime but also the profit-led growth regime. In addition, this model can also explain the normal regime and puzzling regime that the Minskian model has presented so far. In many cases, these results depend on the values of various parameters. Thus, we show that the SFC model can generate various regimes concerning income distribution-growth regime and debt-growth regime.

Journal

Keywords

Details 詳細情報について

Report a problem

Back to top