Synopses & Reviews
A collection of papers from an eminent economist, Wynne Godley, focusing on the stock-flow coherent method, which formed the core of his contribution to the discipline. Chapters trace the development of Professor Godley's theoretical work, and include prescient discussions of the European Union and its monetary policy.
Synopsis
Selected essays from the eminent economist, Wynne Godley, tracing the development of his work and illuminating the key theories and models that made his name. Essays focus not only on the stock-flow coherent approach, but also lay out Godley's views about the European Union and the stability of its monetary policy.
About the Author
MARC LAVOIE is 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 specialistin 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. He has published several articles in refereed journals and books. He is a specialist in macroeconomic models, both theoretical and empirical, and in econometrics.
Table of Contents
Introduction;
M.Lavoie&
G.ZezzaPART 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