TAILIEUCHUNG - TOWARDS A RECONSTRUCTION OF MACROECONOMICS USING A STOCK FLOW CONSISTENT (SFC) MODEL

Upon receipt of an exercise notice, OCC will then assign this exercise notice to one or more Clearing Members with short positions in the same series in accordance with its established procedures. The Clearing Member will, in turn, assign one or more of its customers (either randomly or on a first in first out basis) who hold short positions in that series. The assigned Clearing Member will then be obligated to sell (in the case of a call) or buy (in the case of a put) the underlying shares of stock at the specified strike price. OCC then arranges with a stock clearing corporation designated. | TOWARDS A RECONSTRUCTION OF MACROECONOMICS USING A STOCK FLOW CONSISTENT SFC MODEL1 Wynne Godley CERF - Cambridge Endowment for Research in Finance University of Cambridge May 2004 ABSTRACT This paper aims to rehabilitate stock flow consistent SFC macroeconomics as a radical alternative to the neo-classical approach which has dominated the subject during the last thirty years. Commercial banks are reckoned to play a central role in the macroeconomic process because they co-ordinate all the disparate aspirations expectations and actions of the different sectors and this is one of many ways in which the model deployed here differs not only from mainstream models but also from old fashioned Keynesian models which have largely become extinct. A comprehensive system of stock and flow accounts using four sectors and seven financial assets will be deployed followed by a narrative description of a theoretical model which can be numerically solved to yield sequences evolving in real time towards steady states. Details of the model s equations are not disclosed but the paper clearly indicates an alternative methodology while the simulations lend plausibility to some distinctive conclusions. KEYWORDS MACROECONOMIC THEORY STOCK FLOW MODELS DOUBLE ENTRY ACCOUNTING SIMULATION MODELS REAL TIME SEQUENCES JEL Classifications A22 B52 D21 D31 E17 E27 E31 E44 E51 1 I am grateful to Alex Izurieta Claudio Dos Santos and Lance Taylor for substantial help to Marc Lavoie for a long period of very close collaboration and to Frank Kermode for standing by me at a difficult time. Introduction In his major review of the course of macroeconomic theory ever since its inception Lance Taylor 2004a draws attention to the poverty of the postulated institutional context within which the mainstream subject has evolved. At the level of accounting there has commonly been a failure to integrate financial stocks and flows into the production-income-expenditure nexus. But more generally there has been a .

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