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Distribution, capital intensity and public debt-to-GDP ratio: an input output—stock flow consistent model
The paper analyzes the relationship between the interest rate and the public debt-to-GDP ratio through the lens of the Classical-Keynesian approach....
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Stock-Flow Consistent Models
Stock-flow consistent (SFC) models are macroeconomic models with a coherent integration between real and financial markets. They have been proposed...
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To what extent does aggregate leverage determine financial fragility? New insights from an agent-based stock-flow consistent model
Many interpretations and developments of the Financial Instability Hypothesis (FIH) rely on aggregate leverage ratio indicators to proxy...
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Assessing the consistency of the fixed-effects estimator: a regression-based Wald test
Under large- n and fixed- T panel data asymptotics, we develop a method to test a sufficient condition for the FE estimator’s consistency using a...
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Optimal Growths from Two Perspectives, with Conditional Macro- and Micro-consistency: Dynamic Summation of Economic Variables Under Differential Regional Representative Production Functions
Although the representative theory of consumer/firm is widely used in particular forms of utility and production functions, is the optimal growth...
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Heterogeneous expectations, forecasting behaviour and policy experiments in a hybrid Agent-based Stock-flow-consistent model
This paper presents a hybrid agent-based stock-flow-consistent model featuring heterogeneous banks, purposely built to examine the effects of...
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Technological unemployment and income inequality: a stock-flow consistent agent-based approach
The paper presents a stock-flow consistent agent-based model with effective demand, endogenous credit creation, and labor-saving technological...
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Stock-Flow Consistent Dynamic Models: Features, Limitations and Developments
The stock-flow consistent (SFC) approach to macroeconomic dynamic modelling was developed in the 2000s by Godley and Lavoie (in Monetary Economics:...
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Knowledge Transfer of China’s HSR Standards “Going Global” Based on System Dynamics
Under “The Belt and Road” initiative, the international recognition of China’s high-speed railway (hereafter, HSR) standards is gradually improving...
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Multiplicity and not necessarily heterogeneity: implications for the long-run degree of capacity utilization
The paper discusses the implications of disaggregation within the post-Keynesian debate on the long-run convergence of the degree of capacity...
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Accounting System Dynamics Modeling of Money Stock as Debts
Money stock, defined as the sum of coins, notes, demand and time deposits, decisively affects macroeconomic variables such as GDP and price. Yet its...
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An agent-based model for Secular Stagnation in the USA: theory and empirical evidence
This paper deals with the Secular Stagnation in productivity growth that marks the US economy since the end of the Golden Age. I contribute to the...
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Derisking the low-carbon transition: investors’ reaction to climate policies, decarbonization and distributive effects
The role of climate finance policies and instruments in scaling up and derisking low-carbon investments has received growing research attention....
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Determining the financial performance of the firms in the Borsa Istanbul sustainability index: integrating multi criteria decision making methods with simulation
Regardless of the industry in which a company operates, evaluating corporate performance is one of the most critical and vital processes; the most...
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Why MMT can’t work
Using a stock-flow consistent ISLM open-economy model, this article shows that, unless very specific country circumstances hold, modern money theory...
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Capital
Capital is treated in a disaggregate manner, with long-term and short-term distinguished. Where the flow is not available, a stock series is...
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Navigating Uncertainty: The Micro-Level Dynamics of Economic Policy Uncertainty and Systemic Financial Risk in China’s Financial Institutions
The paper navigates the intricate landscape of economic policy uncertainty (EPU) and its implications for systemic financial risk (SFR) among...
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The Relationship Between Cultural Differences and Migration: Does Cultural Dilemma Matter?
This paper studies the role of cultural differences on the choice of migrants’ destination country. In order to examine this issue, we run two...
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Catalyzing Sustainable Investment: Revealing ESG Power in Predicting Fund Performance with Machine Learning
In today’s dynamic financial landscape, the integration of environmental, social, and governance (ESG) principles into investment strategies has...
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The Theory of Monetary and Real Emissions
The teachings of the great economists of the past have a direct influence on the recent theory of monetary emissions, which draws from the...