By Dimitri B. Papadimitriou
A set of papers from prime thinkers to have a good time the paintings of the past due Wynne Godley, and his huge, immense contribution to the sphere of economic economics. Chapters comprise in-depth discussions of the progressive financial modelling structures that Godley brought, in addition to his prescient matters in regards to the international monetary crash.
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Additional info for Contributions in Stock-flow Modeling: Essays in Honor of Wynne Godley
Godley, W. and A. Izurieta (2001) ‘The Developing US Recession and Guidelines for Policy,’ Strategic Analysis, October 2001 (Annandale-on-Hudson, NY: Levy Economics Institute of Bard College). Godley, W. and M. Lavoie (2007) Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth (Basingstoke, UK: Palgrave Macmillan). , D. B. Papadimitriou, C. H. Dos Santos and G. ,’ Strategic Analysis, September (Annandale-on-Hudson, NY: Levy Economics Institute of Bard College).
The authors’ conclusions based on their use of Godley’s operational framework of the three balances suggest that the only way to achieve the assumed GDP growth would be for the governments of surplus countries to be prepared to run higher deficits over the next few years. This is in concert with the public outcry against the current focus on deficit reduction imposed harshly on the countries of Southern Europe. 10 Contributions in Stock-flow Modeling The chapters in this book contribute to the rethinking of macroeconomics without microfoundations – as Wynne would have argued absolutely.
This type of adjustment mechanism has been advocated, as we have seen, by European Union policymakers to promote deeper financial integration even in the absence of a Eurozone budget. Duwicquet and Mazier raise theoretical and econometric methodology questions of this approach. To answer these questions, their stock-flow consistent model uses alternative structures, that is, with or without foreign financial assets, intra-zone credit and intra-zone capital income transfers with or without rationing.