The Stock-Flow Consistent Approach

1. Front Matter

   Pages i-xxii

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2. Introduction

   1. Introduction

      • Marc Lavoie, Gennaro Zezza

      Pages 1-18

3. Early Views on the Stock-Flow Coherent Approach

   1. Front Matter

      Pages 19-19

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   2. Inflation Accounting of Whole Economic Systems

      • K. J. Coutts, W. A. H. Godley, G. D. Gugdin

      Pages 21-38

   3. Time, Increasing Returns and Institutions in Macroeconomics

      • Wynne Godley

      Pages 39-61

4. Stock-Flow Coherence and Economic Theory

   1. Front Matter

      Pages 63-63

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   2. An Important Inconsistency at the Heart of the Standard Macroeconomic Model

      • Wynne Godley, Anwar Shaikh

      Pages 65-80

   3. Weaving Cloth from Graziani’s Thread: Endogenous Money in a Simple (but Complete) Keynesian Model

      • Wynne Godley

      Pages 81-89

   4. Macroeconomics without Equilibrium or Disequilibrium

      • Wynne Godley

      Pages 90-122

   5. Kaleckian Models of Growth in a Coherent Stock–Flow Monetary Framework: A Kaldorian View

      • Marc Lavoie, Wynne Godley

      Pages 123-156

5. Stock-Flow Coherence and Economic Policy

   1. Front Matter

      Pages 157-157

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   2. A Simple Model of Three Economies with Two Currencies: The Eurozone and the USA

      • Wynne Godley, Marc Lavoie

      Pages 159-188

   3. Maastricht and All That

      • Wynne Godley

      Pages 189-193

   4. Fiscal Policy in a Stock-Flow Consistent (SFC) Model

      • Wynne Godley, Marc Lavoie

      Pages 194-215

   5. Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World

      • Wynne Godley

      Pages 216-254

6. Back Matter

   Pages 255-276

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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.

• accounting
• economic policy
• economic system
• economic theory
• economics
• equilibrium
• fiscal policy
• growth
• Inflation
• John Maynard Keynes
• Keynes
• macroeconomics
• monetary policy
• money

• Department of Economics, University of Ottawa, Canada

  Marc Lavoie

• Department of Economics, University of Cassino, Italy

  Gennaro Zezza

MARC LAVOIE is Full 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 specialist in 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, USA. He has published several articles in refereed journals and books. He is a specialist in macroeconomic models, both theoretical and empirical, and in econometrics.

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