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Cambridge Journal of Economics Advance Access originally published online on November 14, 2005
Cambridge Journal of Economics 2006 30(4):541-565; doi:10.1093/cje/bei069
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Keynesian theorising during hard times: stock-flow consistent models as an unexplored ‘frontier’ of Keynesian macroeconomics

Claudio H. Dos Santos*

* Levy Economics Institute of Bard College and Grupo de Economia Politica IE/UFRJ, Brazil

Address for correspondence: SQN 216, Bl.D, Apt 504 Brasilia-DF Brazil 70875-040; email: santos{at}levy.org

Abstract

This paper argues that the stock-flow consistent approach to macroeconomic modelling (SFCA) is a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical ‘frontier’ that remained largely unexplored with the end of Keynesian academic hegemony. It does so in two steps. First, it phrases the representative views of Davidson, Godley, Minsky and Tobin as different ‘closures’ of the same (SFC) accounting framework, calling attention to their similarities and logical implications. Second, it discusses unresolved issues within this approach and how it differs from ‘modern’ theorising.

Key Words: Post-Keynesian models • Stock-flow Consistency • Pitfalls approach

JEL classifications: E12, B22, B31

Manuscript received August 9, 2004; final version received February 7, 2005.


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