Stock-Flow Consistent Models

This page by Oliver Richters contains some material on Stock-Flow Consistent (SFC) Models. SFC models are a family of macroeconomic models based on a rigorous accounting framework, which guarantees a correct and comprehensive integration of all the flows and the stocks of an economy. For an introduction, see:

• Wikipedia in English or Deutsch
• Wynne Godley, Marc Lavoie: Monetary Economics, Palgrave Macmillan, New York 2012.
• Michalis Nikiforos, Gennaro Zezza: Stock-Flow Consistent Macroeconomics Models: A Survey. In: Journal of Economic Surveys 31(5), Dezember 2017, S. 1204–1239, doi:10.1111/joes.12221 (Preprint).

Workshop in Siegen

In May 2017, a gave a workshop on SFC models at Siegen University. Some materials for download:

• Slides of my presentation
• Model SIM by Godley & Lavoie 2012, open office

Publications

• Oliver Richters, Andreas Siemoneit: Consistency and Stability Analysis of Models of a Monetary Growth Imperative. In: Ecological Economics 136: 114–125. doi:10.1016/j.ecolecon.2017.01.017, 2017 (VÖÖ Discussion Paper 1, February 2016).
• Matthew Berg, Brian Hartley, Oliver Richters: A Stock-Flow Consistent Input-Output Model with Applications to Energy Price Shocks, Interest Rates, and Heat Emissions. In: New Journal of Physics, Focus on Networks, Energy and the Economy. doi:10.1088/1367-2630/17/1/015011, January 2015, CC-BY.
• Jonathan Barth, Oliver Richters: Demand driven ecological collapse: A stock-flow fund-service model of money, energy and ecological scale. In: Samuel Decker, Wolfram Elsner, Svenja Flechtner (ed.): Principles and Pluralist Approaches in Teaching Economics: Towards a Transformative Science. Routledge, 2019, pp. 169–190, ISBN 978-1-1380-3768-7. doi:10.4324/9781315177731-12 (PDF, python code)