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Introduction to the Special Issue on Stock-Flow Consistent Models
ROSA CANELLI, MATTEO DELEIDI & MARCO VERONESE PASSARELLA
Starting from the 2000s the SFC label, though controversial, has become a recognisable brand for a modelling approach in economics, while SFC modelling principles and techniques have become increasingly popular among young academic economists and practitioners. Initially used to model only a few sectors – private, government, and foreign – SFC models have been progressively expanded to include additional social sub-sectors (e.g., production firms, banks, financial intermediaries, and different sub-groups of households), geographical areas (regions, states, etc.), different types of micro-foundations (e.g. at individual agent level, at industry level, etc.), and even ecological and other biophysical variables. Identification techniques have evolved too, including a variety of numerical calibration and estimation methods. Despite some heterogeneity resulting from crossbreeding with other non-neoclassical approaches, all SFC dynamic models still share a commitment to sound macroeconomic accounting, integrating real and financial aspects cohesively. The papers presented in this special issue are an example of that. While sharing the same methodology, each paper offers a different theoretical perspective.
Volume :- No.17 (2023)
Issue No :- 1 (2023)
Pages :- 1-4