Keynesian theorising during hard times: stock-flow consistent models as an unexplored ‘frontier’ of Keynesian macroeconomics
论证存量-流量一致建模方法是凯恩斯宏观思想在1960-70年代的自然发展,一个因凯恩斯学术霸权终结而未被充分探索的理论前沿,并比较了戴维森、戈德利、明斯基和托宾的代表性观点。
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. Copyright 2006, Oxford University Press.