A stock-flow-fund ecological macroeconomic model
"This paper develops a stock-flow-fund ecological macroeconomic model that combines the stock-flow consistent approach of Godley and Lavoie with the flow-fund model of Georgescu-Roegen. The model has the following key features. First, monetary and physical stocks and flows are explicitly formal...
| Main Authors: | , , , |
|---|---|
| Institution: | ETUI-European Trade Union Institute |
| Format: | TEXT |
| Language: | English |
| Published: |
Durham
2016
PKSG |
| Subjects: | |
| Online Access: | https://www.labourline.org/KENTIKA-013812483109-a-stock-flow-fund-ecological-m.htm |
| _version_ | 1771659894170058752 |
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| author | Post-Keynesian Economics Study Group Dafermos, Yannis Nikolaidi, Maria Galanis,Giorgos |
| author_facet | Post-Keynesian Economics Study Group Dafermos, Yannis Nikolaidi, Maria Galanis,Giorgos |
| collection | Library items |
| description | "This paper develops a stock-flow-fund ecological macroeconomic model that combines the stock-flow consistent approach of Godley and Lavoie with the flow-fund model of Georgescu-Roegen. The model has the following key features. First, monetary and physical stocks and flows are explicitly formalised taking into account the accounting principles and the laws of thermodynamics. Second, Georgescu-Roegen’s distinction between stock-flow and fund-service resources is adopted. Third, output is demand-determined but supply constraints might arise either due to environmental damages or due to the exhaustion of natural resources. Fourth, climate change influences directly the components of aggregate demand. Fifth, finance affects macroeconomic activity and the materialisation of investment plans that determine ecological efficiency. The model is calibrated using global data. Simulations are conducted to investigate the trajectories of key environmental, macroeconomic and financial variables under (i) different assumptions about the sensitivity of economic activity to the leverage ratio of firms and (ii) different types of green finance policies." |
| format | TEXT |
| id | 013812483109_db058c1ce9c54a06b83c99d74f7d64a9 |
| institution | ETUI-European Trade Union Institute |
| is_hierarchy_id | 013812483109_db058c1ce9c54a06b83c99d74f7d64a9 |
| is_hierarchy_title | A stock-flow-fund ecological macroeconomic model |
| language | English |
| physical | 49 p. Digital |
| publishDate | 2016 |
| publisher | Durham PKSG |
| spellingShingle | Post-Keynesian Economics Study Group Dafermos, Yannis Nikolaidi, Maria Galanis,Giorgos climate change ecology financial aspect investment macroeconomics sustainable development A stock-flow-fund ecological macroeconomic model |
| thumbnail | https://www.labourline.org/Image_prev.jpg?Archive=105862492304 |
| title | A stock-flow-fund ecological macroeconomic model |
| topic | climate change ecology financial aspect investment macroeconomics sustainable development |
| url | https://www.labourline.org/KENTIKA-013812483109-a-stock-flow-fund-ecological-m.htm |