The Stock-Flow Consistent Approach: Selected Writings of by Marc Lavoie, G. Zezza

By Marc Lavoie, G. Zezza

Chosen essays from the eminent economist, Wynne Godley, tracing the improvement of his paintings and illuminating the most important theories and versions that made his identify. Essays concentration not just at the stock-flow coherent technique, but additionally lay out Godley's perspectives concerning the ecu Union and the soundness of its financial coverage.

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Therefore if nominal rates of interest rise when inflation increases, there is likely to be some redistribution of real income and wealth away from owners of equity and in favour of income from employment. Whether or not the distribution is away from rentiers as well depends on the scale of the increase in nominal interest rates and also on the extent to which such an increase causes a reduction in the nominal value of bonds. (d) Even though the price of housing (which in the UK is the largest single asset held by the personal sector) may be assumed to rise roughly in line with inflation, the value of mortgage debt is unlikely to rise simultaneously fully in proportion.

The third and last section of the book is precisely devoted to those three characteristics: stock–flow coherence, open economies and economic policy. Chapter 7, ‘A Simple Model of Three Economies with Two Currencies: the Eurozone and the USA’, written again with Marc Lavoie and published in the Cambridge Journal of Economics in January 2007, is a theoretical stock–flow coherent model but it has practical relevance for eurozone economic policy and the eurozone institutional setup. Although Wynne himself had chosen it as his only paper that dealt with open-economy considerations, we wondered for a while whether it would not be more appropriate to replace it with the two-country working paper that had been written in 2003 for the Cambridge Endowment for Research in Finance, as the latter paper was technically more fancy, distinguishing between nominal and real variables, and introducing sophisticated import and export quantity and price equations.

30) 30 Early Views on the Stock–Flow Coherent Approach Real public disposable income Turning next to the definition of real public disposable income, we need again to take account of the erosion of existing debt by inflation. 37) Real personal plus government disposable income are equivalent to real national income excluding stock appreciation, plus any increase in the value of the stock of fixed assets over and above that required to increase the replacement cost of the existing capital stock by the rate of inflation.

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