tag:blogger.com,1999:blog-8595404115121834255.post4466235792322891124..comments2024-03-28T03:24:05.678-04:00Comments on NAKED KEYNESIANISM: Stock-Flow with Consistent Accounting (SFCA) modelsMatias Vernengohttp://www.blogger.com/profile/09521604894748538215noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8595404115121834255.post-22738122446441774832012-12-11T16:35:05.420-05:002012-12-11T16:35:05.420-05:00The problem with DSGE is not that it lacks stock-f...The problem with DSGE is not that it lacks stock-flow consistency. It is the mainstream assumptions about the substitution principle and the tendency to full employment (natural rate). Also, there is no reason why macro analysis has to start from individual maximizing behavior. The thing about Godley's SF models is that they start from a classical-Keynesian presumption that demand determines growth (with constraints provided by income distribution, which force agents into debt and external imbalances), and prices are cost based.Matias Vernengohttps://www.blogger.com/profile/09521604894748538215noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-39161390994002171932012-12-11T16:24:51.954-05:002012-12-11T16:24:51.954-05:00You say there that Rendahl is confused. Is he wron...You say there that Rendahl is confused. Is he wrong that DSGE are not SFC?PeterPhttps://www.blogger.com/profile/02032621777697914182noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-15175458419528998722012-12-11T09:47:49.608-05:002012-12-11T09:47:49.608-05:00Yep, I had a link to the Keen-Rendahl debate here ...Yep, I had a link to the Keen-Rendahl debate here http://nakedkeynesianism.blogspot.com/2012/11/another-cambridge-debate-keen-vs-rendhal.htmlMatias Vernengohttps://www.blogger.com/profile/09521604894748538215noreply@blogger.comtag:blogger.com,1999:blog-8595404115121834255.post-10737059566383245142012-12-11T09:32:35.905-05:002012-12-11T09:32:35.905-05:00See this pretty ugly exchange http://andrewlainton...See this pretty ugly exchange http://andrewlainton.wordpress.com/2012/12/06/some-notes-on-pontus-rendahls-review-of-keensian-economics/ . What is your take, are DSGE models stock-flow consistent like Mr Rendahl claims? PeterPhttps://www.blogger.com/profile/02032621777697914182noreply@blogger.com