Contributions to Stock-Flow Modeling: Essays in Honor of Wynne Godley

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Dimitri B. Papadimitriou, Gennaro Zezza
Palgrave Macmillan, Jan 15, 2012 - Business & Economics - 398 pages

A collection of papers from leading thinkers to celebrate the work of the late Wynne Godley, and his enormous contribution to the field of monetary economics. Chapters include in-depth discussions of the revolutionary economic modeling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

 

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Contents

1 Wynne Godleys Economics
1
The Craft of Economic Judgment in Postwar Britain
12
3 Godley Got It Right
36
4 Who Are These Economists Anyway?
63
Will the UK Private Expenditure Function Stand Up?
76
Godley versus Ruggles and Ruggles
125
Some Persistent Themes in the Theory Work of Wynne Godley
137
Stockflow Consistent Monetary Circuits
154
10 Financial Integration and Stabilization in a Monetary Union Without or With Bank Rationing
197
A Stockflow Consistent Perspective
235
12 A Debate with Wynne Godley on the Neutrality of Fiscal Policy
266
13 The Effectiveness of Fiscal Policy in the Levy Institutes Stockflow Model
300
14 Of Unsustainable Processes and the US Dollar
321
15 Squaring the Circle in Euro Land? Some Remarks on the Stability Programmes 201013
349
Wynne Godley A Bibliography
377
Index
388

9 The Stockflow Consistent Approach with Active Financial Markets
173

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About the author (2012)

DIMITRI B. PAPADIMITRIOU is Jerome Levy Professor of Economics and Executive Vice President of Bard College, and President of the Levy Institute, Annandale-on-Hudson, New York, USA. He heads the Levy Institute's Macro-Modeling Team, is co-author of its Strategic Analysis reports and is author and editor of the Levy Economics Institute Book Series. Dr. Papadimitriou was vice-chairman of the Trade Defecit Review Commission of the US Congress and has testified in the US Senate and Congressional Committee Hearings on Banking and Finance and Small Business. He is a member of the editorial boards of Challenge, The Bulletin of Political Economy and Journal of Economic Analysis and has authored many articles in professional journals.

GENNARO ZEZZA is Associate Professor of Economics at the University of Cassino, Italy, and Research Scholar at the Levy Economics Institute of Bard College, USA. He is a member of the Levy Institute's Macro-Modelling Team and co-author of itsStrategic Analysis reports. Zezza worked with the late Distinguished Scholar Wynne Godley in the United Kingdom, Denmark and Italy, as well as at the Levy Institute. His other research interests include economic growth, monetary economics and applied econometrics.