| The first essay of this dissertation explains what exactly we mean by "stock-flow consistent approach to macroeconomic modeling", relates it to other well known approaches and (briefly) surveys the recent literature on the field. The (long) second essay describes the two best known "schools" of stock-flow consistent macroeconomic modeling and proves that Cambridge-type models can be seen as relevant special cases of their Yale-type counterparts. The third and last essay discusses in more detail the structure of "Cambridge-type" models with inventory dynamics and concludes that they differ from Yale-type models (and get closer to the Post-Keynesian, Circuitist and Marxian traditions) because they emphasize the production decisions of firms and, therefore, imply also a story of what happens "within the accounting period", as opposed to limiting themselves to the discussion of the dynamics "between accounting periods". |
