Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic closure from the accounting constraints and cast the latter in...

The determination of the $/£ exchange rate is studied in a small symmetric macroeconometric model including UK-US differentials in inflation, output gap, short and long-term interest rates for the four decades since the breakdown of Bretton Woods. The key question addressed is the possible...

This paper measures the evolution of the interdependence level of the global economic system using a novel approach that combines network analysis and time-varying correlations. A Scalar-BEKK model is employed to determine the dynamic conditional bilateral correlations of 102 economies for the...

Standard presentations of stock-flow consistent modeling use specific Post Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. In this paper we separate the dynamic closure from the accounting constraints and cast the latter in...

Standard presentations of stock-flow consistent modelling use specific Post-Keynesian closures, even though a given stock-flow accounting structure supports various different economic dynamics. We separate the dynamic closure from the accounting constraints, and cast the latter in the language...

In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...