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Full Description
This book offers a comprehensive exploration of how empirical Stock-Flow Consistent (SFC) modelling can be used as a tool for macroeconomic analysis. Based on a coherent framework rooted in national accounting principles, SFC models, which integrate both financial and real economy variables, are well suited for capturing financial crises, macroeconomic imbalances, and economic policy impacts.
Focusing on France, the book presents the SFC FR model, an empirical SFC model based on French national data, and examines four decades of structural change of the French economy marked by financialisation, policy shifts, evolving trade and public deficits. Through detailed simulations, it assesses the effectiveness of a range of fiscal, monetary, and climate policies. Instead of supply-side policy which has been dominant, it provides insights into possible alternative economic strategies that prioritise equity and sustainability for the years 2025-2035.
Bridging the gap between empirical realism and theoretical consistency, the book is a vital resource for economists, policymakers, and researchers seeking a realistic and policy-relevant approach to macroeconomic analysis especially for economic policy design and evaluation.
Contents
Introduction 1. The French Economy at a glance 2. Accounting framework and wealth dynamics 3. System of equations: a Kaleckian model of a financialised economy 4. Basic multipliers and economic policy 5. From past policies to future policies Conclusion References Appendix System of equations Appendix Accounting equilibrium Index
