Contributions to Stock-Flow Modeling

1. Front Matter

   Pages i-xxii

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2. Wynne Godley’s Economics

   • Dimitri B. Papadimitriou

   Pages 1-11

3. Godley Moves in Mysterious Ways: The Craft of Economic Judgment in Post-war Britain

   • Tiago Mata

   Pages 12-35

4. Godley Got It Right

   • L. Randall Wray

   Pages 36-62

5. Who Are These Economists, Anyway?

   • James K. Galbraith

   Pages 63-75

6. A New Look at New Cambridge: Will the UK Private Expenditure Function Stand Up?

   • Bill Martin

   Pages 76-124

7. Three Balances and Twin Deficits: Godley versus Ruggles and Ruggles

   • Anwar Shaikh

   Pages 125-136

8. From Macroeconomics to Monetary Economics: Some Persistent Themes in the Theory Work of Wynne Godley

   • Marc Lavoie

   Pages 137-153

9. Godley and Graziani: Stock-flow Consistent Monetary Circuits

   • Gennaro Zezza

   Pages 154-172

10. The Stock-flow Consistent Approach with Active Financial Markets

    • Jo Michell, Jan Toporowski

    Pages 173-196

11. Financial Integration and Stabilization in a Monetary Union Without or With Bank Rationing

    • Vincent Duwicquet, Jacques Mazier

    Pages 197-234

12. Debt-deflation Traps Within Small Open Economies: A Stock-flow Consistent Perspective

    • Stephen Kinsella, Saed Khalil

    Pages 235-265

13. A Debate with Wynne Godley on the Neutrality of Fiscal Policy

    • Edwin Le Heron

    Pages 266-299

14. The Effectiveness of Fiscal Policy in the Levy Institute’s Stock-flow Model

    • Philip Arestis, Malcolm Sawyer

    Pages 300-320

15. Of Unsustainable Processes and the US Dollar

    • Jörg Bibow

    Pages 321-348

16. Squaring the Circle in Euro Land? Some Remarks on the Stability Programmes 2010–13

    • Michael Brecht, Silke Tober, Till van Treeck, Achim Truger

    Pages 349-376

17. Back Matter

    Pages 377-398

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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 modelling systems that Godley introduced, as well as his prescient concerns about the global financial crash.

• Deflation
• economics
• financial markets
• fiscal policy
• integration
• macroeconomics
• modeling
• monetary economics
• monetary union

• Levy Economics Institute of Bard College, USA

  Dimitri B. Papadimitriou, Gennaro Zezza

• University of Cassino, Italy

  Gennaro Zezza

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.

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