A stock-flow-fund ecological macroeconomic model

Datos Bibliográficos

ID12184697
AutoresYannis Dafermos (0000-0002-8127-6249, University of the West of England, autor de correspondencia), Maria Nikolaidi (0000-0002-8188-5482, University of Greenwich), Giorgos Galanis (0000-0003-4729-7174, Goldsmiths University of London)
Año2016
Volumen131
Páginas191-207
Fecha de publicación2016-09-14
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaEcological Economics (JOURNAL)
Identificadores de la revistaISSN: 0921-8009 • E-ISSN: 1873-6106
EditorialElsevier BV (PUBLISHER)
DOI10.1016/j.ecolecon.2016.08.013
OpenAlexW2202205124
IdiomaEN
Citas recibidas54
Referencias citadas37

This paper develops a stock-flow-fund ecological macroeconomic model that combines the stock-flow consistent approach of Godley and Lavoie with the flow-fund model of Georgescu-Roegen. The model has the following key features. First, monetary and physical stocks and flows are explicitly formalised taking into account the accounting principles and the laws of thermodynamics. Second, Georgescu-Roegen’s distinction between stock-flow and fund-service resources is adopted. Third, output is demand-determined but supply constraints might arise either due to environmental damages or due to the exhaustion of natural resources. Fourth, climate change influences directly the components of aggregate demand. Fifth, finance affects macroeconomic activity and the materialisation of investment plans that determine ecological efficiency. The model is calibrated using global data. Simulations are conducted to investigate the trajectories of key environmental, macroeconomic and financial variables under (i) different assumptions about the sensitivity of economic activity to the leverage ratio of firms and (ii) different types of green finance policies

Econometrics · Economics · Leverage (statistics · Stock (firearms · Climate Change Policy and Economics · Computer Science · Economic Theory and Policy · Market Dynamics and Volatility