A stock-flow-fund ecological macroeconomic model

Dados Bibliográficos

ID12184697
AutoresYannis Dafermos (0000-0002-8127-6249, University of the West of England, autor correspondente), Maria Nikolaidi (0000-0002-8188-5482, University of Greenwich), Giorgos Galanis (0000-0003-4729-7174, Goldsmiths University of London)
Ano2016
Volume131
Páginas191-207
Data de publicação2016-09-14
Peer ReviewedSim
Open AccessSim
TipoARTICLE
PeriódicoEcological Economics (JOURNAL)
Identificadores do periódicoISSN: 0921-8009 • E-ISSN: 1873-6106
EditoraElsevier BV (PUBLISHER)
DOI10.1016/j.ecolecon.2016.08.013
OpenAlexW2202205124
IdiomaEN
Citações recebidas54
Referências 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