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I've been updating my SSRN page with new working papers, rather than this blog, for a few weeks. There are a few reasons for this, mostly around time management. This blog, the IrishEconomy blog, the SSRN page, and the Geary Working paper series, all take some of the same data. As the IrishEconomy blog and the SSRN have a wider readership, it's natural that this would be the forum to suffer.

Anyway, I'll try to remedy that with some new work. Here's a paper I presented this weekend at the INET conference organised in New York. It was a great conference, and I learned a lot. The paper's details are below.

The crisis has exposed the failure of economic models to deal sensibly with endogenously generated crises propagating from the financial sectors to the real economy, and back again. The goal of this paper is to review the method of stock flow consistent modeling to highlight areas in which it is deficient. I argue there is a fruitful research agenda in shoring up these deficiencies. The objective of stock flow modeling should be the ability to practically model unstable macro-economies, and in particular their interactions with the financial sector. These models should provide ‘Words to the Wise’, and until they do, they are just thought experiments.

2 Responses to “Words to the Wise”

  1. Ramanan

    Verry nice article, thoroughly enjoyed reading it. Similar to my thoughts.

    Claudio Dos Santos had something similar to say. He said (in his "three essays") that Godley-type models are similar to working out the rules of a chess game and the openings and a few characteristic end games but its difficult to catalog all games.

    I thoroughly enjoy reading G&L's Monetary Economics as it gives me the benefit of knowing what goes on in their minds as much as describing economic systems.

    PS: Have a blog now!

  2. Stephen

    Ramanan, great blog, added it to my blogroll, thanks!

  Posts

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December 10th, 2019

Using Social Media to Boost your profile

My talk for the social media summit is here. 

November 5th, 2019

Innospace UL talk

Thanks for the invitation to speak, the whole talk is here. 

October 9th, 2019

Understanding the macroeconomy podcast

I really enjoyed my interview with Dr Niall Farrell of the Irish Economics Podcast. You can listen to it here:

September 15th, 2018

Identifying Mechanisms Underlying Peer Effects on Multiplex Networks

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March 24th, 2018

Capital inflows, crisis and recovery in small open economies

Our latest paper, and my first with my Melbourne School of Government affiliation (plus my UL one, of course) is […]

March 7th, 2018

Southern Charm

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February 7th, 2018

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December 10th, 2017

Marian Finucane Interview

I did a fairly long interview about the experience of moving to Australia with my family. You can listen here.

November 17th, 2017

Increasing wages for macroeconomic stability

My first piece for the conversation is here. I'm arguing the economy would benefit from wage increases, paid for from […]

November 14th, 2017

Health Workforce Planning Models, Tools and Processes: An Evidence Review

Below is my recorded talk, here are my slides, and the handout for the 4th Global Forum on Human Resources for […]

October 5th, 2017

Aalborg Keynote

My talk from the fourth Nordic Post Keynesian conference is up. The full list of keynotes is here.

October 1st, 2017

AIST Debt and Demography talk

(Apparently Limerick is in the UK now!)

September 7th, 2017

My AIST Keynote: Europe Exposed

In which a camera man faints halfway through--he's OK though, I checked afterwards!

July 22nd, 2017

MacGill Summer School Speech

My speech at the MacGill Summer School is here. Thanks to Joe Muholland for inviting me to speak.

May 25th, 2017

Business Post Articles

All my Sunday Business Post articles (back to 2014/5, when I joined the paper) are available here, behind a paywall, and […]

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