Revisiting 'New Cambridge': The Three Financial Balances in a General Stock-flow Consistent Applied Modeling Strategy

摘要

The New Cambridge School articulated the comprehensive empirical modeling strategies associated with the theoretical views of Post Keynesians, and it played an important role in the British macroeconomic policy debate in the 1970s. This school of thought was subsequently adopted by the Levy Economics Institute, whose Macro-Modeling Team, under the leadership of Distinguished Scholar Wynne Godley, anticipated the problems now facing the U.S. and world economies.