Keynesian Theorizing During Hard Times: SStock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics'

This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony. The representative views of Davidson, Godley, Minsky, and Tobin as different closures of the same SFC accounting framework are presented, and similarities and problems discussed.Post-Keynesian Models, Stock-Flow Consistency, Pitfalls Approach

Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored 'Frontier' of Keynesian Macroeconomics

This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony. The representative views of Davidson, Godley, Minsky, and Tobin as different closures of the same SFC accounting framework are presented, and similarities and problems discussed.Post-Keynesian Models, Stock-Flow Consistency, Pitfalls Approach

"Keynesian Theorizing During Hard Times: Stock-Flow Consistent Models as an Unexplored "Frontier" of Keynesian Macroeconomics"

This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony. The representative views of Davidson, Godley, Minsky, and Tobin as different closures of the same SFC accounting framework are presented, and similarities and problems discussed.

A Stock-Flow Consistent General Framework for Minskyan Analysis of Closed Economics

This paper reviews the general tenets of 'stock-flow consistent' and the 'formal Minskyan' literatures and argues that the advantages and weaknesses of the latter become clearer when analyzed with the tools of the former. It also analyzes a small but representative and influential sample of seminal 'formal Minskyan' models, particularly the Taylor- O'Connel model, in light of a fully consistent 'Minskyan artificial economy.' The paper also shows these models often assume oversimplified hypotheses (that don't do justice tothe richness of Minskyan analyses) and, more seriously, often ignore the logical implications of these hypotheses. Finally, the authors arugue that most of these problems can be tackled when 'formal Minskyan' models are phrased as 'closures' of the 'general Minskyan' accounting framework described in the paper.

Isolated Flat Bands and Spin-1 Conical Bands in Two-Dimensional Lattices

Dispersionless bands, such as Landau levels, serve as a good starting point for obtaining interesting correlated states when interactions are added. With this motivation in mind, we study a variety of dispersionless ("flat") band structures that arise in tight-binding Hamiltonians defined on hexagonal and kagome lattices with staggered fluxes. The flat bands and their neighboring dispersing bands have several notable features: (a) Flat bands can be isolated from other bands by breaking time reversal symmetry, allowing for an extensive degeneracy when these bands are partially filled; (b) An isolated flat band corresponds to a critical point between regimes where the band is electron-like or hole-like, with an anomalous Hall conductance that changes sign across the transition; (c) When the gap between a flat band and two neighboring bands closes, the system is described by a single spin-1 conical-like spectrum, extending to higher angular momentum the spin-1/2 Dirac-like spectra in topological insulators and graphene; and (d) some configurations of parameters admit two isolated parallel flat bands, raising the possibility of exotic "heavy excitons"; (e) We find that the Chern number of the flat bands, in all instances that we study here, is zero.Comment: 7 pages. Sec. II slightly expanded. References adde

Topological superconductors as nonrelativistic limits of Jackiw-Rossi and Jackiw-Rebbi models

We argue that the nonrelativistic Hamiltonian of p_x+ip_y superconductor in two dimensions can be derived from the relativistic Jackiw-Rossi model by taking the limit of large Zeeman magnetic field and chemical potential. In particular, the existence of a fermion zero mode bound to a vortex in the p_x+ip_y superconductor can be understood as a remnant of that in the Jackiw-Rossi model. In three dimensions, the nonrelativistic limit of the Jackiw-Rebbi model leads to a "p+is" superconductor in which spin-triplet p-wave and spin-singlet s-wave pairings coexist. The resulting Hamiltonian supports a fermion zero mode when the pairing gaps form a hedgehoglike structure. Our findings provide a unified view of fermion zero modes in relativistic (Dirac-type) and nonrelativistic (Schr\"odinger-type) superconductors.Comment: 7 pages, no figure; published versio

A Simplified Stock-Flow Consistent Post-Keynesian Growth Model

A Simplified Stock-Flow Consistent Post-Keynesian Growth Model Claudio H. Dos Santos* and Gennaro Zezza** Abstract: Despite being arguably the most rigorous form of structuralist/post-Keynesian macroeconomics, stock-flow consistent models are quite often complex and difficult to deal with. This paper presents a model that, despite retaining the methodological advantages of the stock-flow consistent method, is intuitive enough to be taught at an undergraduate level. Moreover, the model can easily be made more complex to shed light on a wealth of specific issues.Post-Keynesian Growth, Stock-Flow Consistency, Real-Financial Interactions

"A Simplified 'Benchmark” Stock-flow Consistent (SFC) Post-Keynesian Growth Model"

Despite being arguably one of the most active areas of research in heterodox macroeconomics, the study of the dynamic properties of stock-flow consistent (SFC) growth models of financially sophisticated economies is still in its early stages. This paper attempts to offer a contribution to this line of research by presenting a simplified Post-Keynesian SFC growth model with well-defined dynamic properties, and using it to shed light on the merits and limitations of the current heterodox SFC literature.

"A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Model: Preliminary Results"

Stock-flow consistent models may be considered the rallying point for heterodox authors interested in modeling macroeconomic relations, since these models incorporate real and financial relations in an entirely consistent way, therefore providing macroeconomic constraints to individual behavior. The present model expands on the Godley-Lavoie model of growth, which was based on a two-asset world, with only bank deposits and the shares issued by private corporations. The present model incorporates the financial relations among the central bank, private banks, and the fiscal policy of government, showing the endogeneity of money under different assumptions on banks' behavior. The model is used to analyze the relationship between the distribution of income and growth, and to study the impact of monetary policy.