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.

"A Simplified Stock-Flow Consistent Post-Keynesian Growth Model"

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.

"Is International Growth the Way Out of U.S. Current Account Deficits? A Note of Caution"

The current account deficit of the United States has been growing steadily as a share of GDP for more than a decade. It is now at an all-time high, over 5 percent of GDP (see Figure 1). This steady deterioration has been greeted with an increasing amount of concern (U.S Trade Deficit Review Commission 2000; Brookings Papers 2001; Godley 2001; Mann 2002). At The Levy Economics Institute, we have long argued that this burgeoning deficit is unsustainable. A current account deficit implies a growing external debt, which in turn implies a continuing shift in net income received from abroad (net interest and dividend flows) in favor of foreigners.We have also noted that with the private sector headed toward balance, a growing current account deficit implies a corresponding growing "twin" deficit for the government sector (Papadimitriou, et al 2002; Godley 2003). This latter scenario has already come to pass: the latest figures show that the general government deficit rose to an annual rate of more than 4 percent of GDP in the first quarter of 2003 and will certainly rise even more in the near future, since the federal deficit alone is officially projected to reach 4 percent by the end of this fiscal year (CBO 2003).

Bilepton Signatures at the LHC

We discuss the main signatures of the Bilepton Model at the Large Hadron Collider, focusing on its gauge boson sector. The model is characterised by five additional gauge bosons, four charged and one neutral, beyond those of the Standard Model, plus three exotic quarks. The latter turn into ordinary quarks with the emission of bilepton doublets $(Y^{++},Y^{+})$ and $(Y^{--},Y^{-})$ of lepton number $L=-2$ and $L=+2$ respectively, with the doubly-charged bileptons decaying into same-sign lepton pairs. We perform a phenomenological analysis investigating processes with two doubly-charged bileptons and two jets at the LHC and find that, setting suitable cuts on pseudorapidities and transverse momenta of final-states jets and leptons, the model yields a visible signal and the main Standard Model backgrounds can be suppressed. Compared to previous studies, our investigation is based on a full Monte Carlo implementation of the model and accounts for parton showers, hadronization and an actual jet-clustering algorithm for both signal and Standard Model background, thus providing an optimal framework for an actual experimental search.Comment: 13 pages, 5 figures. Extended final version, to appear on Phys. Lett.

"Measures of the Real GDP of US Trading Partners: Methodology and Results"

This paper provides the details of the construction of new quarterly measures of the real GDPs of the 36 US trading partners that are taken into consideration by the Federal Reserve in its "broad exchange rate" indexes. These new measures have some important advantages. First, they allow the construction of various income aggregates and sub-aggregates, which makes it possible, for example, to match the Federal Reserve's "broad," "major-currency," and "other important" trading partner effective exchange rates and, more broadly, to discuss the geographical and geopolitical determinants of US trade. Second, they allow the construction of variants of the two different types of measures that are utilized in the literature, namely direct and export-share-weighted sums of trading-partner real GDPs. Finally, given that our new measures of GDP for these countries can be directly compared to each other, they can be of interest for other researchers who need a consistent dataset on a quarterly basis.

Using Apache Lucene to Search Vector of Locally Aggregated Descriptors

Surrogate Text Representation (STR) is a profitable solution to efficient similarity search on metric space using conventional text search engines, such as Apache Lucene. This technique is based on comparing the permutations of some reference objects in place of the original metric distance. However, the Achilles heel of STR approach is the need to reorder the result set of the search according to the metric distance. This forces to use a support database to store the original objects, which requires efficient random I/O on a fast secondary memory (such as flash-based storages). In this paper, we propose to extend the Surrogate Text Representation to specifically address a class of visual metric objects known as Vector of Locally Aggregated Descriptors (VLAD). This approach is based on representing the individual sub-vectors forming the VLAD vector with the STR, providing a finer representation of the vector and enabling us to get rid of the reordering phase. The experiments on a publicly available dataset show that the extended STR outperforms the baseline STR achieving satisfactory performance near to the one obtained with the original VLAD vectors.Comment: In Proceedings of the 11th Joint Conference on Computer Vision, Imaging and Computer Graphics Theory and Applications (VISIGRAPP 2016) - Volume 4: VISAPP, p. 383-39