ABSTRACT

The paper presents a simple Stock-Flow Consistent open economy model with flexible exchange rates. It can reproduce the same dynamics and results of the flexible exchange rates ‘benchmark’ model by Godley and Lavoie [2007b. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. London, UK: Palgrave MacMillan]. The latter is considered the ‘centre of gravity’ of SFC open economy literature. Yet the new model uses only one-third of the equations of the original one and features a different mechanism of determination of the exchange rate. Its small size and its flexibility make the model suitable both for didactic purposes and for extensions with further building blocks to address a variety of research topics.

摘要

本文提出了一个简单的具有灵活汇率的股票流动一致开放经济模型。它可以重现 Godley 和 Lavoie [2007b.] 的灵活汇率“基准”模型的相同动态和结果。货币经济学：信贷、货币、收入、生产和财富的综合方法。英国伦敦：Palgrave MacMillan]。后者被认为是证监会开放经济文献的“重心”。然而，新模型只使用了原始方程的三分之一，并且采用了不同的汇率确定机制。它的小尺寸和灵活性使该模型既适用于教学目的，也适用于具有进一步构建块的扩展，以解决各种研究主题。