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Macroeconomics Models

These models and simulations have been tagged “Macroeconomics”.

Related tagsEconomicsMMTMitchellKeenGoodwinMinsky

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Goodwin business cycle model, modified from Keen and Blatt

Goodwin Business Cycle
Profile photo Geoff McDonnell
23
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Graph representation of Ch3 of their 2007 Monetary Economics book, based on Alvarez and Ehnts 2015 paper The roads not taken. Also see more complex WIP to successively split sectors at IM-185550 . See also essence of MMT IM for simpler intro
Godley and Lavoie Simple Growth Model
Profile photo Geoff McDonnell
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WIP  based on Where profits come from paper , Nathan Tankus blog and other historical sources
Monetary Circuit Flows
Profile photo Geoff McDonnell
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Based on Ch 7.3 of Mitchell Wray and Watts Textbook see IM-164967 for overview. IM-165415 Example converted to a continuous time dynamic model using stocks and flows
A Simple National Income Macroeconomic Model Continuous Time
Profile photo Geoff McDonnell
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WIP SD representation of Ch11 of their 2007 Monetary Economics book, as suggested by Adam K. Plan is to do a top down simple money flow SFC mmt model and successively split sectors. See also essence of MMT IM and simpler version Ch3 IM
Godley and Lavoie Growth Model
Profile photo Geoff McDonnell
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Summary of Ch2 of Mitchell Wray and Watts Textbook see IM-164967 for overview
How to Think and Do Macroeconomics
Profile photo Geoff McDonnell
54
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WIP SD representation of Steve Keen's MMT Minsky Model of an MMT fiat credit economy August 2020 patreon
Keen MMT Model
Profile photo Geoff McDonnell
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WIP Dynamic map from Steve Keen's Minsky at 100 Lecture video and slides and later Emergent Macroeconomics papers
Minsky Instability from Macrodefinitions Keen
Profile photo Geoff McDonnell
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Simulation of Goodwin01 Minsky Model CLD in IM-172002 Compare with Part3 slide 3 of presentation in patreon. See extension Goodwin02 at IM-172145

Goodwin Minsky Simulation Keen Economic Dynamics Aug2019
Profile photo Geoff McDonnell
5
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CLD exposition of Goodwin01 from Steve Keen's August 2019 course on Introduction to Economic Dynamics and Minsky software See video and powerpoint slides. Based on IM-2011 Minsky FIH and IM-168865 MacroEconomics CLDs. SeeIM-172005 for Simulation

Goodwin cycle Minsky Keen August 2019
Profile photo Geoff McDonnell
6
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Based on Ch 7.3 of Mitchell Wray and Watts Textbook see IM-164967 for overview. See IM-165546 for a conversion to a continuous time stock flow version of this simple example
A Simple National Income Macroeconomic Model
Profile photo Geoff McDonnell
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WIP SD REpresentation of Steve Keen's BOMD Minsky model (described in Fig.5 of his patreon Jan2021 Draft New Economics Manifesto) to hope to make the causal structure clearer
Keen Bank Originated Money and Private Debt
Profile photo Geoff McDonnell
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WIP based on Bill mitchell's blogs. 
Sectoral balances are relationships among money flows during an accounting period. Where we perceive accumulations of past imbalances to be accrued is another matter....
MMT Fiscal position
Profile photo Geoff McDonnell
3
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Implementation of a DSGE Model solved in a Macroeconomics class by Harald Uhlig (link), using Rational Expectations, in this case, the Hansens Real Business Cycle Model.
It shows the capacity of implementing Dynamic Stochastic General Equilibrium Model Analysis using System Dynamics.
Real Business Cycle Model (DSGE)
Profile photo Fernando Fernandes Neto
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Circular equations WIP for Runy.

Added several versions of the model. Added a flow to make C increase. Added a factor to be able to change the value 0.5. Older version cloned at IM-46280
Circularity in Economic models including Exports and Imports
Profile photo Runy Calmera
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Goodwin cycle IM-2010 with debt and taxes added, modified from Steve Keen's illustration of Hyman Minsky's Financial Instability Hypothesis "stability begets instability". This can be extended by adding the Ponzi effect of borrowing for speculative investment.

Minsky Financial Instability Model
Profile photo Geoff McDonnell
28
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WIP Ideas from Science Special Issue May 2014
The Science of Inequality
Profile photo Geoff McDonnell
3
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WIP Overview model structures of Khalid Saeed's 2014 WPI paper Jay Forrester’s Disruptive Models of Economic Behavior  See also General SD and Macroeconomics CLDs IM-168865
Jay Forrester's Disruptive Economic Models
Profile photo Geoff McDonnell
10 months ago
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Summary of Ch 19 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
Full Employment Policy
Profile photo Geoff McDonnell
3
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WIP of Rammelt's 2019 System Dynamics Review Article which has STELLA and Minsky software versions as supplements. Compare with the older IM-2011 version

Simplified Keen Goodwin Minsky Financial Instability model
Profile photo Geoff McDonnell
3
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This model shows the basic functioning and dynamics of a 'modern monetary system'.

The non-government sectors, consisting of the private and foreign sectors initial y starts with zero currency units. It is important to realize that  after creating a new currency the government must first spend currency units into the economy before they can be used: without currency units the private sector could not even pay taxes! A government that has its own freely floating currency can create a much money as it wants. It does not need tax receipts to finance its spending, and any money it spends into the economy above that collected in taxes represents income for the private sector. The model show that the government initially created 9 trillion money units, but spent only six trillion into the economy. The six trillion showed up as a government deficit, but also as wealth in the non-government sector.

Since the government can create as many money units as it wishes and transfer  them  to the private sector  to ensure an adequate level of demand in the in the economy,  austerity is unnecessary: money is available, though real resource may be scarce. This also shows that the government can contribute actively towards the creation of prosperity. 

Please note that this model was originally created by Gene Bellinger, IM 3206, from which this version was  cloned.


Clone of Austerity vs Prosperity
Profile photo Hanns-Jürgen Hodann
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Scratch build of a stock-flow consistent model of a closed economy, based on a current transactions matrix
Clone of Closed Economy
Profile photo Enda Gildea
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Unfortunately, this model only produces the illusion of functioning, but I did manage to get it to give me the graph. However, because of the use of flows, if you change the time step to and the simulation length to anything other than the same numbers, you'll find the graph showing something that looks more exponential. This is due to the function referencing itself in regards to time, so inevitably each time consumption grows it changes the outcome on the other side of the equation. Still, this is a convincing mock up. I added a "45 degree" line so that one could conceivably see (and also change) the difference made by altering the level of autonomous consumption.
Keynesian Macroeconomics
Profile photo Nicholas Lowe
4
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WIP Section 17.4 of Mitchell Wray and Watts Textbook see IM-164967 for book overview
The Quantity Theory of Money
Profile photo Geoff McDonnell
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