Autori
Zezza, Gennaro
Zezza, Francesco

Titolo
A prototype regional stock-flow consistent model
Periodico
Metroeconomica
Anno: 2023 - Volume: 74 - Fascicolo: 2 - Pagina iniziale: 266 - Pagina finale: 287

When considering a regional context, most adjusting mechanisms at work in open economy Stock-Flow Consist-ent models—such as exchange rate movements, or changes in interest on public debt—are not present, as they are in control of “external” authorities. So, how does a regional system with “current account” imbalances adjust? To answer this question, we adapt the framework suggested in Godley-Lavoie (2007a) to consider two regions that share the same monetary, fiscal, and exchange rate policies. The model—loosely calibrated over Italian data, with the intro-duction of a fragmented labour market—replicates some key features of the Italian economy, and sheds light on the interactions between financial and real markets in regional economies



SICI: 0026-1386(2023)74:2<266:APRSCM>2.0.ZU;2-2

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