Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

This book challenges the mainstream paradigm with the introduction of a new methodology. Economies are represented realistically in a fully articulated system of national income and flow of funds accounts. The authors study how flows of income, expenditure and production are intertwined with stocks of assets and liabilities, determining how whole economies evolve through time.

Starting with extremely simple stock-flow consistent models, the text describes a succession of increasingly comple...