DEFINE - A stock-flow-fund ecological macroeconomic model

DEFINE - A stock-flow-fund ecological macroeconomic model
Yannis Dafermos, Giorgos Galanis & Maria Nikolaidi
DEFINE, 2020
Level: expert
Perspectives: Ecological Economics, Post-Keynesian Economics
Topic: Macroeconomics, Resources, Environment & Climate
Format: Website
Link: https://define-model.org/

On this website, you can learn about heterodox macroeconomic modelling. The DEFINE (Dynamic Ecosystem-FINance-Economy) model draws on post-Keynesian and ecological economics tradition. The website includes a description of the main features, publications, and a visualization too, where the user can play with different variables (economic growth, interest rate, recycling rate, etc.).

The model produces various scenarios for the future of the ecosystem and the global economy. It can also evaluate the long-run effects of various types of environmental policies and strategies.

Currently, three visualizations are provided:

  1. DEFINE-SIMPLE on the impact consumption and investment decisions can have on the path of key economic variables and carbon emissions.
  2. DEFINE-CLIMATE on climate change and how it is affected by economic growth, the share of renewable energy, energy intensity and a climate sensitivity parameter.
  3. DEFINE-MATTER on how economic activity leads to the extraction of matter and the generation of waste.

Comment from our editors:

Stock-flow consistent (SFC) modelling is one of the most viable alternatives to the dominant DSGE modelling of macroeconomic systems. Among others, SFC modelling guarantees a correct and comprehensive integration of all the flows and the stocks of an economy. Hence, it is great to have pages such as these to learn more about it.

Go to: DEFINE - A stock-flow-fund ecological macroeconomic model

This material has been suggested and edited by:

Jorim Gerrard
Tags: heterodox models | keynesian models | modelling | Stock-Flow consistent (SFC)
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