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Keynesian Macroeconomic Modeling

Following the success of the international AFEP-AHE-IIPPE conference in Paris from July 5 to 9, we have noted a number of studies that explore post-Keynesian modeling and could contribute to a special issue of the Revue de la Régulation. In particular, four sessions devoted to modeling of Coherent Stock-Flow constituted the most significant presentation on this type of modeling ever seen. In order to include studies not presented at the conference and in a spirit of transparency, the editors of the journal have decided to issue a call for papers.

Why should we be interested in Post-Keynesian macroeconomic modeling? Simply because regulationist and post-Keynesian macroeconomics have a number of ideas in common (see Post-keynésianisme et théorie de la régulation : des perspectives communes). Economic policies are a reflection of their times, and the distinction between conjunctural policy and structural policy is not always obvious, particularly in periods of crisis when economic policies cannot be conceived of without structural changes that help reduce the inability of institutions to confront the regime of accumulation. Conjunctural decisions do nevertheless produce long-term effects. For this reason, as Kalecki has observed, the long term is nothing more than a series of short terms, or, in regulationist terms, history and institutions matter.

Neo-Cambridgean modeling experienced a new wave of success during the 2000’s, with more extensive description of financial mechanisms that enabled precise modeling of systems of financial growth (Godley-Lavoie [2001]), as well as other systems. Indeed, questions related to international financial imbalances, exchange rates, and the institutional limits of monetary unions have also been examined from this perspective (Godley-Lavoie [2007]).

Some researchers have drawn on these studies to develop specific blocks of these initial models or have endogenized certain key variables such as equities issuing or interest rates. More recently, researchers have become interested in applying these perspectives to the banking industry, opening the way to analyses of questions related to the debt crisis or industry regulation. Even more recently, questions of income distribution, innovation, and CO² emissions have been explored. Finally, certain methodological developments have sought to extend this approach using multi-agent models in which actors’ behaviors follow procedural rationality that constitutes a possible alternative to DSGE modeling.

The relatively open framework of these models allows them to account for a significant number of contemporary economic problems by incorporating non-standard hypotheses, including situated rationality and historical time. For this special issue, the Revue de la Régulation seeks submissions that are related to this methodology.

Submissions should contain fewer than 10 000 words, including notes, references, appendices, tables, and figures and should be submitted To receive full consideration, submissions should be sent before November 1, 2012. Submission instructions and guidelines are available on line ( ).

Special Issue Editors: Edwin Le Héron et Mickaël Clévenot