Macroeconomic projections based on post-crisis macroeconomic models: international experience

Karaev Alan K., Melnichuk Marina V.

The article analyzes the international experience of medium and long-term macroeconomic forecasts for the Austrian national economy using post-Keynesian empirical SFC (Stock-Flow Consistent) macroeconomic models. An important advantage of these models is the following: they take into account the financial sector and its interaction with the real sector, and coherently agreed upon both financial and non-financial flows ( action variables) and stocks (state variables, unlike the traditionally used neoclassical models developed on the basis of differential stochastic general equilibrium equations.

Keywords:macroeconomic models; macroeconomic forecast; economic policy; national economy