CITBA Conferences and Workshops SFC International Workshop 2022

SFC International Workshop 2022

Stock-Flow Consistent (SFC) Online Workshop

Stock-Flow-Consistent (SFC) Workshop is an advanced training workshop that will build a foundation for understanding stock-flow models and policy implementation using standard economic models. The workshop is designed to introduce participants to basic tools of theory building. Practical examples of SFC models from Monetary Economics by W. Godley and M. Lavoie (2007) will be used to enable participants to work with the actual SFC models. The workshop will provide focused discussions around key national-level public and monetary policy elements.

This workshop consists of 3 parts in total and can be completed in two days.

  • History of Stock-Flow-Consistent Macroeconomic Modelling
  • The Balance Sheet Approach to Endogenous Money
  • Accounts for a simple (discrete-time) SFC Model

CITBA will award a certificate of completion to participants who complete the two-days training workshop.

Workshop Structure:

This is an online workshop delivered via Zoom over the course of two days. The first day of the workshop will explain why SFC models provide a viable Post Keynesian alternative to mainstream models, including those described as Dynamic Stochastic General Equilibrium models. It will then go on to explain how to construct models of this kind by embedding them in a straightforward modelling framework.

The second day provides a hands-on approach providing practical skills in calibrating, solving, and simulating SFC models. It will explain the maths behind SFC models, how a spreadsheet solver evaluates a simple model, and why this won't work with more complex models. It will then go on to explain how this problem can be tackled in a general way, including how to work out initial values and steady-state growth paths for the simulation of the model.

Downloadable Training Materials:  download and  browse the training materials here.

Delivery Team


Dr Adam Kaczynski, CSIRO

Dr James Juniper, University of Newcastle, CITBA Research Fellow


A/Prof Taha Chaiechi, Australia Director- CITBA, James Cook University

Other Key Information

By the end of this workshop, you should be able to:

  1. Construct some simple SFC models
  2. Know how to develop enough knowledge to understand and construct more complex models
  3. Know how SFC models can be calibrated and simulated for the purposes of evaluating macroeconomic policies.

This workshop is designed for economists who:

  • wish to know more about the characteristics and elements of SFC Modelling, including those from academia, government, and industry.
  • want to know more about how SFC models differ from their mainstream counterparts and why this is important
  • want to know how to construct, calibrate and simulate SFC models.

Basic programming knowledge is a bonus but will not be necessary.

Participants should be familiar with how spreadsheets like Excel work at a basic level and should be able to access a spreadsheet.

Godley, W., & Lavoie, M. (2007). Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth Macmillan, London. (participants are strongly encouraged to read the first three chapters)

Participating in this workshop is free of charge, however RSVP is required.

To register for this online workshop, simply submit your interest in participating in the workshop by emailing : you will then receive Zoom link information to access the workshop online. RSVP's must be received by 24th October.