Kotatsu Fukuchi

From Deposits to Overdrafts: Dynamic Portfolio Adjustment and Financial Fragility in a Sraffian Supermultiplier Stock‐Flow Consistent Model

ABSTRACT This paper develops a Sraffian Supermultiplier Stock–Flow Consistent (SSM‐SFC) model in which the growth of government expenditure anchors long‐run demand‐led growth. It replaces Tobin‐style desired stocks with dynamic portfolio adjustment: households rebalance deposits,...