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datestamp: 2016-01-06T12:26:01Z
setSpec: icesba2014:icesba2014:GEN
bib-version: v2
entry: 2016-01-06T12:26:01Z
organization: International Conference on Economic Sciences and Business Administration (ICESBA 2014)
organization: International Conference on Economic Sciences and Business Administration (ICESBA 2014); International Conference on Economic Sciences and Business Administration
title: A ‘modern’ approach to the macroeconomic accounting: Potential advantages of including the monetary part in macro accounting
type: Peer-reviewed Paper
author: Onur TUTULMAZ; Hitit University
date: 2014-10-07 00:00:00
copyright: <p>Authors who submit to this conference agree to the following terms:</p><p><strong>a) </strong>Manuscripts submitted to ICESBA 2014 <span>should not be currently published or being considered for publication at another scientific conference, journal or similar outlet</span>. Likewise, does not accept multiple submissions of essentially the same work. That is, every submitted article should be substantially original in content, relative to other works currently published or under review. Manuscripts that violate these requirements will be automatically rejected, and the author of the respective manuscript may be excluded from future submissions to ICESBA. Moreover, a manuscript may be rejected at any time, upon discovery that it does not comply with the policy stipulated herein, even if the author had previously been notified of the manuscript s acceptance .<br /><strong>b)</strong> Authors retain copyright over their work, while allowing the conference to place this unpublished work under a <a href="">Creative Commons Attribution License</a>, which allows others to freely access, use, and share the work, with an acknowledgement of the work's authorship and its initial presentation at this conference.<br /><strong>c)</strong> Authors are able to waive the terms of the CC license and enter into separate, additional contractual arrangements for the non-exclusive distribution and subsequent publication of this work (e.g., publish a revised version in a journal, post it to an institutional repository or publish it in a book), with an acknowledgement of its initial presentation at this conference.<br /><strong>d)</strong> In addition, authors are encouraged to post and share their work online (e.g., in institutional repositories or on their website) at any point before and after the conference.</p>
other_access: url:
keyword: E10; E42
keyword: Macroeconomic accounting; Transaction flow matrix; Output; Monetary economy; Macroeconomics
abstract: Economic Output is placed at the heart of the macroeconomics. To calculate the output one needs to achieve simplifying a high level complexity of economic relationships to form a system. On the flip side, the model should be enough elaborated to be able to reflect the important relationships. In this manner, the classical macroeconomic identity as Keynes suggested is simple enough to understand the main elements but it does not show the financial parts of transactions. Not having the monetary part of the economy it lacks the coherence. With the financial and economic crises getting more frequent, the endeavor to build a more inclusive and coherent macroeconomic system has been observed. However, there are large variety in different options of simplifying and simulating complex relationships among the real and monetary part of the modern economies.  Our paper tries to set an analysis comparing some of the recent prominent ideas in building balance sheet and transaction flow matrix in regard to macroeconomic accounting system. We can conclude the new achievement as a compromise from the simplicity for a coherent and more complete picture of macro economy including the monetary transactions as well.
University of Illinois at Urbana-Champaign
University of Illinois at Urbana-Champaign
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Updated on: 2017-10-26