Date/Time
Date(s) - 09/07/2026 - 10/07/2026 9:30 am - 1:30 pm
Location
Liberty Building, University of Leeds
Audience:
NARTI In-Person Training & Development
Modelling Monetary Economies of Production: Integrating SFC, IO and AB Approaches
With Professor Marco Veronese Passarella (University of L’Aquila, Italy)
Thursday 9th and Friday 10th July 2026 (09.30-13.30 both days)
G29 Liberty Building, University of Leeds
Summary:
This seminar provides a comprehensive and accessible introduction to advanced macroeconomic modelling techniques that aim to capture the dynamics of financially sophisticated capitalist economies and their interaction with the ecosystem. It is designed for graduate students, early-career researchers and practitioners interested in alternative approaches to mainstream macroeconomics.
The workshop will explore three interconnected modelling paradigms:
- Stock-Flow Consistent (SFC) Models – grounding macroeconomic dynamics in coherent accounting structures that track stocks and flows across sectors and integrate financial balances. We will discuss foundational SFC models (toy and benchmark models), their behavioural and accounting logic, and how they can be formulated and simulated in an R environment.
- Input-Output (IO) Extensions of SFC Models – introducing inter-industry interdependencies into dynamic macro models. Hybrid IO-SFC models allow us to analyse how sectoral linkages and cross-industry relationships shape aggregate outcomes over time, while maintaining full stock-flow coherence.
- Agent-Based Foundations – discussion of agent-based modelling (ABM) as a bottom-up approach to macroeconomics, where heterogeneous agents interact in markets, financial networks and environments. We will discuss how ABM complements SFC and IO methods by capturing emergent dynamics, non-linearities and systemic risk structures that arise in financially complex systems.
A dedicated session will illustrate how these frameworks can be extended to ecological economic questions, including modelling resource depletion, energy use, emissions and climate feedbacks within a unified macro-accounting system. This reflects recent developments in ecological SFC models that embed environmental stocks and flows alongside financial and real-economy variables.
Participants will be introduced to practical coding tools and worked examples, drawing on open materials and code from prior lectures. By the end of the seminar, attendees will have a clear grasp of how these alternative modelling approaches are constructed, how they differ from traditional models (e.g., CGE, DSGE), and how they can be used to address complex policy questions at the intersection of finance, industry and the environment.
Bio:
I am Associate Professor of Economics at the University of L’Aquila and Senior Visiting Research Fellow at the University of Leeds, where I led a work package of the EU-funded JUST2CE project (2021-2024). I also hold a visiting position at De La Salle University (Manila) and collaborate with institutions in Beijing. My research focuses on macroeconomic modelling, monetary and international economics, and theories of prices and distribution, with recent work on ecological macroeconomic modelling and the transition towards a circular economy.
I have published in leading journals including Ecological Economics, Energy Economics, and the Cambridge Journal of Economics. I teach across several fields in economics and have a strong interest in quantitative methods, particularly dynamic stock-flow modelling.
How to register:
The training is open to all levels and If you would like to join the workshop, and can commit to attending both days, please register your interest at the top of this page. Please note that places are limited so register only if you are able to fully commit to attending. If you are offered a place, you will be asked to bring a personal laptop and have R and RStudio (it is a free software) pre-installed.