Since the Global Financial Crisis that broke out in 2008 there has been an increased interest in stock-flow consistent (SFC) models as a tool for understanding macroeconomic dynamics and undertaking prospective analyses. Their coherent integration of real and financial variables combined with their greater emphasis on realism compared to the models used at the time gave them an unprecedented level of attraction. In the last years official institutions at the national and the international level have developed new full-fledged SFC macroeconomic models (Burgess et al. 2016, Barbieri Hermitte et al. 2023, Godin and Yilmaz, 2020), while many of those who have not yet done so are trying to incorporate stock-flow consistency into their analyses. At the academic level, there is a growing number of books and articles based on the SFC approach, and an increasing number of Master’s and Ph.D. students engaged in expanding the applications of this powerful methodology.
The community of researchers working on empirical SFC models is quite strong, as many of its members were disciples of the pioneers and, in the case of the younger scholars, many pursued their studies contemporaneously and regularly met at different international conferences. Despite the growing number of researchers within this field, the fact that each of us is working in a different place does not leave too much room to share our work and, most importantly, the details of our methodologies, with the depth that would be needed to foster a collective learning process. When possible, joint work
Since the Global Financial Crisis that broke out in 2008 there has been an increased interest in stock-flow consistent (SFC) models as a tool for understanding macroeconomic dynamics and undertaking prospective analyses. Their coherent integration of real and financial variables combined with their greater emphasis on realism compared to the models used at the time gave them an unprecedented level of attraction. In the last years official institutions at the national and the international level have developed new full-fledged SFC macroeconomic models (Burgess et al. 2016, Barbieri Hermitte et al. 2023, Godin and Yilmaz, 2020), while many of those who have not yet done so are trying to incorporate stock-flow consistency into their analyses. At the academic level, there is a growing number of books and articles based on the SFC approach, and an increasing number of Master’s and Ph.D. students engaged in expanding the applications of this powerful methodology.
The community of researchers working on empirical SFC models is quite strong, as many of its members were disciples of the pioneers and, in the case of the younger scholars, many pursued their studies contemporaneously and regularly met at different international conferences. Despite the growing number of researchers within this field, the fact that each of us is working in a different place does not leave too much room to share our work and, most importantly, the details of our methodologies, with the depth that would be needed to foster a collective learning process. When possible, joint work is done. But given the large investment that building an empirical SFC model requires and considering that each researcher is mostly interested in developing a model for their own country, it ends up happening that within the community there is a general idea of who is doing what, but we all feel that we would like to know more about how. Sharing our knowledge of the technical details of our work and explaining why certain criteria are followed at the expense of others is particularly important for Master’s and Ph.D. students, as well as young scholars, who are taking their first steps.
To strengthen our ties and establish a more fluid dialogue between our work, we organized the 2nd International Workshop on Empirical Stock-flow Consistent Modelling, which took place at the University of Athens on November 21–22, 2024. The event gathered researchers working on different applications of empirical SFC models, covering topics such as alternative model closures, the macrofinancial consequences of a Net Zero energy transition, the transmission of post-Covid shocks in Poland, fiscal policy and the revised Stability Pact in Italy, ecological and input-output-based extensions of SFC models for Colombia, the UK and Denmark, and new models for Greece and Morocco. Each session combined detailed presentations with discussants who had carefully read the work beforehand, which allowed for in-depth exchanges that went far beyond what traditional conferences typically permit. Given the richness of the discussions and the diversity of approaches presented, it is our ambition to summarize the experiences in working with empirical models in an article that can serve as an inspiration and a reference point for people who want to engage in this field.
Building on the success of Athens, the next International Workshop on Empirical Stock-flow Consistent Modelling will take place in Cassino on January 14–16, 2026. A central innovation of this new edition will be the introduction of a dedicated space for Ph.D. students and young scholars, who represent the future of this research community. Their papers will not only be presented but will also be formally discussed by senior scholars, providing them with in-depth feedback and academic guidance that is rarely available in traditional conference settings.
We see this as a crucial step to support the new generation of researchers: it will help them refine their methodologies, connect with peers and mentors, and gain visibility within the international community of empirical SFC modelers. By strengthening this bridge between established experts and emerging scholars, the Cassino workshop will consolidate the workshop series not only as a forum for technical and methodological exchange, but also as a platform for training and mentoring, ensuring the continuity and vitality of the field in the years to come.
