Balance-sheet modelling and monetary architecture

Money is a hierarchy of interlocking balance sheets, and a crisis is the moment they stop clearing. Balance-sheet modelling makes the structure visible, traces how elasticity and stress propagate through it, and carries both historical analysis and forward scenarios. It is the methodological core of most of my research.

The Monetary Architecture framework

As Associate Researcher at the Global Climate Forum I contribute to the OBFA-TRANSFORM Project and helped build the Monetary Architecture Online Tool: the euro area's architecture rendered as navigable, practitioner-facing balance-sheet analysis, open to anyone.

Long-run financial-flow dynamics

Trade, capital and financial flows from 1870 to the present, read for structural breaks and regime shifts in globalisation and financial integration, and linked to scenarios for financing large-scale transformation.

Crisis dynamics through balance sheets

Structured process-tracing combined with balance-sheet visualisation, used to explain crisis-driven institutional change. Applied to the euro area from the Global Financial Crisis onward in the GEGI study.

Method

Balance-sheet mapping and visualisation, stock-flow-consistent accounting, long-run time-series analysis, and scenario frameworks, on primary and secondary data across private and public sectors.

Outputs

• Monetary Architecture Online Tool
• The framework, OBFA-TRANSFORM

Related publications

• Murau, S., Goghie, A., Giordano, M. and Reimer, F. (2025). Transformation of the Eurozone Architecture. GEGI Study, Boston University. DOI
• Murau, S., Goghie, A., Giordano, M. and Reimer, F. (forthcoming). The Monetary Architecture Framework. GEGI Study, Boston University.