| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3948 |
| DP3948 Careerist Judges | |
| Gilat Levy | |
| 发表日期 | 2003-06-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper discusses criticisms of the IS-LM framework in the macroeconomic literature of the last 40 years, and how the modern optimizing version of IS-LM addresses those criticisms. It is argued that models that include the optimizing IS-LM specification are legitimate vehicles for dynamic analysis: the evolution of nominal wages and prices is treated endogenously, and there is full recognition of the intertemporal nature of households? saving decisions. The optimizing version of IS-LM analysis remains vulnerable, however, to the monetarist critique: by recognizing an insufficient number of distinct assets, the IS-LM framework tends to understate the value of money as an indicator for monetary policy. |
| 主题 | International Macroeconomics |
| 关键词 | Money monetary policy Optimizing is-lm specification Transmission mechanism |
| URL | https://cepr.org/publications/dp3948 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532930 |
| 推荐引用方式 GB/T 7714 | Gilat Levy. DP3948 Careerist Judges. 2003. |
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