| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w9713 |
| 来源ID | Working Paper 9713 |
| IS-LM and Monetarism | |
| Michael D. Bordo; Anna J. Schwartz | |
| 发表日期 | 2003-05-19 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This paper discusses monetarist objections to the IS-LM model. We explore the views of two principal spokesmen for monetarism: Milton Friedman and the team of Karl Brunner and Allan Meltzer. Friedman did not explicitly state the reasons he generally chose not to use the IS-LM model in rejecting Keynesian views on the demand function for money, the role of autonomous expenditures in cyclical fluctuations, the potency of fiscal policy as against monetary policy, etc. He presented statistical findings, historical evidence, and econometric results to support his alternative analysis of macroeconomics, but his critics were unconvinced. In 1970, in an effort to use his critics' common language, he set up a model with explicit terms for IS-LM to encompass both the quantity theory and the income-expenditure theory. Friedman attributed the failure of this effort to the fact that he was a Marshallian, his opponents Walrasians. Brunner and Meltzer's objections to IS-LM were explicit. They found it too spare, so they elaborated it by adding a credit market, disaggregating the asset market by specifying three assets: base money, government debt, and real capital. They set up a model with financial institutions and utilized it to study the effects of a variety of policies. In brief, summarizing the views of both Friedman and Brunner and Meltzer, monetarists dislike the IS-LM framework because it limits monetary influence too narrowly, essentially to the interest elasticity of money demand, and defines investment in an excessively narrow fashion, and even that is not explicit. |
| 主题 | Other ; History of Economic Thought |
| URL | https://www.nber.org/papers/w9713 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567337 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Anna J. Schwartz. IS-LM and Monetarism. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w9713.pdf（185KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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