In Search of a Successor to IS-LM

Details

Serval ID
serval:BIB_01940E3344E2
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
In Search of a Successor to IS-LM
Journal
Oxford Review of Economic Policy
Author(s)
Danthine J.-P.
Publication state
Published
Issued date
1997
Peer-reviewed
Oui
Volume
13
Number
3
Pages
135-144
Language
english
Abstract
After discussing the general characteristics that the successor to IS-LM should possess, this article argues that the business cycle research programme initiated by Kydland and Prescott (1992) is beginning to show a promising capacity to incorporate a broad range of modelling features into a logically consistent and theoretically satisfactory framework. This ability and the systematic process of model enrichment it permits make it possible to predict that the dynamic general equilibrium models developed around the neoclassical stochastic growth model-but possibly evolving towards friction-prone non-Walrasian models-will become the platform for a new neoclassical synthesis.
Keywords
IS-LM, neo-classical synthesis, short run macroeconomics, business cycle
Create date
19/11/2007 9:27
Last modification date
20/08/2019 12:23
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