Lecture 7-IS-LM I.pdf

Lecture 7-IS-LM I.pdf - 30-Jan-18 MACROECONOMICS LECTURE 7...

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30-Jan-18 1 MACROECONOMICS LECTURE 7 IS-LM I CONTENTS OF THE LECTURE 1. An introduction to IS-LM 2. The IS curve 3. The LM curve 4. Putting the IS and the LM curve together CONTENTS OF THE LECTURE 1. An introduction to IS-LM 2. The IS curve 3. The LM curve 4. Putting the IS and the LM curve together
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30-Jan-18 2 1. AN INTRODUCTION TO IS-LM 4 Classical School Keynes’s theory Monetarist School New Classical School Neoclassical-Keynesian Synthesis Post-Keynesian School Real Business Cycle School New Keynesian School New Neoclassical Synthesis IS-LM was developed by this school of thought 1. AN INTRODUCTION TO IS-LM The IS-LM model is the framework that was used by the economists of the Neoclassical-Keynesian Synthesis in order to explain short-run fluctuations in GDP . Although the use of the IS-LM model in the contemporary economic research is rather limited, IS-LM continues to be a useful starting point for understanding the macroeconomic phenomena and the role of fiscal and monetary policy . It is also useful in order to analyse open economy issues. In the next weeks we will be discussing some critiques and modifications to the IS-LM framework.
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