FWIW, the consensus of macroeconomists these days seems to be that LM should be thrown away and IS kept. LM is based on the monetarist assumption that the central bank controls and targets the money supply, but real central banks don't act that way (and may not be able to do so).
nathan tankus wrote: > I hate intellectual property rights (let alone property rights). It > makes me feel guilty for being curious. > > IS-LM: An Inquest, 1995, vol. 27, no. 1 History of Political Economy > > anyone who can find it will have my intense appreciation -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
