LIMITATIONS AND OPPORTUNITIES OF THE IS-LM MODEL ADAPTATION
DOI:
https://doi.org/10.52195/pm.v19i2.745Abstract
The Austrian School’s resistance to mathematical models and graphic representations has been a handicap in spreading its thinking. The use of the IS-LM and AS/DA models has been extended in universities and business schools, while Austrian thinking needs a separate and specific and sometimes over-intensive analysis in time as it lacks a simplified model. IS-LM model and an Austrian adapted model provide a range of opportunities to explain the Austrian cycle theory and analyze the differences of Austrians with other schools of thought. Keywords: General Aggregative Models; Austrian; Cycles; Monetary Policy.
References
Alonso Neira, M.A.; Bagus, P. y Rallo, J.R. (2011): «La crisis subprime a la luz de la teoría austriaca del ciclo económico: expansión crediticia, errores de decisión y riesgo moral». Revista de Economía Mundial 28. pp. 145-174.
Anisi, D. (1984): Modelos Económicos. Alianza Editorial.
Blanchard, O. (2012): Macroeconomía. Grupo Anaya.
Garrison, R. (2001): Tiempo y dinero. Unión Editorial.
Gonzalez, J.M., Huerta de Soto, J. (2014): Curso por internet de introducción a la economía. Guía de estudio. Unión Editorial.
Hicks, J.R. (1937): «Mr Keynes and the “Classics”». Econometrica. Vol. 5. pp. 147-159. The Ecometric Society.
Hiemeyer, M. (2017): A more detailed IS-LM story. MPRA.
Huerta de Soto, J. (1998): Dinero, Crédito Bancario y Ciclos Económicos. Unión Editorial, (1.ª Edición 1998, 7.ª Edición 2021).
Lahoud, D. (2018): «En torno al modelo de Garrison y sus elementos». Libertas. Volumen 3. Número 2. Moothy, V. (2015): «Macroeconomics: An Integrated Financial Approach. Why IS/LM is irrelevant and Wrong: an explanation if it is needed». Disponible en: http://economicsperiscope.com/Ch8ISLMCritiqueMay2015.pdf
Rallo, J.R. (2012): Los errores de la vieja economía. Unión Editorial.
Ravier, A. (2009): En busca del pleno empleo. Unión Editorial.Reisman, G. (1998): Capitalism, A treatise of Economics. Jameson Books.
Romer, P. (2019): The trouble with macroeconomics. Stern School of Business. New York University. Warren y
Zilberfarb, B.Z. (2000): IS-LM and Modern Macroeconomics. Kluwer Academic Publishers.
Downloads
Published
Versions
- 2022-06-08 (3)
- 2022-06-08 (2)
- 2022-03-09 (1)
