In Search of a Successor to IS-LM
AbstractAfter discussing the general characteristics that the successor to IS-LM should possess, this article argues that the business cycle research program initiated by Kydland and Prescott (1992) is beginning to show a promising capacity to incorporate a broad range of modeling 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. Copyright 1997 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 13 (1997)
Issue (Month): 3 (Autumn)
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Other versions of this item:
- Jean-Pierre DANTHINE, 1997. "In Search of a Successor to IS-LM," Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP) 9710, Université de Lausanne, Faculté des HEC, DEEP.
- A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
- E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
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- Philip Arestis & Alexander Mihailov, 2007.
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- Philip Arestis & Alexander Mihailov, 2007. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economics & Management Discussion Papers em-dp2007-53, Henley Business School, Reading University.
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- Michel De Vroey, 2004. "The History of Macroeconomics Viewed against the Background of the Marshall-Walras Divide," History of Political Economy, Duke University Press, vol. 36(5), pages 57-91, Supplemen.
- Jean-Pierre DANTHINE, 1998.
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Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP)
9816, Université de Lausanne, Faculté des HEC, DEEP.
- Danthine, Jean-Pierre, 1998. "À la poursuite du Graal : le successeur d’IS-LM est-il identifié?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(4), pages 607-620, dÃ©cembre.
- Ernst, Ekkehard & Gong, Gang & Semmler, Willi & Bukeviciute, Lina, 2006. "Quantifying the impact of structural reforms," Working Paper Series 0666, European Central Bank.
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