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The Evolution of IS-LM Models: Empirical Evidence and Theoretical Presuppositions

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Author Info
Vercelli, Alessandro

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Abstract

This paper offers an explanation of the resilience of IS-LM models, which are still alive more than sixty years after the birth of the first prototype despite growing criticism within the profession. To this end two significant episodes of their evolution are examined in some detail: the genesis of the prototype of the "first generation" of IS-LM models (Hicks 1937), and a recent example of what is here called the "second generation" of IS-LM models (McCallum and Nelson 1997). The resilience of IS-LM models is mainly related to their adaptability to a changing perception of the economic environment within which they are applied. This depends on the evolution of the relevant stylized facts and of the salient policy problems as well as on the evolution of the prevailing theoretical assumptions and methodological approaches. The stock of cumulated empirical evidence and the flow of new additions to it have both played a role in this process, though they have done so mainly indirectly by affecting the perception of the economic environment. Copyright 1999 by Taylor and Francis Group

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Journal of Economic Methodology.

Volume (Year): 6 (1999)
Issue (Month): 2 (July)
Pages: 199-219
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Handle: RePEc:taf:jecmet:v:6:y:1999:i:2:p:199-219

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  1. Edward Nelson, 2003. "Money and the transmission mechanism in the optimizing IS-LM specification," Working Papers 2003-019, Federal Reserve Bank of St. Louis. [Downloadable!]
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  2. Michel, DE VROEY, 2004. "The History of Macroeconomics Viewed Against the Background of the Marshall-Walras Divide," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004017, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  3. Heller, Claudia, 2007. "Hicks, a Teoria Geral e a Teoria Geral generalizada
    [Hicks, the General Theory and the generalization of the General Theory]    ," MPRA Paper 3286, University Library of Munich, Germany. [Downloadable!]
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