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In Search of a Successor to IS-LM

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  • Jean-Pierre DANTHINE

Abstract

After discussing the general characteristics that the successor to IS-LM should possess, this essay argues that the business cycle research program initiated by Kydland and Prescott (1992) is beginning to show a promising capacity at incorporating 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 neo-classical synthesis.

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Bibliographic Info

Paper provided by Université de Lausanne, Faculté des HEC, DEEP in its series Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) with number 9710.

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Length: 23 pages
Date of creation: Sep 1997
Date of revision:
Publication status: Published in Oxford Review of Economic Policy, vol.13, No.3, 1997, pp. 135-144
Handle: RePEc:lau:crdeep:9710

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Postal: Université de Lausanne, Faculté des HEC, DEEP, Internef, CH-1015 Lausanne
Phone: ++41 21 692.33.64
Fax: ++41 21 692.33.05
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Web page: http://www.hec.unil.ch/deep/publications/cahiers/series
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Related research

Keywords: IS-LM; neo-classical synthesis; short run macroeconomics; business cycle;

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Cited by:
  1. 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.
  2. repec:rdg:wpaper:em-dp2007-53 is not listed on IDEAS
  3. Jean-Pierre DANTHINE, 1998. "A la poursuite du Graal : Le successeur d'IS-LM est-il identifié ?," Cahiers de Recherches Economiques du Département d'Econométrie et d'Economie politique (DEEP) 9816, Université de Lausanne, Faculté des HEC, DEEP.
  4. 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.
  5. 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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