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Is-Lm Stability Revisited: Samuelson Was Right, Modigliani Was Wrong

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  • Waldo Mendoza Bellido

    (Departamento de Economía - Pontificia Universidad Católica del Perú)

Abstract

En el modelo IS-LM de Hicks, cuando la propensión marginal a gastar es mayor que uno, el multiplicador keynesiano es negativo y la IS tiene pendiente negativa. Keynes declaró este caso como completamente inestable. La literatura posterior, desde Modigliani (1944) hasta nuestros días, incluyendo a Varian (1977) y Sargent (1987), determinó que en este caso especial el modelo IS-LM es estable cuando la pendiente de la LM es mayor que la de la IS. En línea con Samuelson (1941), este artículo muestra que en este caso especial el modelo es estable cuando la pendiente de la IS es mayor que la de la LM. Sin embargo, en este caso estable, el modelo no tiene un significado económico útil. Primero, los valores de equilibrio de la producción y la tasa de interés son negativos. Segundo, dado que el multiplicador keynesiano es negativo, una expansión de la demanda reduce la producción.

Suggested Citation

  • Waldo Mendoza Bellido, 2012. "Is-Lm Stability Revisited: Samuelson Was Right, Modigliani Was Wrong," Documentos de Trabajo / Working Papers 2012-344, Departamento de Economía - Pontificia Universidad Católica del Perú.
    • Handle: RePEc:pcp:pucwps:wp00344
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Historia del pensamiento económico; teoría macroeconómica; modelo IS-LM.;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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