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In Search of a Successor to IS-LM

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  • Danthine, Jean-Pierre

Abstract

After 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.

Suggested Citation

  • Danthine, Jean-Pierre, 1997. "In Search of a Successor to IS-LM," Oxford Review of Economic Policy, Oxford University Press, vol. 13(3), pages 135-144, Autumn.
  • Handle: RePEc:oup:oxford:v:13:y:1997:i:3:p:135-44
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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. P Arestis & A Mihailov, 2009. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 27-54, September.
    3. 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, décembre.
    4. Ernst, Ekkehard & Gong, Gang & Semmler, Willi & Bukeviciute, Lina, 2006. "Quantifying the impact of structural reforms," Working Paper Series 666, European Central Bank.
    5. Philip Arestis & Alexander Mihailov, 2007. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Analysis Research Group Working Papers earg-wp2007-13, Henley Business School, Reading University.
    6. repec:rdg:wpaper:em-dp2007-53 is not listed on IDEAS

    More about this item

    JEL classification:

    • 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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