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Eine Fehlinterpretation des Keynesianischen Modells

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  • Felderer, Bernhard
  • Homburg, Stefan

Abstract

In our paper we have shown that, avoiding logical inconsistencies, one cannot interpret the IS-curve as an equilibrium locus for the goods market. In the neoclassical synthesis the goods market is depicted by the AD/AS-diagram and, therefore, it cannot be represented by the IS-curve simultaneously. Concerning the pure IS/LM-model, only the point of intersection of the IS and LM curves defines an equilibrium in the goods market, not the IS-curve itself. Beyond that, this is an equilibrium only on the condition that prices are fixed. These inconsistencies are avoided by interpreting the IS-curve as an equilibrium locus for the capital market.

Suggested Citation

  • Felderer, Bernhard & Homburg, Stefan, 1986. "Eine Fehlinterpretation des Keynesianischen Modells," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 201(5), pages 457-468.
    • Handle: RePEc:zbw:espost:92899
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    References listed on IDEAS

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    1. Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik: Kapitel I. Einige methodologische Überlegungen," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92556, July.
    2. Homburg, Stefan, 1984. "Das Walras-Gesetz bei Mengenrestriktionen," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 199(2), pages 179-183.
    3. Rabin, Alan & Birch, Dan, 1982. "A clarification of the IS curve and the aggregate demand curve," Journal of Macroeconomics, Elsevier, vol. 4(2), pages 233-238.
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    Cited by:

    1. Ernst Matthias & Walpuski Dirk, 1996. "Integration von Geld- und Wertpapiermarkt im Keynesschen Makromodell. Eine Replik," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 215(2), pages 245-251, April.
    2. Läufer Nikolaus Κ. A., 2002. "Ist das l=S-Gleichgewicht ein Kapitalmarkt- Gleichgewicht?. Eine Kritik an Felderer und Homburg," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 222(6), pages 750-751, December.
    3. Ingo Barens & Volker Caspari, 1999. "Old views and new perspectives: on reading Hick's 'Mr. Keynes and the Classics'," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 6(2), pages 216-241.
    4. Wagner Adolf, 1989. "Makroökonomisches Kreislauf- und/oder Marktgleichgewicht/Macroeconomic Flow and/or Market Equilibrium," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 206(4-5), pages 510-516, April.
    5. Maußner Alfred, 1988. "Strom- und Bestandsrestriktionen in makroökonomischen Modellen/Flow and Stock Constraints in Macroeconomic Models," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 205(4), pages 316-331, October.
    6. Klausinger, Hansjörg, 2000. "Walras' law and the IS-LM model. A tale of progress and regress," Department of Economics Working Paper Series 69, WU Vienna University of Economics and Business.

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    More about this item

    Keywords

    Neoclassical synthesis; Commodity market;

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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